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Old 12-14-2010, 09:47 AM
 
45,398 posts, read 26,983,057 times
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Wall Street Sees Record Revenue in '09-10 Recovery From Bailout

Goldman Sachs
JP Morgan Chase
Bank of America
Citigroup
Morgan Stanley

They got $135B from TARP, got more loan money from the Federal Reserve, have low interest rates on those loans, and have received revenue from the Fed buying fixed securities.

Not only do we redistribute to the poor, we redistribute money to the banks also.
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Old 12-14-2010, 09:55 AM
 
Location: Hoboken
19,890 posts, read 18,722,751 times
Reputation: 3146
Quote:
Originally Posted by DRob4JC View Post
Wall Street Sees Record Revenue in '09-10 Recovery From Bailout

Goldman Sachs
JP Morgan Chase
Bank of America
Citigroup
Morgan Stanley

They got $135B from TARP, got more loan money from the Federal Reserve, have low interest rates on those loans, and have received revenue from the Fed buying fixed securities.

Not only do we redistribute to the poor, we redistribute money to the banks also.

Well maybe not. Bonus pools are down big at all the banks including those that paid back the money they were forced to take.
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Old 12-14-2010, 10:19 AM
 
27,624 posts, read 21,080,845 times
Reputation: 11095
Quote:
Originally Posted by DRob4JC View Post
Wall Street Sees Record Revenue in '09-10 Recovery From Bailout

Goldman Sachs
JP Morgan Chase
Bank of America
Citigroup
Morgan Stanley

They got $135B from TARP, got more loan money from the Federal Reserve, have low interest rates on those loans, and have received revenue from the Fed buying fixed securities.

Not only do we redistribute to the poor, we redistribute money to the banks also.
So what the American people should know now is, while we bailed out Wall Street, because they were too big to fail, three out of the four largest financial institutions–all of whom were bailed out very significantly–are now larger today than they were before the bailout.

Incredibly, since the start of the financial crisis, Wells Fargo has grown 43 percent bigger, JPMorgan Chase has grown 51 percent bigger, and Bank of America is now 138 percent larger than before the financial crisis began.

Can you imagine that? We bailed these guys out because they were too big to fail, and now three out of the four largest ones are much larger than they were. How did that happen? Well, in 2008, Bank of America–the largest commercial bank in this country–which received a $45 billion taxpayer bailout, purchased Countrywide, the largest mortgage lender in this country, and Merrill Lynch, the largest stock brokerage firm in the country. That is how Bank of America expanded. They were too big to fail. Today they are much bigger.


Do you understand what this is about? Four financial institutions owning over half the assets of America. You talk about economic power, you talk about political power, that is what we are talking about.

» Bernie Sanders Speech Excerpt Talks Power: Even Too Bigger to Fail? - Irregular Times
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Old 12-14-2010, 12:13 PM
 
12,436 posts, read 11,927,280 times
Reputation: 3159
Quote:
Originally Posted by sickofnyc View Post
So what the American people should know now is, while we bailed out Wall Street, because they were too big to fail, three out of the four largest financial institutions–all of whom were bailed out very significantly–are now larger today than they were before the bailout.

Incredibly, since the start of the financial crisis, Wells Fargo has grown 43 percent bigger, JPMorgan Chase has grown 51 percent bigger, and Bank of America is now 138 percent larger than before the financial crisis began.

Can you imagine that? We bailed these guys out because they were too big to fail, and now three out of the four largest ones are much larger than they were. How did that happen? Well, in 2008, Bank of America–the largest commercial bank in this country–which received a $45 billion taxpayer bailout, purchased Countrywide, the largest mortgage lender in this country, and Merrill Lynch, the largest stock brokerage firm in the country. That is how Bank of America expanded. They were too big to fail. Today they are much bigger.

Do you understand what this is about? Four financial institutions owning over half the assets of America. You talk about economic power, you talk about political power, that is what we are talking about.

» Bernie Sanders Speech Excerpt Talks Power: Even Too Bigger to Fail? - Irregular Times
Yes, but it is not all banks...just the one "too big to fail" local banks who managed their assets prudently have not seen the same rewards.
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Old 12-14-2010, 12:19 PM
 
Location: In a Galaxy far, far away called Germany
4,300 posts, read 4,399,432 times
Reputation: 2394
We rob from the middle class and give to the poor & the rich. The middle class is the new untapped wealth of the government - or so they think. We are actually tapped out.
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Old 12-14-2010, 12:25 PM
 
27,624 posts, read 21,080,845 times
Reputation: 11095
Quote:
Originally Posted by hotair2 View Post
Yes, but it is not all banks...just the one "too big to fail" local banks who managed their assets prudently have not seen the same rewards.
Yes, that is true and Sanders spoke about that too. Then there is this...

Sanders: Big Banks Breakup Critical to Financial Reform

"Not only are too big to fail financial institutions bad for taxpayers, the enormous concentration of ownership in the financial sector has led to higher bank fees, usurious interest rates on credit cards, and fewer choices for consumers," Sanders said.
Sanders: Big Banks Breakup Critical to Financial Reform | CommonDreams.org
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