Big Banks’ 3Q Profits Up – Wealth Transfer?

Where is the wealth of our nation going?

How did you do in the 3rd quarter?

Wells Fargo 3Q profit up 21 percent

Yahoo News: Wells Fargo’s net income rose to $4.06 billion, or 72 cents per share, matching the forecasts of analysts surveyed by FactSet. In the same period a year ago the bank earned $3.34 billion, or 60 cents per share.  

JP Morgan returns to profit in third quarter

Yahoo News:  JPMorgan Chase & Co. (JPM) on Tuesday reported third-quarter profit of $5.6 billion. The bank reported a loss of $380 million in the same period a year ago. On a per-share basis, the bank earned $1.36 per share. That compared with a loss of 17 cents in the same period a year ago. The biggest U.S. bank by assets posted revenue of $24.25 billion in the period, up 5 percent from $23.12 billion.

Citigroup earnings and revenue beat expectations


Citigroup reported quarterly earnings and revenue that beat analysts’ expectations on Tuesday. After the earnings announcement, the company’s shares rose slightly in pre-market trading.  The company posted third-quarter earnings of $1.12 per share, up from $1.00 a share in the year-earlier period. Revenue increased to $ 19.05 billion from $18.22 billion a year ago.

3 thoughts on “Big Banks’ 3Q Profits Up – Wealth Transfer?

  1. Thanks for the information Henry. But what I really want to know is where did you get this picture of Hillary, George and Nancy?

  2. yes, yes, yes…. when you’re scraping together pennies to eat and pay the rent, please remember that the money (or wealth, rather) didn’t disappear. It only changed hands.

    These economic depressions have always been nothing more than a ruse to fleece the public of whatever wealth they’ve acquired since the previous depression.

    It’s a fairly simple formula. You simply increase the money supply to create periods of economic prosperity, which also leads to increased borrowing. Our fractional reserve banking system requires that only a small percentage of the circulating money actually exists (most of it exists as debt), so when the money supply is contracted, the entire house of cards comes tumbling down, leaving the entire population in a rush to rob Peter in order to pay Paul, and all property used as loan collateral is confiscated.

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