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Banks that made money

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June 05, 2010 – Comments (0)

Big Picture has a post about how 6 banks made money and the rest, or 980, lost money.

I am not inclined to dig deeper, but a question I would have of the six banks, how much of that money came at taxpayer's expense?

A quote from the original article:

All of this pretax income can be attributed to their trading revenues of $59.7 billion. The proprietary trading operations of an oligopoly of banks, saved from disaster by Uncle Sam's largesse and subsidized with cheap money from the central bank, was the single driving force behind the restoration of their fortunes and the renewed surge in their stock prices. 

My understanding is that that cheap money the banks get has a net carrying cost for taxpayers.

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