Too-Big-To-Fail Banks Have Raked In $102 Billion In Subsidies Since 2009: Report

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America’s biggest banks want you to believe that they get no special advantage, no subsidies, from being too big to fail. And yet people keep finding evidence of those subsidies.

The latest is World Bank economist Deniz Anginer, in a study for Bloomberg Markets magazine. Anginer estimates that the six biggest U.S. banks have saved $82 billion in borrowing costs since 2009 because investors believe the government will never let them fail and thus don’t charge as much to lend them money as they do smaller banks. The report will be published in the June issue of the magazine.

Together with dirt-cheap government borrowing programs, Bloomberg estimates these banks — JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley — have saved $102 billion since 2009 because of their size advantage.

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A new study tries to estimate the subsidies enjoyed by too-big-to-fail banks. (Victor J. Blue/Bloomberg via Getty Images)

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http://www.huffingtonpost.com/2013/05/10/too-big-to-fail-subsidies_n_3252879.html?ref=topbar

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Too-Big-To-Fail Banks Have Raked In $102 Billion In Subsidies Since 2009: Report

FROM

Click link below picture

.

America’s biggest banks want you to believe that they get no special advantage, no subsidies, from being too big to fail. And yet people keep finding evidence of those subsidies.

The latest is World Bank economist Deniz Anginer, in a study for Bloomberg Markets magazine. Anginer estimates that the six biggest U.S. banks have saved $82 billion in borrowing costs since 2009 because investors believe the government will never let them fail and thus don’t charge as much to lend them money as they do smaller banks. The report will be published in the June issue of the magazine.

Together with dirt-cheap government borrowing programs, Bloomberg estimates these banks — JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley — have saved $102 billion since 2009 because of their size advantage.

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A new study tries to estimate the subsidies enjoyed by too-big-to-fail banks. (Victor J. Blue/Bloomberg via Getty Images)

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.Click link below for story, slideshow, and video:

http://www.huffingtonpost.com/2013/05/10/too-big-to-fail-subsidies_n_3252879.html?ref=topbar

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Mohammed Sohel Rana, Bangladesh Factory Owner, Arrested As Death Toll Climbs

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* Owner of collapsed building arrested fleeing to India-police

* More than 900 missing, police say

* Four pulled from rubble alive, four days after disaster

DHAKA, April 28 (Reuters) – The owner of a factory building that collapsed in Bangladesh killing hundreds of garment workers was arrested on Sunday trying to flee to India, police said, as fears grew that the death toll could rise sharply with as many as 900 still missing.

Mohammed Sohel Rana, a leader of the ruling Awami League’s youth front, was arrested by the elite Rapid Action Battalion in the Bangladesh border town of Benapole, Dhaka District Police Chief Habibur Rahman told Reuters.

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Mohammed Sohel Rana, the fugitive owner of an illegally-constructed building that collapsed last week in Bangladesh, is produced before the media by Rapid Action Battalion commandoes in Dhaka, Bangladesh, Sunday, April 28, 2013. Rana was arrested near the land border in Benapole in western Bangladesh, just as he was about to flee into India’s West Bengal state, said Jahangir Kabir Nanak, junior minister for local government,. (AP Photo/Palash Khan)

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Mark Zuckerberg Reaped $2.3 Billion On Facebook Stock Options

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Facebook CEO Mark Zuckerberg reaped a gain of nearly $2.3 billion last year when he exercised 60 million stock options just before the online social networking leader’s initial public offering.

The windfall detailed in regulatory documents filed Friday saddled Zuckerberg, 28, with a massive tax bill. He raised the money to pay it by selling 30.2 million Facebook Inc. shares for $38 apiece, or $1.1 billion, in the IPO.

Facebook’s stock hasn’t closed above $38 since the IPO was completed last May. The shares gained 71 cents Friday to close at $26.85.

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Mark Zuckerberg, chief executive officer and founder of Facebook Inc., introduces Graph Search at Facebook headquarters in Menlo Park, California, U.S., on Tuesday, Jan. 15, 2013. (Noah Berger/Bloomberg via Getty Images)

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http://www.huffingtonpost.com/2013/04/26/zuckerberg-stock-options_n_3166661.html?1367021008

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Lynsi Torres, In-N-Out Burger Owner, Is America’s Youngest Female Billionaire

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Lynsi Torres, the 30-year-old president and owner of In-N-Out Burger, is the youngest female billionaire in the U.S., Bloomberg reports. Her grandparents Harry and Esther Snyder founded the hamburger chain.

Torres does not have a college degree or much formal management training, Bloomberg reports. Thanks to In-N-Out’s large fan base at its nearly 280 restaurants in five states, the chain is now worth roughly $1.1 billion, according to estimates — 19,298 times more than the median U.S. household in 2010.

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http://www.huffingtonpost.com/2013/02/04/lynsi-torres-in-n-out-burger_n_2614814.html?utm_hp_ref=mostpopular#slide=1542168

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Hostess To Sell Wonder Bread, Other Bread Business To Flower Foods For $390 Million

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Hostess has found a new home for its most popular breads, including the iconic Wonder bread.

The bankrupt maker of Twinkies, Devil Dogs and other snack cakes said late Friday that it selected bids by rival bakery Flower Foods Inc. to buy six of its bread brands for $390 million. Flower Foods, based in Thomasville, Ga., is best known for Tastykakes but also makes breads including Nature’s Own and Cobblestone Mill.

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http://www.huffingtonpost.com/2013/01/11/hostess-wonder-bread-sale_n_2460546.html

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Mortgage Fraud Lawsuits Fail To Deter Bank Cheating, Experts Say

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Even in the movie version of the financial crisis, the giant mortgage company accused by the U.S. government of rampant fraud and abuse wouldn’t be so obvious as to nickname its mortgage lending program “the Hustle.”

The real-life Countrywide Financial, however, was not known for its subtlety. In 2007, as the mortgage market was collapsing, Countrywide, now part of Bank of America, used the hustle — officially, a program it called the “High Speed Swim Lane” — to eviscerate lending standards in order to keep pumping out home loans, even though many were fraudulent, according to a lawsuit filed by the U.S. government last month.

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http://www.huffingtonpost.com/2012/11/21/mortgage-fraud-lawsuits-_n_2174002.html?ncid=edlinkusaolp00000003

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Bimbo and Twinkies: Mexican Mega Bakery May Save Brands From Hostess Liquidation

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Grupo Bimbo, a Mexican company that is the world’s largest bread baker, might hold the key to saving the Twinkie from extinction in a Hostess liquidation.

Though other companies have shown interest in buying some of Hostess’ iconic brands, Bimbo might have the inside track, according to the Christian Science Monitor.

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Grupo Bimbo, run by CEO Daniel Servitje Montull,

might save the twinkie and other Hostess brands.

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http://www.huffingtonpost.com/2012/11/18/bimbo-twinkies-mexican-hostess-liquidation_n_2155070.html?ir=Business

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Gina Rinehart, World’s Richest Woman: ‘Spend Less Time Drinking And Smoking’ And You’ll Be Rich

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The richest woman in the world has a message for all you normals out there: Becoming rich is as easy as putting down that beer and getting off your ass.

Australian billionaire Gina Rinehart wrote that there is “no monopoly on becoming a millionaire,” in a column in Australian Resources Magazine, according to the AFP.

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Dixon, Illinois Comptroller Allegedly Embezzled $30 Million To Fund Horse Breeding Business [UPDATE]

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Municipal budgets around the country have been squeezed tight in recent years, and a city official in one town allegedly exacerbated those financial woes to fund her horse breeding habit.

Rita Crundwell, the comptroller and treasurer of the small Illinois town of Dixon, was arrested Tuesday on charges of embezzling $33.2 million from city coffers, the Chicago Tribune reports.

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http://www.huffingtonpost.com/2012/04/19/rita-crundwell-comptroller-dixon-illinois-embezzling_n_1435899.html

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