Wednesday, November 24, 2010
Major Source of Record Corporate Profits
This is a follow on to my post of record corporate profits via Robert Scheer. It turns out that banking industry profits accounted for $33.3 of the $44.4 billion of growth in profits. We are back to where we were prior to the financial crisis when financial services accounted for over 25% of all US corporate profits. Apparently, the banks can earn record profits without benefiting Main Street thanks to the US Taxpayer. Ironically, several of the banking services that they provide are designed to help clients avoid taxes.