http://www.bloomberg.com/news/2011-...congress-gave-banks-13-billion-in-income.html
"The Fed didnât tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didnât mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fedâs below-market rates, Bloomberg Markets magazine reports in its January issue."
"Dean Baker, co-director of the Center for Economic and Policy Research in Washington, says banks âwere either in bad shape or taking advantage of the Fed giving them a good deal. The former contradicts their public statements. The latter -- getting loans at below-market rates during a financial crisis -- is quite a gift.â"
So they tell everyone that breaking them up would be "punishing success", and line their executive's pockets with fat bonuses.
The default mode of thinking for everyone should be that they are egregious liars out only to stuff their pockets at everyone else's expense. Austerity for the masses, pastry for the useless bankers.
"The Fed didnât tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didnât mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fedâs below-market rates, Bloomberg Markets magazine reports in its January issue."
"Dean Baker, co-director of the Center for Economic and Policy Research in Washington, says banks âwere either in bad shape or taking advantage of the Fed giving them a good deal. The former contradicts their public statements. The latter -- getting loans at below-market rates during a financial crisis -- is quite a gift.â"
So they tell everyone that breaking them up would be "punishing success", and line their executive's pockets with fat bonuses.
The default mode of thinking for everyone should be that they are egregious liars out only to stuff their pockets at everyone else's expense. Austerity for the masses, pastry for the useless bankers.