The drive to crush capitalism is having wondrous results for the socialist president.
There were no new banks created in the US in 2011, making it the first year in decades that the country has gone without the establishment of a single start-up lender.
The lack of new or de novo banks underscores the rapidly shifting business environment for US financials and changed attitudes towards the industry after the recent crisis.
A de novo bank is a freshly chartered bank that has not been created through the takeover of an existing institution.
But none of the three new banking charters reported by the US Federal Deposit Insurance Corporation for 2011 were de novos. That is compared with three de novo banks reported in 2010.
“These new banks [chartered in 2011] are takeovers of failed banks,” said Richard Bove at Rochdale Securities. “The question is has any one just come and opened up a new bank? The answer is no.”
Besides, banks are run by evil, bad men who make up the 1%. Why would they willingly make enemies?