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Pam and Russ Martens: Wall Street banks that got biggest Fed bailouts long have been dogs to shareholders
By Pam and Russ Martens
Wall Street on Parade
Wednesday, August 5, 2020
Federal Reserve Chairman Jerome Powell wants Americans to believe that the mega-banks on Wall Street that hold trillions of dollars in federally-insured deposits, while peddling everything from high-risk derivatives to junk bonds to precious metals, "are a source of strength" during this economic downturn. The big problem for the Fed can be seen in two charts.
The chart data comes from BigCharts at MarketWatch, owned by Dow Jones & Company.
... Dispatch continues below ...
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According to the first chart, Citigroup has lost 90 percent of its share value since January 3, 2005. (It dressed up its share price in 2011, doing a 10-for-1 reverse stock split, meaning shareholders who had previously owned 100 shares now owned just 10 shares at a higher price.)
Bank of America's share price has lost half its value and Morgan Stanley's share price has been essentially flat for a decade and a half. Compare that to the Standard & Poor's 500 (SPX) which is up more than 150 percent.
These just happen to be the same three Wall Street banks that received most of the Fed's secret bailout money during the financial crisis of 2007 to 2010. As the chart here from the government's eventual audit of the Fed indicates, Citigroup received $2.5 trillion cumulatively from the Fed; Morgan Stanley received $2.04 trillion cumulatively; and Bank of America's Merrill Lynch received $1.9 trillion cumulatively while Bank of America itself received another $1.3 trillion in cumulative loans. ...
... For the remainder of the report:
https://wallstreetonparade.com/2020/08/wall-street-banks-that-got-the-bi...
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