Behind the US banks' profit

Behind the US banks' profit reports - By Barry Grey, wsws, 18 Apr 2009
The trillions of dollars in cash, virtually interest-free loans and government guarantees the banks have been given with no strings attached first by Bush and now by Obama, have, not surprisingly, begun to register as handsome profits on major banks’ balance sheets. Emboldened and confident, based on the financial policies of the Obama administration and the Wall Street personnel who are carrying them out, that they have a pliant instrument of their interests in the White House, the financial barons are employing the same deceptive accounting procedures and gambling with borrowed money that precipitated the crisis in the first place. (more)