This is why they Occupy-Government subsidies to profitable banks…Citigroup ($64.6 billion), Bank of America ($44.5 billion), JPMorgan ($39.7 billion), Morgan Stanley ($25 billion), Goldman Sachs ($21.26 billion), and Wells Fargo ($9.5 billion)

Don’t believe me. Believe the headlines…

 

Wells Fargo Advances on Record Profit, Cost-Cutting Plans

By Dakin Campbell -Jul 19, 2011 3:40 PM CT

Bloomberg

 

Wells Fargo Profit Jumps, but Revenue Falls Slightly

April 20, 2011, 8:58 am Investment Banking

By ERIC DASH

 

  Wells Fargo Profits Hit Record, But Revenue Decline Sends Stock Down 8.4%

by Alex Ferreras on October 18, 2011 in Latest Bank News

Oct. 18 (Source: By George Avalos, Contra Costa Times, Walnut Creek, Calif.) –Wells Fargo’s third-quarter profit soared to a record, but the San Francisco-based bank’s revenue slumped in an economy that the company said Monday was more sluggish than experts had expected.Investors jettisoned shares of the company, the nation’s largest home lender. Wells Fargo’s stock nose-dived by 8.4 percent, falling $2.25 to finish at $24.42.

Wells Fargo earned $4.06 billion, up 21 percent from the year-ago quarter. Revenue totaled $19.63 billion, down 3.7 percent

 

Wells Fargo Debit Fee Questioned As Bank Records Record Profit

Wells Fargo, PNC Hardly Pay Taxes

By Willy Staley  Fri Nov 4, 2011

2 Comments

A new report on corporate tax rates shows that the financial services industry pays way less than its fair share.

MyBankTracker.com

Leading the pack is Wells Fargo, which paid an average federal income tax of negative 1.4% over the last few years. On $49.4 billion in profits over the last few years, Wells Fargo has paid negative $680 million dollars — taking more subsidies and tax breaks than they pay!

Indeed, Wells Fargo topped the list of all corporations by dollar amount in tax subsidies. Between 2008 and 2010, Wells Fargo received nearly $18 billion in tax subsidies!

Other Banks Benefitted Too

Close behind Wells Fargo was PNC Financial, which paid an effective rate of 1.4% over the last three years. On nearly $10 billion in profits, the bank paid only $144 million in taxes.

Other retail banks that proved successful at dodging Uncle Sam were BB&T (20.4%), Capital One (24.1%), US Bancorp (27.6%). JP Morgan Chase, by paying 30.1% looks like an upstanding corporate citizen.

 

The Subsidy That Won’t Die

Jan 12, 2010 7:00 PM EST

 

The big banks claim the government isn’t helping them anymore. Not exactly. Check out this little-known subsidy.

Newsweek

But the big American banks aren’t nearly so independent as they would have us believe. JPMorgan Chase, Goldman Sachs, and their peers are still benefitting hugely from significant post-crisis subsidy programs that boost their profits. I’m talking mostly about the Temporary Liquidity Guarantee Program (TLGP). This was a program started in the wake of the Lehman Bros. collapse to deal with the fact that banks were having a tough time raising short-term capital on decent terms. Under the TLGP, the Federal Deposit Insurance Corp., which is ultimately backed by the taxpayers, would guarantee debt in exchange for fees paid by the banks issuing debt.

The TGLP was ended to new entrants in June 2009 and thus far has gone without a loss. But the fact remains: Private companies were allowed to borrow massive amounts of money—$345 billion at the peak in May 2009—on the public’s credit. At the end of the third quarter, there was still $313 billion outstanding.

the TLGP borrowings of individual institutions as of Nov. 30 and the interest rates they’re paying. General Electric was the largest user, with nearly $88 billion. (Its GE Capital unit has prodigious borrowing needs.) But GE was followed by the big bailed-out banks: Citigroup ($64.6 billion), Bank of America ($44.5 billion), JPMorgan ($39.7 billion), Morgan Stanley ($25 billion), Goldman Sachs ($21.26 billion), and Wells Fargo ($9.5 billion).

 

…If it doesn’t make you mad, you’re one of the 1% or completely clueless.

About 900poundgorilla

W.C. Turck is a Chicago playwright and the author of four widely acclaimed books.His latest is "The Last Man," a prophetic novel of a world ruled by a single corporation. His first novel, "Broken: One Soldier's Unexpected Journey Home," was reccommended by the National Association of Mental Health Institutes. His 2009 Memoir, "Everything for Love" chronicled the genocide in Bosnia and the siege of Sarajevo. His third book "Burn Down the Sky" is published exclusively on Amazon Kindle. It was in Sarajevo at the height of the siege where he met and married his wife, writer and Artist Ana Turck. FOX NEWS, ABC, CBS News, the Chicago Tribune and The Joliet Herald covered their reunion after the war. He helped organized relief into Rwanda during the 1994 genocide. Turck has been a guest on WMAQ-TV, WLS in Chicago, WCPT, WBBM radio, National Public Radio, Best Of the Left and the Thom Hartmann show. He has spoken frequently on Human Rights, Genocide and Nationalism. In 2011, his play in support of the Occupy Movement, "Occupy My Heart-a revolutionary Christmas Carol" recieved national media attention and filled theaters to capacity across Chicago. He remains an activist to the cause of human rights and international peace. View all posts by 900poundgorilla

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