You got taken to the cleaners on these bailouts, and the government and newspaper is trying to say you made a profit.
The government and newspaper actually think they can get away with these lies?
I'm supposed to believe them on everything else though, right?
As I stated yesterday, I'm am really, really hurt by this looting of the American people and the insulting MSM lies accompanying it. You won't be getting my $1.50 a day anymore.
"8 big banks that repaid bailouts turning a profit" by Zachery Kouwe, New York Times | August 31, 2009
That three word source identifier explains so much.
NEW YORK - Nearly a year after the federal rescue of the nation’s biggest banks, taxpayers have begun seeing profits from the hundreds of billions of dollars in aid that many critics thought might never be seen again.
The profits, collected from eight of the biggest banks that have fully repaid their obligations to the government, come to about $4 billion, or the equivalent of about 15 percent annually, according to calculations compiled for The New York Times.
That does not include the roughly $35 million the government has earned from 14 smaller banks that have paid back their loans.
These early returns are by no means a full accounting of the huge financial rescue undertaken by the federal government, which still faces potentially huge long-term losses from its bailouts of the insurance giant American International Group, the mortgage companies Fannie Mae and Freddie Mac, and the automakers General Motors and Chrysler. The Treasury Department could also take a hit from its guarantees on billions of dollars of so-called toxic mortgages.
Related: Toxic Assets Toxic For Taxpayers Only
Trillion Dollar Toxin Brings Wall Street to Life
No One Wants to Touch Toxic Turds
Yeah, you are benefiting off all this, 'murka.
But the mere hint of bailout profits for the nearly year-old Troubled Asset Relief Program has been a welcome surprise....
The government and MSM think the public will believe this bullshit and calm down?
You guys are DUMBER than I THOUGHT!!!!!!!!!!!!!!!!!!!
US taxpayers were told they would eventually make a modest return from these investments, including a 5 percent quarterly dividend on the banks’ preferred shares and warrants to buy stock in the banks at a set price over 10 years.
Then WHY would the MERE HINT of PROFITS be a SURPRISE, huh?
Don't you LOVE MSM LIES in the MORNING?!!!!
But critics warned that taxpayers might not see any profits and could lose much of the investment if the assets they were buying turned out to be worthless over time.
So far, that experiment is more than paying off. The government has taken profits of about $1.4 billion on its investment in Goldman Sachs, $1.3 billion on Morgan Stanley, and $414 million on American Express. The five other banks that repaid the government - Northern Trust, Bank of New York Mellon, State Street, US Bancorp, and BB&T - each brought in between $100 million and $334 million in profit.
That's what YOUR BAILOUT MONEY BOUGHT, folks.
You are SENDING YOURSELF a DIVIDEND, taxpayer!
Sort of like that tax "refund," right?
I mean, IT'S YOUR MONEY to BEGIN WITH, isn't it?
And IF THESE GUYS CAME BACK SO QUICK did they REALLY NEED the TRILLIONS in BORROWED LOOT?
The government bought shares in these and many other financial companies last fall, when sinking confidence among investors pushed down many bank stocks to just a few dollars a share. As the banks strengthened and became profitable, the government authorized them to pay back the preferred stock, which had been paying quarterly dividends since October.
But the real profit came as banks were permitted to buy back the so-called warrants, whose low fixed price provided a windfall for the government as the shares of the companies soared.
See: Government Can't Add When it Comes to Goldman Sachs
But all the profits taxpayers have won could still be wiped out by two deeply troubled institutions. Both Citigroup and Bank of America are still holding mortgages and other loans that were once worth billions of dollars but whose revised values are uncertain.
And DO YOU KNOW HOW SICK I AM of seeing the words BUT, IF, YET, STILL, et al, in the "NEWS"PAPER!!!!!!!!!!!
Those are BAD, BAD WORDS for a "REPORT!"
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