(My notes) The banks have made 2.2 trillion over the last 2 years. Salary plus bonuses.
It is a tax on citizens. Bailout scheme, since Reagan.
You need something to break the bank cartel. Federal Reserve policy is there to help the banks. Last year they had record bonuses.
The ONLY valuable information you can get from bank earnings is how much they pay themselves.
Which is why I like the model of a hedge fund because at least you see what’s there.
$1.58 Billion put aside for compensation and bonuses.
If we bail you out, you should not be paid a bonus.
In business, if you have the upside, you’ve got to keep the downside.
The banks are in the business of hiding risk. They make steady money, collect bonuses, and when the thing collapses, we pay the price.