Expect to see this continue as the credit crises continues to batter the financial industry. The actions of the Fed and Treasury have slowed the process a bit in the US by providing individual bailout services especially for the investment banks.
The 'wild card' will be the regional banks, and the potential loss of diversity and competition in the financial services sector.
Fewer corporations are holding more of the power in the media, communications and finance. We are probably nearing the end of this long term move of centralization.
Commerzbank set to buy Allianz's Dresdner
29 Aug, 2008, 1431 hrs IST
The Economic Times
FRANKFURT (Reuters) Allianz has agreed in principle to sell its Dresdner Bank unit to Commerzbank, a source familiar with the situation said on Friday, a deal that will fuse Germany's second- and third-biggest banks.
Commerzbank plans to take an initial 51 percent stake in Dresdner, then buy the remaining 49 per cent at a later stage, the source said.
Commerzbank had no comment. Allianz was not immediately available.
"Seneca had made the bargain that many good men have made when agreeing to aid bad regimes. Their presence strengthens the regime and helps it endure. But their moral influence may also improve the regime's behavior. For many, this has been a bargain worth making, even if it has cost them—as it may have cost Seneca—their immortal soul. The Rome he has been trained to serve, the Rome of Augustus and Germanicus, was gone. In its place stood Neropolis, ruled by a megalomaniac brat.” James Romm