Banks Rake In Highest Quarterly Profits Since 2007
The American banking industry enjoyed profits of $35.3 billion in the first quarter of 2012, the industry’s best performance since 2007, according to the Federal Deposit Insurance Corp. But it did so largely because banks put aside less money to cover bad loans, while keeping a lid on new lending.
The American banking industry enjoyed profits of $35.3 billion in the first quarter of 2012, the industry’s best performance since 2007, according to the Federal Deposit Insurance Corp. But it did so largely because banks put aside less money to cover bad loans, while keeping a lid on new lending. –ARK
Rooted in Truth.Los Angeles Times:
The industry continued to recover from the financial crisis and deep recession, with just 16 FDIC-insured banks failing in the first three months of the year, according to the agency’s quarterly banking profile.
It was the fewest failures since the fourth quarter of 2008. Overall, 438 banks have failed since the end of 2007, when the recession hit. There are about 7,300 banks and savings and loans covered by FDIC insurance.
… But the news was not all good. Banks lent slightly less money in the first quarter, $56.3 billion, down 0.8% from the previous quarter, the FDIC said. But Gruenberg said it was not cause for alarm yet.
Independent by Design.
Your support helps ensure that rigorous reporting, thoughtful analysis, and investigative journalism remain accessible to everyone.
Support independent journalism.
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
Its ruling on whether to make it easier for the president to fire the consumer financial law enforcement chief could affect other agencies.
A Business Roundtable statement about the purpose of corporations shows that ruling elites fear their crimes are coming back to haunt them.
The 43rd president—besides leaving the domestic economy in ruins—bequeathed a disastrous foreign policy.
The U.S. government is unnecessarily feeding the “financialized” economy in which money makes money without producing new goods and services.
Seth Frotman, in a scathing resignation letter to acting director Mick Mulvaney, says the agency “has turned its back on young people and their financial futures."
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.