Thanks to Obama Bailouts and Trump Tax Cuts, Five Largest US Banks Have Raked in $583 Billion Since 2008 Crash | WHAT REALLY HAPPENED


Thanks to Obama Bailouts and Trump Tax Cuts, Five Largest US Banks Have Raked in $583 Billion Since 2008 Crash

The 2008 financial meltdown inflicted devastating financial and psychological damage upon millions of ordinary Americans, but a new report released by Public Citizen on Tuesday shows the Wall Street banks that caused the crash with their reckless speculation and outright fraud have done phenomenally well in the ten years since the crisis.

Thanks to the Obama administration’s decision to rescue collapsing Wall Street banks with taxpayer cash and the Trump administration’s massive tax cuts and deregulatory push, America’s five largest banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs—have raked in more than $583 billion in combined profits over the past decade, Public Citizen found in its analysis marking the ten-year anniversary of the crisis.

“With no jail time for executives and half a trillion in post-crisis profits,” said Robert Weissman, president of Public Citizen, “the big banks have made out like bandits during the post-crash period. Like bandits.”

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