Posted on 08/31/2009 10:39:15 AM PDT by Tucsonican
WASHINGTON -- The U.S. government has hauled in about $4 billion in profits from large banks that have repaid their obligations from last year's federal bailout, The New York Times reported Sunday.
Critics of the bailout were concerned that the Treasury Department would never see a return on its investment. But the government has already claimed profits from eight of the biggest banks.
(Excerpt) Read more at foxnews.com ...
Well it's not! $4 Billion is just over 1/2 of 1 percent of what we, the taxpayers "loaned" the banks. If we had loaned that money even at 2.5% for 30 years we should have been paid back $17.5 Billion in INTEREST ALONE this year. The banks should have coughed up more than $33 Billion in P&I!!!
And lest I forget, they call this "profit"? If I was the lender (and, damn it, I am!!)I'd be looking at this "loan" as a lost cause. There's no "profit" here! We handed out $700 Billion and got $4 billion back and somehow or other that's "profit"?? ONLY the NY Times with their illustrious Mr. Krugman could figure out a way to claim that there is "profit" in this equation.
I should really change my accounting practices. /s
I would be making billions according to their figures.
Let me rephrase this article:
The U.S. government fleeced banks who neither needed or wanted stimulus money for $4 billion.
Ugh - Stimulus=Bailout
If the US government is now turning a profit, I assume that I will be receiving my share in the mail any day now. Yes? [/s]
Given the sheer amount dished out for the bank bailouts, $4 billion in return is BS.
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