Investment Opportunities in Government
Friday, June 4th, 2010Six Giant Banks Made $51 Billion Last Year; The Other 980 Lost Money
Focus hard on this shocking Wall Street reality: The top six bank holding companies earned an aggregate of $51 billion in pretax income in 2009. We’re talking about JPMorgan Chase, Goldman Sachs, Bank of America, Morgan Stanley, Citigroup and Wells Fargo.
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.
Immoral of the story: Government ownership is the investment that pays dividends when you ‘accidentally’ crash the economy due to your ‘bad’ investments. It transfers massive wealth from taxpayers to you, squeezes out the reasonably risk averse competition, and further cements your status as ‘too big to fail’.
If you like the wealth and pacification of the masses created by capitalism, but prefer the power and control of fascism, this is the solution for you.
