Financial reports show 5 biggest banks are ‘dead men walking

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By Greg Gordon and Kevin G. Hall
McClatchy Newspapers

WASHINGTON — America’s five largest banks, which already have received $145 billion in taxpayer bailout dollars, still face potentially catastrophic losses from exotic investments if economic conditions substantially worsen, their latest financial reports show.

Citibank, Bank of America, HSBC Bank USA, Wells Fargo Bank and J.P. Morgan Chase reported that their “current” net loss risks from derivatives — insurance-like bets tied to a loan or other underlying asset — surged to $587 billion as of Dec. 31. Buried in end-of-the-year regulatory reports that McClatchy has reviewed, the figures reflect a jump of 49 percent in just 90 days.

via Financial reports show 5 biggest banks are ‘dead men walking’ | McClatchy Washington Bureau


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3 thoughts on “Financial reports show 5 biggest banks are ‘dead men walking

  1. Pingback: The Federal Reserve is Bankrupt by Matthias Chang « Dandelion Salad

  2. Pingback: Kucinich: How banks spent your bailout money « Dandelion Salad

  3. This article highlights the insanity of not letting banks fail. What has happened is that the public has been mortgaged from now until forever to try to keep these banks from failing. It is becoming more and more obvious that they are going to fail anyway, but now their failing will take the American public along with it.

    A new paradigm in thinking needs to be developed rapidly to deal with this rapidly sinking ship.

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