Five of the biggest banks — Goldman Sachs, JPMorgan Chase, Wells Fargo, Citigroup and Bank of America — posted second-quarter profits totaling $13 billion. That's more than double what they made in the second quarter of 2008 and nearly two-thirds as much as the $20.7 billion they earned in the second quarter of 2007 — when the economy was considered strong.
As of June 30, three banks — JPMorgan Chase, Wells Fargo and Bank of America — held $2.3 trillion in domestic deposits, or $3 out of every $10 in deposit in the United States. Three years ago those three institutions held about 20 percent of the industry total.
SHOOT: They're conducting IBG banking. By the time everything collapses [because of them], they'll have their bonus and say, "I'll be gone" [when the shit hits the fan].
"We can be confident that the storms of the past two years are beginning to break," he said.
And even as the economy begins a "return to normalcy," Obama said, "normalcy cannot lead to complacency."
Nevertheless, Obama said, "Instead of learning the lessons of Lehman and the crisis from which we are still recovering, they are choosing to ignore them."
His tough message warned the financial community to "hear my words: We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses."
At the Pittsburgh G-20 economic meeting later this month, Obama said the U.S. will focus on ways "to spur global demand but also to address the underlying problems that caused such a deep and lasting global recession."
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clipped from news.yahoo.com
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