The “earnings” of Bank of America, Wells Fargo, Citicorp, AIG, Goldman Sachs, JP Morgan and General Electric are a sham. These reported earnings were nothing but accounting entries relieving their loan loss reserves and the interest earned on the backs of taxpayers by borrowing from the Fed at 0% and reinvesting the money in Treasuries. Their earnings, which account for about 70% of the reported S&P 500 earnings, are a sham and don’t benefit the country in any way. They just enrich the oligarchs that run these criminal institutions. So it goes.
What kind of a warped economy has 10 companies out of 500 account for 88% of the incremental profit earned in this country?
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