AGORA Financial reports today that "Bank of America, JPMorgan Chase, Citigroup and the rest of the crew are starting
to cash in their government bailout checks. And in a ‘you gotta be kidding me’
moment, we find out that they aren’t using all of that money to repair bad
assets or offer more loans. Instead, these banks are continuing their dividend
payments, which otherwise would probably have been cut.
“Wells
Fargo, one of the few banks to swim through this mess with little problems, is
using $4.4 billion of its $25 billion bailout to hand over to shareholders. Not
loosen the credit market, not invest in small businesses or financially sound
homeowner hopefuls
Nope, to keep their
shareholders”
I guess those prepaid sales conferences don't look so bad now do they?
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