But the investment banks were stretching into the business because of the profit feast in mortgage securities. The government wasn’t forcing the likes of Goldman and Bear Stearns into the market.
And then those "Investment Banks" went out and bought up a regional or "mom & pop" bank so they could then feast on the bailout!!!
I wonder how many people know that American Express got $800,000,000 in "bailout money" because they purchased a small two or three branch bank out east, and then used that $800,000,000 to cover bad credit card debt, in effect getting FREE MONEY to cover their outstanding credit card debt and collecting up to 23% interest from clients who were as little as one day late in paying their bill?
BTW, up until the VERY DAY the Fed stopped pumping $80 billion a month in the banking system, all the top 10 banks in the US were using FREE FED MONEY at 0% interest to cover outstanding credit card debt at anywhere from 17% - 23%.
That meant the top 10 banks were EASILY making 17% - 23% PURE PROFIT every month on their credit card services, thanks to you and I, the good old American taxpayer.
Feel ripped off yet?