Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
2 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Wallstreet to Congress. Just shut up and pass our bills. (Original Post) madfloridian Dec 2013 OP
More from that blog... madfloridian Dec 2013 #1
The tweets are much appreciated. madfloridian Jan 2014 #2

madfloridian

(88,117 posts)
1. More from that blog...
Tue Dec 31, 2013, 07:45 PM
Dec 2013
Because finance is boring

Earlier this year, Bloomberg calculated that the top 10 U.S. banks receive a $83 billion a year in subsidies from the government, due to their cheap cost of funding & the preferential treatment creditors give them because they assume the government sees them as TBTF.

In November, a NYT analysis of a Johnson Associates survey found that the top eight U.S. banks set aside $91.44 billion for bonuses in 2013.

This absurd amount in bonuses, given the subsidy banks get, is even MORE absurd when you think through all the OTHER ways they profited this year do to criminal activities. (See my roundup of SOME of the 2013 bank crimes, and my top three worst offenses). And the fact that 10 million people were displaced from their homes during the foreclosure crisis—as many as live in the entire state of Michigan!

But what could banks do with that money instead?

They could give those bonuses back to the people they made homeless.
Latest Discussions»General Discussion»Wallstreet to Congress. J...