God hasn’t lost his sense of humor…

Proving there’s always a bull market somewhere, and that even in times of wrenching crisis and panic there is money to be made, the following statistic via Bloomberg:

The six biggest U.S. banks, led by JPMorgan Chase & Co. and Bank of America Corp., have piled up $103 billion in legal costs since the financial crisis, more than all dividends paid to shareholders in the past five years.

LOL, the lawyers always win – and lawyers representing bankers doubly so.

So here’s how this works:

The government and Fed lower borrowing rates for the banks for five years and even allow them to minimize losses on bad bets via asset repurchases and a change in accounting standards. This deprives savers of reasonable levels of income in safe assets and it forces seniors into real estate private placements and high-cost annuities. Fuck ’em, what are they gonna do about it, write a letter?

In the meantime, banks return to record profitability and use all this cash sloshing around to fight off lawsuits, investigations, new legislation, etc. They’ve used bailout cash to lobby against rules that prevent them from needing bailouts in the future. It’s all so hilarious, $100 billion in legal bills paid by banks – for the protection of bankers – using the profits from emergency-era low rates, an emergency of their own making.

At least we know God hasn’t lost his sense of humor.

Source:

U.S. Bank Legal Bills Exceed $100 Billion (Bloomberg)

What's been said:

Discussions found on the web
  1. buy shrooms online commented on Sep 14

    … [Trackback]

    […] Read More Info here to that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  2. Cam Girls commented on Sep 17

    … [Trackback]

    […] Read More on to that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  3. eatverts.com commented on Sep 21

    … [Trackback]

    […] Here you can find 10157 additional Info on that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  4. bitcoin loophole review commented on Sep 23

    … [Trackback]

    […] Read More Information here on that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  5. bitcoin era review 2020 commented on Sep 28

    … [Trackback]

    […] Here you can find 51256 additional Information on that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  6. immediate edge reviews commented on Oct 01

    … [Trackback]

    […] Find More Information here on that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  7. bitcoinevolutiononline.com commented on Oct 03

    … [Trackback]

    […] Here you will find 39228 more Info to that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  8. Digital transformation consultants commented on Nov 26

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  9. official site commented on Dec 06

    … [Trackback]

    […] Info on that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  10. td easyweb ca login commented on Dec 20

    … [Trackback]

    […] Read More here to that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  11. hack overwatch commented on Dec 24

    … [Trackback]

    […] Here you can find 21124 more Info to that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  12. Related Site commented on Jan 05

    … [Trackback]

    […] Find More Info here to that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]

  13. https://www.bmo.so/ commented on Jan 13

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2013/08/28/god-hasnt-lost-his-sense-of-humor/ […]