More Than $100 Billion in Subsidies for Too Big to Fail Banks
A Bloomberg Markets magazine study estimates that dirt-cheap borrowing programs and other benefits have saved the nation's six largest banks -- JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley -- $102 billion since 2009.
A Bloomberg Markets magazine study estimates that dirt-cheap borrowing programs and other benefits have saved the nation’s six largest banks — JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley — $102 billion since 2009.
— Posted by Alexander Reed Kelly.
Your support is crucial...The Huffington Post:
Ending the subsidy and the possibility that taxpayers will have to bail out a big, failing bank is the aim of the bill introduced last month by Sens. Sherrod Brown (D-Ohio) and David Vitter (R-La.). That measure would force the biggest banks to hold more capital.
Mortified, the big banks have joined forces and hired some political helpers, including Republican Tony Fratto and Democrat Stephanie Cutter, to push back against the momentum for breaking them up, the Wall Street Journal wrote earlier this week.
Hilariously, big bank officials briefly considered pushing smaller community banks — which don’t enjoy the subsidy that the big banks get and are thus at a competitive disadvantage — to help them with the pushback, the WSJ reported. Wisely, they dropped the idea.
As we navigate an uncertain 2025, with a new administration questioning press freedoms, the risks are clear: our ability to report freely is under threat.
Your tax-deductible donation enables us to dig deeper, delivering fearless investigative reporting and analysis that exposes the reality beneath the headlines — without compromise.
Now is the time to take action. Stand with our courageous journalists. Donate today to protect a free press, uphold democracy and uncover the stories that need to be told.
Editorial Cartoons
The three major indexes set more record highs than in 2018 and kept the longest bull market for stocks going.
They feel Americans have demonstrated that they value discounts more than intangible privacy concerns.
The Vermont senator's latest proposals include replacing the Federal Election Commission, capping individual donations at $500 and more.
Over 200 corporations sign a brief urging the court to rule this fall that existing federal law protects LBTGQ people from discrimination.
Just as critics feared, the nation's top financial institutions are rewarding their shareholders at the expense of workers and customers.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.