“3M Co. (MMM) scrapped an agreement to buy Avery Dennison (AVY) Corp.’s office products business, a $550 million deal the U.S. Justice Department opposed because of antitrust concerns.
The takeover would have given St. Paul, Minnesota-based 3M more than 80 percent of the U.S. market for labels and sticky notes, the Justice Department said in September.”
Where were the antitrust concerns when the banks were merging and transforming from local and regional banks into national “Too Big to Fail” monstrosities during the 1990’s and 2000’s?!?!?
According to the Federal Reserve Bank of Dallas, the assets as a percentage of total industry assets were:
Banks 1970 2010
Top 5 banks 17% 52%
95 large and medium size banks 37% 32%
Smaller banks 46% 16%
Bank concentration was a huge contributor to the credit boom and bust. Had government regulators done their job properly, the economic problems we have today could have been greatly mitigated if not prevented entirely.
Instead the economy is burdened with and threatened by financial institutions that are “Too Big to Fail”, which also means Too Big to Regulate, Too Big to Manage, Too Big to Succeed, and Too Big to Care. And even after the Great Recession the government still will not break up these entities.
Are we supposed to sleep better because the federal government is protecting us from “labels and sticky notes”?