The first number behind each respective bank below is about where they stand now (factoring in mergers and split-ups) on the list of TOP DERIVATIVES HOLDERS based on notional values.
The second number is about where they stand from the highest to lowest amount of TARP money already received. So, for example, Bank of America [2, 1] is the number two highest derivatives holder (after JP Morgan) with about 38 trillion in exposure, and the number 1 recipient of Federal TARP aid at $45 billion.
The reason CITI and B of A are both “1″ is that they are so far tied at $45 billion each in taxpayer bailout funds. This is from the Bloomberg article citing preliminary stress tests [but I have added in the numbers]:
http://bloomberg.com/apps/news?pid=20601087&sid=aiz06xRmmeOQ&refer=home
Scott Silvestri, a spokesman for Charlotte, North Carolina- based Bank of America [2, 1], declined to comment on Lewis yesterday. Lewis said earlier this month that the firm “absolutely” doesn’t need more capital, while adding that the decision on whether to convert the U.S.’s previous investments into common equity is “now out of our hands.”
Citigroup [3, 1], in a statement, said the bank’s “regulatory capital base is strong, and we have previously announced our intention to conduct an exchange offer that will significantly improve our tangible common ratios.”Along with Bank of America and New York-based Citigroup, some regional banks are likely to need additional capital, analysts have said.
SunTrust Banks Inc [9, 10], KeyCorp [11, 15] and Regions Financial Corp [12, 9] are the banks that are most likely to require additional capital, according to an April 24 analysis by Morgan Stanley.
You can check my numbers using the links above in the explanation, but the data is a bit dated. I know for sure that Bank of America and Citi both got $45 billion so far and you have to include Merrill Lynch as part of Bank of America now, etc… I can’t swear to the exact dollar amounts but it’s pretty close. If anyone offers more exact info., I will post an update.
The point is clear in any event. The biggest derivatives stake holders are the biggest recipients of taxpayer bailouts so far, as well as the the ones needing “more capital” according to the watered down accounting of the stress tests.
That’s what you get when you engage in a 200 trillion dollar Ponzi scheme which you’ve only committed 12.8 trillion to bailing out so far. I’m sure some of the actual results will “fill in the holes” in these numbers.
For example, when the report comes out on May 4, we’ll see Wells Fargo, and HSBC on the list, along with probably BB&T and Fifth Third Bank and a few others.
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.