screaming injustice

Picture 1

The top five banks — JPMorgan, Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and Goldman Sachs Group Inc. – – account for $64 billion of the total subsidy, an amount roughly equal to their typical annual profits (see tables for data on individual banks). In other words, the banks occupying the commanding heights of the U.S. financial industry — with almost $9 trillion in assets, more than half the size of the U.S. economy — would just about break even in the absence of corporate welfare. In large part, the profits they report are essentially transfers from taxpayers to their shareholders.

Advertisements

3 thoughts on “screaming injustice

  1. It is difficult to tell where the government stops and the unaccountable banking octopus starts. With revolving doors and too-big-to-fail policies it starts to look like the banks are the government. No one should fool themself into believing there are bright lines between the public and private sectors. The stories about Tim Geithner’s huge paycheck in the private sector are on the verge of being written.

  2. hamockmyson

    awareness by the public must lead to fury and mobs.
    not only that, but divide the tarp bailout by the number of people in the usa and you get a fairly interesting number for what could have been the biggest economic stimulus ever seen, dropping cash out of helicopters in digby’s favorite image…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s