USA

Banks under suspicion

As the Committee on financial services of the house of representatives was headed by Maxine waters, one of its members became Alexandria, Ocasio Cortes, for banks may come difficult times. The more that legislators drew attention to the situation in this area, there are quite objective reasons.

So, Goldman Sachs reported the lowest earnings growth since the financial crisis. Bank of America has improved the situation but only by repurchase of own shares. Profit is Wells Fargo also declined, although the management expects to get out of the situation by reducing the share of problem loans.

Operation, consisting in the manipulation of interest rates, getting rid of questionable loans or buying shares in a, legitimate. But banks should think about what would happen if Ocasio Cortes achieve what is approved its proposal to raise the maximum income tax rate to 70%. After all, the most affluent customers are the main source of profit for financial institutions.

Source:news.rusrek.com
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