Without Taxpayer Help, Too Big to Fail Banks Would Only Break Even

[sabrina 1]

1. This is amazing, and if really true, and since it's from Bloomberg it is definitely

credible:

Calculate the total cost of that seemingly tiny reduction and you arrive at an $83 billion annual taxpayer subsidy to the 10 largest U.S. banks by assets -- "tantamount to the government giving the banks about 3 cents of every tax dollar collected." As if that weren't shocking enough, Bloomberg goes on to explain that the top five banks -- JPMorgan, Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), and Goldman -- aren't actually profitable, since the share of the total subsidy that they receive, $64 billion, is "roughly equal to their typical annual profits."

Everyone should print that out and hand it to the next moron who uses the words 'welfare queen' to complain about any money the poor receive. Including even any fraud there may be. Even if they were working hard to defraud the government, the poor couldn't come close to this kind of ponzi scheme being perpetrated on the people.