Monday, August 31, 2009

Phony Government Bank Bailout "Profits"

The NYT headline blares:
As Big Banks Repay Bailout Money, U.S. Sees a Profit

NYT continues:

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.

If you take a "stake" in an outhouse, then put $10 billion in cash inside the outhouse by using all kinds of methods from direct infusions to "trades" where you allow the outhouse traders an edge, surprise the outhouse is going to climb in value.

These profits are as phony as the lying Barack Obama.


  1. Karl Denninger also on this

  2. Wenzel,

    An old phrase for our new times:

    "I'll believe it when I see my dividend check."

  3. Add in the $7 billion Chrysler write down and it looks like a $3 billion loss.

  4. GovernmEnt.. Just helping out. keep it coming.

  5. it's funny because they only count the over adjusted "wins" by some of the propped-up firms.......what about all of the other money that is outstanding? A one mile horse race doesn't end at the first quarter-mile.....