US Banksters Double Profits By Turning Their Loan-Loss Reserves Into Profit

Those banksters draw from their reserves so that the party can continue:

Wall Street Banksters To Hand Out $91 Billion In Salaries, Bonuses And Perks

Goldman Sachs puts aside $3.8 billion for salaries, bonuses and benefits, on top of $5.4 billion in the first three months of the year!

They know that the party will soon be over:

Prof. Kotlikoff: ‘The US is bankrupt’, Government Debt At $200 Trillion – 840 Percent of Current GDP

Three Horrifying Facts About the US Debt ‘Situation’


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

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