Bank Profits Soar
April 16, 2010 - 6:33am ET
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President Obama got it exactly right when he said that we couldn't go back to an economy in which the banks captured 40% of corporate profits. We needed an economy built on a new foundation.
Well, financial profits are soaring—up a staggering 240% over last year—and have reached about 28% of all corporate profits.
Banks aren't making this money by increasing lending to companies in the real economy. They are playing the spread between money from the Fed and Treasuries, cleaning up borrowing zero percent money from the Federal Reserve and lending to the U.S. Government at much more. Nice work if you can get it.
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