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bolstering big banks with taxpayer money, guaranteeing billions of dollars of financial institutions’ debts
Titans like Goldman Sachs and JPMorgan Chase are making fortunes in hot areas like trading stocks and bonds, rather than in the ho-hum business of lending people money.
...Wall Street has Washington to thank in part for its latest bonanza.
“All of this is facilitated by the Federal Reserve and the government...
Even as the economy continues to struggle, much of Wall Street is minting money — and looking forward again to hefty bonuses.
Many Americans wonder how this can possibly be. How can some banks be prospering so soon after a financial collapse, even as legions of people worry about losing their jobs and their homes?
It may come as a surprise that one of the most powerful forces driving the resurgence on Wall Street is not the banks but Washington
Originally posted by burntheships
Seriously, is there a way to stop this?
Oh wait. I live in America, where the banks run the Congress, not the other way around. Never mind a President and Chairman of House Financial Services who can't manage to get up off their knees, and they're not praying when they genuflect either.
Bloomberg reports that Treasury Secretary Timothy Geithner's closest aides earned millions of dollars a year working for Goldman Sachs, Citigroup and other Wall Street firms. Bloomberg reports that none of these aides faced Senate confirmation. Yet, they are overseeing the handout of hundreds of billions of dollars of taxpayer funds to their former employers.
The gifts of billions of dollars of taxpayers' money provided the banks with an abundance of low-cost capital that has boosted the banks' profits, while the taxpayers who provided the capital are increasingly unemployed and homeless.
Originally posted by marg6043
The gifts of billions of dollars of taxpayers' money provided the banks with an abundance of low-cost capital that has boosted the banks' profits, while the taxpayers who provided the capital are increasingly unemployed and homeless.
www.counterpunch.org...
Bloomberg reports that Treasury Secretary Timothy Geithner’s closest aides earned millions of dollars a year working for Goldman Sachs, Citigroup and other Wall Street firms. Bloomberg adds that none of these aides faced Senate confirmation. Yet, they are overseeing the handout of hundreds of billions of dollars of taxpayer funds to their former employers.
The gifts of billions of dollars of taxpayers’ money provided the banks with an abundance of low cost capital that has boosted the banks’ profits, while the taxpayers who provided the capital are increasingly unemployed and homeless.
JPMorgan Chase announced that it has earned $3.6 billion in the third quarter of this year.
Goldman Sachs has made so much money during this year of economic crisis that enormous bonuses are in the works. The London Evening Standard reports that Goldman Sachs’ “5,500 London staff can look forward to record average payouts of around 500,000 pounds ($800,000) each. Senior executives will get bonuses of several million pounds each with the highest paid as much as 10 million pounds ($16 million).“