WSJ: Banks Profit from US Guarantee

By Trader Mark
28 July 2009 @ 09:55 am EDT

Thank you Wall Street Journal for actually putting a number to this FDIC guarantee. I have mentioned many times that our financial oligarchs (which apparently now include General Electric (GE)) are benefiting in a massive way from the FDIC backstopping their debt. I just never had a number. I have been chuckling to myself after troubled bank after troubled bank - including our lovely Citigroup (C) extols they are able to raise money. First with the FDIC guarantee, and then lately without. Look oligarchs - I could take someone with FICO 300 (does it go that low?) and she can raise money as long as the government backstops it.

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