What a racket……
Borrow from the Fed at .25% lend to the Treasury at over % 3. Simply push buttons on your desk and collect millions. Why would these crooks do any thing different.
We need to get these guys off welfare. Rope sounds good for most of them. In the meantime quit doing business with them and stick with credit unions and small local banks.
By David Mildenberg and Dawn Kopecki
May 12 (Bloomberg) — Four of the largest U.S. banks, including Citigroup Inc., racked up perfect quarters in their trading businesses between January and March, underscoring how government support and less competition is fueling Wall Street’s revival.
Bank of America Corp., JPMorgan Chase & Co. and Goldman Sachs Group Inc., the first, second and fifth-biggest U.S. banks by assets, all said in regulatory filings that they had zero days of trading losses in the first quarter. Citigroup Inc., the third-largest, doesn’t break out its daily trading revenue by quarter. It recorded a profit on each trading day, two people with knowledge of the results said.
“The trading profits of the Street is just another way of measuring the subsidy the Fed is giving to the banks,” said Christopher Whalen, managing director of Torrance, California- based Institutional Risk Analytics. “It’s a transfer from savers to banks.”