U.S. gets its first profit after rescue financial system
Repayment of loans that the U.S. government gave to the major banks to ensure their solvency has sought a profit of nearly 4,000 million dollars, as published by The New York Times.
When one year after the bailout of major U.S. banks, U.S. taxpayers now beginning to see some benefits millionaires after loans with public money into the financial system.
Eight of the banks that received government support, have put the total lending, which has produced some benefits for the public coffers that are around 4,000 million dollars, according to calculations by The New York Times.
In total, the Government allocated 240,000 million U.S. dollars to hundreds of banks in critical condition. Now, has obtained 1,400 million dollars in revenue for the loan that Goldman Sachs has returned, 1,300 million by Morgan Stanley and 414 for American Express. In addition, five other banks that have repaid their loan, Northern Trust, Bank of New York Mellon, State Street, U.S. Bancorp and BB & T has made a profit of between 100 and 334 million.
These gains are a government strategy to boost the financial system bailout, which many critics saw as a taxpayer who would never recover.
However, these benefits do not hide the possibility that the U.S. Treasury to obtain long-term heavy losses after its intervention in insurance giant AIG in the mortgage companies Fannie Mae and Freddie Mac, and car manufacturers General Motors and Chrysler . In addition, the U.S. also could face losses after the acquisition of millions of dollars in toxic assets in the financial system.
