JPMorgan, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs reported more than $111 billion of profit for 2018 due to the Fed’s payment of interest on reserves, rising interest rates, a jump in deal making,a retail-banking boom, and Trump’s tax cuts, [Banking is an amazing business.It collects interest by loaning money created out of nothing, when it hits hard times it is bailed out with tax dollars, and when it is riding high, it enjoys incredible tax breaks. It loans money to governments, but it’s the taxpayers who guarantee repayment and pay the interest. And since he who pays the piper calls the tune, it controls governments instead of governments controlling the banks. Yes, a very amazing business.] -GEG
One may not know it by looking at banker bonuses last year, but 2018 was a banner year if only for bank shareholders and upper management: this is the year when the 6 biggest banks generated (well) over $100 billion in profit. They can thank Trump’s tax cuts, the Fed’s payment of interest on reserves, rising interest rates, a jump in dealmaking and a retail-banking boom (if not so much the “bad volatility” that resulted in a plunge in fixed income, currency and commodity trading fees).
As Bloomberg first noted, JPMorgan, Bank of America, Wells Fargo and their peers have already reported more than $111 billion of profit for 2018, and Morgan Stanley will complete the money-center picture tomorrow when it releases its fourth-quarter results Thursday and only makes this number bigger.
While JPMorgan and Bank of America both had record years, Goldman and Citigroup had their biggest annual profits since the financial crisis. The staggering profits, coupled with upbeat commentary about 2019 may ease fears that rate hikes and trade wars will bring an end to good times for the biggest banks.
The Department of Justice filed civil lawsuits on sanctuary jurisdictions across the US asking judges to overturn the policies, and warning state and city officials they could face their own criminal charges for harboring illegal immigrants.
David Icke is at his best in this analysis of how Big Pharma is in the final phase of its long march toward forcing every human on the planet to accept vaccines and to imprison anyone who attempts to provide information that questions the narrative.
Italy’s Senate voted to remove immunity from Matteo Salvini, a nationalist, populist leader, who was the Minister of the Interior, and to put him on trial on charges of preventing 116 migrants from disembarking from their ship for six days.
When the trial date was postponed, no one extended the date of the protective order so, Rodriguez was exposed well in advance of the trial. Law enforcement has placed the blame for Rodriguez’s murder squarely at the feet of Democratic lawmakers who passed the new law.
Even if the CDC’s virus test did identify specific viruses, the test fails to account for the quantity of each virus present. This is critical, because millions of virus in the body are necessary to cause a disease state.
The UK government plans to ban all gasoline, diesel, and hybrid cars by 2035 to meet a near-zero carbon target. Massive amounts of new infrastructure will be required to support the new vehicles. There also would be the need to generate enough electricity for all the new cars that will be needed.
The city of Chicago is suing Smollett for the cost of overtime that the police department incurred while investigating the hoax. The actor counter-sued for malicious prosecution. Smollett is due to appear in court on Webb’s charges on February 24.
Four career DOJ prosecutors recommended that Stone be sentenced to 7 to 9 years in prison. When Trump tweeted that the sentencing recommendation was “very horrible and unfair”, Democrats responded by accusing the president of wielded undue influence over the DOJ.
Investigative reporter Jon Rappoport wrote an article stating that, if rumors of escalating deaths in China are true, a virus may not be the cause. He makes the case that pneumonia could be the real cause of recent deaths in China, caused by air pollution, toxic chemicals, and 5G.
California’s Consumer Privacy Act allows users to request a copy of the data that tech companies have on them, delete the data when they no longer want a company to have it, and demand that their data isn’t sold to third parties.
Six new cases were scheduled but have been put on hold as Monsanto/Bayer is hoping to settle all present and future cases for $10-billion. Bayer faces more litigation tied to Monsanto that claim the company polluted dozens of bodies of water decades ago with PCBs.
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Goldman Sachs’ startup cryptocurrency company, Circle, is launching the US Dollar Coin, or USDC, with the goal of replacing US currency. Coinbase, which is owned by the Federal Reserve, is on track to become the nation’s crypto-regulatory agency.
The Federal Reserve Bank of New York has refused to inform GATA, a watchdog group, which investment houses have been getting the infamous “repo” loans, and informed them that they must wait two years to discover the identity of the loan recipients.