Half Of Americans Want To Break Up Banks That Are Too Big To Fail: Poll

If the American people had their way, big banks may not stay so big much longer.

According to a new poll by Rasmussen Reports, 50 percent of Americans want the government to break up the country's big banks. Only 23 percent of Americans oppose breaking up big banks, and 27 percent are undecided.

The pollsters called 1,000 U.S. adults nationwide on March 19 and 20 and said: "Just 12 megabanks control about 69% of the banking industry. Would you favor or oppose a plan to break up the megabanks?"

Large banks pose a big threat to the economy, critics say. An extensive Senate report released last week alleged that JPMorgan Chase, the country's biggest bank, misled regulators and investors to disguise trading losses totaling $6.2 billion last year.

Attorney General Eric Holder made a stunning admission earlier this month when he said in testimony before the Senate Judiciary Committee that some banks are effectively too big to prosecute. Sen. Elizabeth Warren (D-Mass.) responded by saying that Holder's confession is further evidence that big banks should have greater accountability.

(Hat tip: American Banker.)