How are banks spending your bailout bucks? “Dirty dividends,” says Jim Nelson
Stealing from the POOR & Giving to the RICH. If this is for real, there will be a massive public outcry. Watch this space!! I can see visions of bank terrorism...
Read on.
“Major U.S. banks are using their bailout billions to prop up shareholders dividends,” reports our intern cum research maven Jim Nelson.
“Bank of America, JPMorgan Chase, Citigroup and the rest of the crew are starting to cash in their government bailout checks. And in a ‘you gotta be kidding me’ moment, we find out that they aren’t using all of that money to repair bad assets or offer more loans. Instead, these banks are continuing their dividend payments, which otherwise would probably have been cut.
“Wells Fargo, one of the few banks to swim through this mess with little problems, is using $4.4 billion of its $25 billion bailout to hand over to shareholders. Not loosen the credit market, not invest in small businesses or financially sound homeowner hopefuls… Nope, to keep their shareholders”
“News of these schemes is finally hitting Washington, and the likes of Sen. Chuck Schumer are speaking out. But it’s too late. These dividend plans are already in effect, and our money is lost…
Here’s the shortlist of the offenders:
Bank - Citigroup Bailout received $25Bil Dividend paid to Shareholders $3.5Bil
Bank - Bank Of America Bailout received $25Bil Dividend paid to Shareholders $6.4Bil
Bank - Goldman Sach Bailout received $10Bil Dividend paid to Shareholders $552 MIL
Bank - JP Morgan Bailout received $25Bil Dividend paid to Shareholders $5.6Bil
Bank - Morgan Stanley Bailout received $10Bil Dividend paid to Shareholders $1.1Bil
Bank - PNC Bailout received $7.7Bil Dividend paid to Shareholders $920Mil
Bank - Wells Fargo Bailout received $25Bil Dividend paid to Shareholders $4.4Bil
