JP Morgan Chase & Co (JPM)

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Jamie Dimon becomes a billionaire by receiving free taxpayer money from Fed.
Big Banks receiving as much free money from Federal Reserve as all food stamps given to all American Citizens, making CEO’s of Banks Billionaires. Taxpayers lose $36 billion annually to allow private banks to keep their excess reserves at the Federal Reserve.
TIPPAPATT / SHUTTERSTOCK

Banks themselves are earning 2.4% on their deposits at the Federal Reserve. These deposits, called “excess reserves,” include the reserves the banks got from our deposits, on which they are paying almost nothing; and unlike with our deposits, there is no $250,000 cap on the sums banks can stash at the Fed amassing interest. A whopping $1.5 trillion in reserves are now sitting in Fed reserve accounts. The Fed rebates its profits to the government after deducting its costs, and interest paid to banks is one of those costs. That means we the taxpayers are paying $36 billion annually to private banks for the privilege of parking their excess reserves at one of the most secure banks in the world — parking their reserves rather than lending them out



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