Tuesday, December 15, 2009

All Major Banks Have Repaid TARP: It's a Myth, Investor Beware

Performance of C, GS, JPM, BAC, and WFC YTD (2009):

Look at the top performer above. We also track all major financials live, with charts, as one of our several Live Tracking sites:

Note that the top performer is BBD, an extremely solid bank - in a growth economy.

So all the major banks have "repaid" TARP, have they repaid all the money that the public lost with their greedy investments in 2007 and 2008? Of course not.

That have not repaid what the people lost. It's a myth.

And how have the banks made money this year? Certainly not by lending, which they are still not doing, and never intended to. They made their profits by trading - with the borrowed money at 0% interest rates.

What a fiasco. Actually not a fiasco, a dishonest scheme. In the process they have deeply damaged the stock markets, and investors are staying far away from it. It is investor beware of what may happen next now that they have "repaid" their loans.

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