The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Their Recovery, on Our Backs!

Oct 26, 2009

All of a sudden, the big banks that were in so much trouble a year ago are claiming big profits now. But the profits they’re declaring are nothing compared to the bailout money they got.

US BanCorp declared 583 million in third quarter profits; but it received 6.6 billion from the government bailout. Morgan Stanley declared 757 million in third quarter profits; but it got 10 billion in bailout money.

Wells Fargo says it made 3.2 billion, and JP Morgan Chase says it made 3.6 billion in the 3rd quarter; but they each got more than 25 billion dollars in government bailout money.

Morgan Stanley, Wells Fargo and JP Morgan also got bailout money as payments from AIG: anywhere from half a billion to 1.5 billion dollars.

Goldman Sachs says it made more than three billion in profits in the third quarter – but it got 10 billion in the first bailout and another 19 billion of government money through the bailout for AIG!

All these banks have unlimited access to hundreds of billions more through the borrowing window set up by the Federal Reserve – at near 0% interest.

You figure it out. Who paid for the profits Goldman Sachs and the other banks declared? We did – with our taxes, through the government bailouts!