Those banksters draw from their reserves so that the party can continue:
They know that the party will soon be over:
Banks Turn Their Reserves to Profit
Call it steroids for bank profits.
The biggest U.S. banks virtually doubled their collective earnings in the third quarter just by injecting $8.1 billion into net income from funds they had set aside to cover loan losses.
There are 18 commercial banks in the U.S. with at least $50 billion in assets, and together they earned an adjusted $16.8 billion in the third quarter. Of those profits, nearly half, or 48%, were from drawing down what bankers call loan-loss reserves, according to an analysis by Dow Jones Newswires. A year ago, the same 18 banks earned $6.2 billion in quarterly …
BY MARSHALL ECKBLAD
OCTOBER 26, 2010
Source: The Wall Street Journal