A combined Citigroup and Bank of America would have had to shed most of Citigroup's 1,000 U.S. branches and its $249.34 billion in consumer deposits, to stay under a regulatory cap that bars any U.S. bank from an acquisition that would give it more than 10% of the nation's total bank deposits.
Together Citigroup and Bank of America, with its $598.21 billion in deposits as of June 30, would have had nearly 13% of the U.S. total. Bank of America alone holds 9%.
Capitalism only works when those who make bad decisions are allowed to fail or to get out of trouble on their own . Socialism doesn't work because it tries to save people from themselves, thus prolonging the effects of bad decisions and encouraging more bad decisions.
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