Banks 'Making A Killing' On Government Toxic Asset Program

Banks 'Making A Killing' On Government Toxic Asset Program

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It's "absolutely ridiculous" that banks, which were expected to reduce their holding of such volatile mortgage securities, bought them before the government program was running and may now profit, said Michael Schlachter, managing director of Wilshire Associates, the Santa Monica, California- based investment-consulting firm. "Some of them created this mess, and they are making a killing undoing it."

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And yet again we have the rich banker seeing a way to take money from the little people and the taxpayers and they sure do not leave any rock unturned when doing it. As I understand it in this case instead of clearing there bad loans from there books using the government program for doing so they have actually increased there high risk loans so they can turn around and unload them on the government and make a but load of money in the process. Thank you federal government for keeping all the rich people rich.

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