goodyear, "Saver cost". Is it in anyway possible the Fed policy might play a role in the rates savers are getting¿¿¿¿
I don't know about your utility supplier but the one I have raises rates as the market cost increases. There is no competition and therefore no free market. I can't change electric or gas suppliers weekly but I can change banks weekly if I choose. I have 6 banks within 2 miles of where I live and 4 of them are directly across the street from one another. I have more banking competition than I need but no utility competition at all.
Saver and taxpayer costs continue so everyone knows it's incalculable, as there are too many variables and a fair number of assumptions. DIRECT TARP costs and the DIRECT PAYBACKS are clear. However, the only important point is that the indirect costs are easily a multiple of TARP by probably a factor of 10-15 times, SO FAR.
Goodyear, " they want the taxpayer handouts" How much did the last bank crisis cost taxpayers and how much did it cost bank shareholders¿¿¿¿ Thanking you in advance for your answer.
My checking account at Schwab Bank for convenience is the closest thing I can call a banking relationship. I have no loans, no mortgages and need no credit. There used to be around 16k banks and we're down to what, around 5-6k. In 10 years we'll probably have less than 3k and that will be too many. DeNovo banks are not being approved and that's good.
Sun may survive but they aren't needed much less trusted. Like Goldman Sachs, JP Morgan and the other ilk, they are too big to fail but too stupid to prosper in the new era. They should be treated more like utility companies.
I don't dislike banks but rather their socialist tendencies. They want a free market until their shenanigans (like Sun's case) gets them into trouble and then they want the taxpayer handouts. Otherwise they claim we'll have "Armageddon". Horse..shytte
The markets will likely implode over the next year or two and they decide time to bulk up. Maybe they hope the downturn is delayed so the sheeple can be fleeced prior.
Goodyear, I am sure after you have clearly presented your position on TARP that you have selected and do business with a bank that did not receive TARP.
ZIRP (and NIRP is probably next) has been an ongoing gift to financial institutions and continues as of today, six years after the crisis.
Support for these pigs went FAR beyond TARP and is ongoing. The yield curve steepness is just one of the many ways the Fed gifts money to financial institutions at the expense of savers and taxpayers. TARP was a pimple on an elephants #$%$.
"It took a taxpayer gift of funds to keep them and the other vampire squids from bankruptcy."
Tarp covered more than banks during the crisis.
The rest of the story based on the latest data I have.
"More than 99 percent of the federal funds given to help keep banks in operation during the recent financial crisis through the Troubled Asset Relief Program’s Capital Purchase Program have now been repaid, the U.S. Department of the Treasury announced. Through repayments, interest and other income, the federal government has recouped more than $244 billion of the $245 billion it invested in these banks. Further, as financial institutions continue to pay back the money they borrowed, the government is expected to see about $20 billion in profits.
Part 1 they lost their way a decade ago, got involved in shenanigans and legal entanglements. It took a taxpayer gift of funds to keep them and the other vampire squids from bankruptcy. Part II is not going to be so kind to them.
Wouldn't matter. Sun is one of those banks that will always be tangled up in legal issues. Maybe it's in their Mission Statement?
Helps when you spread out the pain!
Only way STI goes over $45 if the DOJ announces a universal settlement for legacy mortgage crimes of a couple of billion dollars.
Net interest margins continue to decline, non interest income continues to decline as new loans stay low. the only reason they are meeting earnings is by loan loss releases from improving credit metrics. No matter how hard I try, I cant find a reason to own any banks. Some one enlighten me why this would make any sense.
Wonder if that means the next one is going to be a whopper.