US makes $4 billion from bailout banks
AP Mon Aug 31, 6:44 am ET
WASHINGTON – The U.S. government has hauled in about $4 billion in profits from large banks that have repaid their obligations from last year’s federal bailout, The New York Times reported Sunday.
Last September, Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressed congressional leaders for legislation authorizing a $700 billion financial bailout of some of the nation’s largest financial institutions, which were in danger of collapsing. The bill was signed into law in October.
