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How are big banks like ethanol? They wouldn’t be profitable without government subsidies.

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The U.S. banking industry had a banner year in 2012, the FDIC reported today, with the second-highest annual profit figures ever. Also, the banking industry is becoming more consolidated . So, all around good news for the big banks. How do they do it? One reason is that increased regulation creates a “moat” around the big banks , keeping out competition. Another reason: the...