Each year, the highly respected Global Finance magazine publishes its list of the 50 Safest Banks in the world, and the 2010 list came out today. The highest rated U.S. bank was JP Morgan at #39. Wells Fargo was only #42. Only two U.S. banks made the Top Fifty. Bank of America was a pitiful #103.
The U.S. was the center of financial innovation during the boom and became the epicenter of the financial crash. Maybe, that's the price of innovation? Unfortunately, it will take years for our nation to become the leaders we were.
There is always a silver lining, and I was pleased to see Toronto Dominion Bank, who wisely avoided "the latest hot,new financial innovations", was rated as the 14th strongest bank in the world. And, since they are the largest shareholders of TDAmeritrade, who is custodian for my clients' funds, I've especially pleased. But, I am not surprised. I made sure their funds were in strong hands!
