Banks that took bailout money were supposed to use part of the taxpayer-provided cash infusion to help customers avoid foreclosure, but instead, many of them are using the tax-payer money to pad their own pockets!
As a result, the top banks are 23 percent larger than they were before the crisis. They now hold more than $8.5 trillion in assets, the equivalent of 56 percent of gross domestic product, up from 43 percent just five years ago. The banks now control 52 percent of all industry assets, up from 17 percent four decades ago.
Although the primary goal of the $787 billion bailout was to prop up struggling banks stung by the mortgage crisis, the government has criticized banks that took bailout money for not doing enough to help customers.
The U.S. Treasury Department has taken steps toward holding the mortgage servicers accountable by pledging to withhold bailout incentive payments to three of the largest banks – Wells Fargo, Bank of America, and JPMorgan Chase.
Banks, Wall Street Insiders, and Hedge Fund Managers don’t want you to know that they are using billions in tax-payer bailout money to capture these double digit profit rates where they receive 16%, 18%, 24%, up to 36% guaranteed by United States law.
Once you understand this powerful wealth secret you’ll be able to cut out the middle men (banks, hedge fund managers, wall street insiders) and capture these double digit profit rates just like they are.
They don’t want you to know this… Read more…