U.S. Banks Making Billions In Profits Every Month By Funneling Money Out Of The U.S. Government

Submitted by R.J. Steinert on Sat, 10/17/2009 - 20:40

I found a nice summary today in the Harvard Law blogs explaining how large banks are pulling off Billion dollar monthly profits. It explains how U.S. banks are borrowing from the U.S. government at 0% interest and then turning around and buying short term Treasury bonds with a return of 2% to 3%.

"So the money is just being shuffled from one Federal bank account to another, with each Wall Street bank skimming off $1 billion per month for itself.."

On face value it seems banks are just funneling out tax dollars and putting them in their own pockets. I'm wondering if anyone is aware of a fiscal policy where this was the intent with a positive outcome for America's middle class?

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