U.S. taxpayers cough up $83 billion every year for the 10 largest U.S. banks. The top five get about $64 billion. This is equal to their total profits.
The public does not know this. Congress does not know this. Top bankers know this, because the story of how banks do it was published by the International Monetary Fund. There has been an article on it, published by Bloomberg. One short article.
Do I mean the Dodd-Frank law did not eliminate this? Correct.
Whenever new legislation passes Congress, it has already passed the big banks’ lawyers. These banks are considered too big to fail.
All the political positioning about the sequesters of $80+ billion in fiscal 2013 are needless. The government is paying that much to the top 10 banks.