Taxpayers Keep the Biggest Banks Afloat
Posted at 8:45 a.m. on Feb. 22
The Bloomberg View Editorial Board calculates the support that the “too big to fail” status imparts on the nation’s biggest banks: “it amounts to a taxpayer subsidy of $83 billion a year.”
“The top five banks — JPMorgan, Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and Goldman Sachs Group Inc… would just about break even in the absence of corporate welfare. In large part, the profits they report are essentially transfers from taxpayers to their shareholders.”
