Attachm
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Consequences of the New Bank Public offerings
As the 4 major banks issued new shares of stock to pay back the TARP loan, they accomplished the unimaginable, they diluted the real value of their own company and its stocks through these offerings, and those who purchased the new shares seemed not to be concerned.
The banking system is based on a simple concept, greed. Executives want their bonuses, and the hell with the public, well that public is you and me.
Bank executives pay themselves billions of dollars in bonuses, even when we the taxpayers (that’s us) are “forced” to bail them out from their incessant greed.
To accentuate the level of their greed, through these public offerings, the major banks actually earned money as a profit on the sale of their own stock. Sort of like a ponzi scheme and it amounted to over two billion dollars. Shares were sold, money was received, and money was earned on the brokerage fees, a beautiful scam!
Bank of America repaid TARP funds totaling $118 billion, Citigroup Inc. and Wells Fargo & Co. paid back a total of $45 billion, and JP Morgan repaid its 25 billion
Did the Market reflect a decline in Citigroup, BofA, Wells Fargo, or JP Morgan shares?
Let’s not forget The Treasury Department has received $936.1 million in the sale of warrants it had received from JPMorgan Chase & Co. as part of the support it provided the bank during last year’s financial crisis.
The Treasury sold more than 88.4 million warrants in an auction at a price of $10.75 each. Warrants are financial instruments that allow the holder to buy stock in the future at a fixed price.
The conversion price for the JPMorgan warrants is $42.42 per share. Once the bank’s stock hits that price, the warrants can be converted into stock worth $3.75 billion, and more depending when they are converted.
Again, yes the government made some money, and the banks continue doing business as usual, but what about the public, the economy, jobs, mortgages, business lending, etc, etc?
Banks are chartered to perform a public service, ok, what have they done for us?
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