The NYT reports another windfall for the banksters in today’s top story.
Wells Fargo reported $4.8 billion in revenue from its mortgage origination business in the first six months of the year, an increase of 155 percent from $1.9 billion in the first six months of 2011.
So what’s a CEO make at this level of the finance business?
Chairman and Chief Executive John Stumpf received compensation valued at $19.8 million last year.
Is anyone out there feeling a trickle yet? …anyone? …even a little?
Mortgage loan origination fees is what fueled growth and profits for WAMU, Countrywide, Wells, etc. a few years ago. The growth in deposits is interesting. Looks as if banks and deposit customers have learned nothing from the Great Recession.
OTOH — Wells remains the only non-foreign owned, large bank headquartered in California.
Business as usual, but we knew that already. Relief for homeowners ~ nada.
While the crooked activities of banksters and failure of regulators were the principal drivers in blowing up the US economy, they couldn’t have done it without the participation of tens of million of ignorant, greedy, or financially irresponsible Americans. Have no problem bailing out those that were responsible and were swindled, and as their numbers were so small that was doable. The remaining mess, banks and houses could have been nationalized — and thus removed the greed and moral hazard from this sector of the economy.
Of bankster piss? Oh yeah. It’s pouring.