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Sherrod Brown

Goldman’s Big Guns Fire Dud in Defense of Megabanks

"The six very large U.S. bank holding companies -- JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC), Citigroup (C) Inc., Wells Fargo & Co. (WFC), Goldman Sachs (GS) Group Inc. and Morgan Stanley -- share a pressing intellectual problem: They need to explain why they should be allowed to continue with their dangerous business model.

"So far their justifications have been weak, and the latest analysis on this topic from Goldman Sachs may even help make the case for breaking up the financial institutions and making them safer.