US banks post record profits in first quarter
Profits for the US banking industry rose in the first quarter of 2013 to a record $40.3 billion, according to a report released by the Federal Deposit Insurance Corporation on Wednesday. Profits surged by 15.8 percent compared to the same quarter last year. The quarterly profits top the previous record set more than six years ago, prior to the financial meltdown of 2008. It was the 14th straight quarter of banking sector profits. The record bank profits, along with a soaring stock market, is a direct product of the policies of the Obama administration. Trillions have been handed out to the banks and financial institutions, including $85 billion every month from the Federal Reserve. Not a single bank or bank CEO has been held criminally responsible for the financial catastrophe, which they have utilized to increase their stranglehold over the economic and political system.