8 ms·
You might as well label the Fed a corporation officially then, and do a real compare and contrast.
by Not_a_pizza 7y ago
You might as well label the Fed a corporation officially then, and do a real compare and contrast.
- GCA10 7y agoIf I'm reading this correctly, the Fed and its member banks had $49 billion of net income through the first nine months of 2018, before remittances to the U.S. Treasury. https://www.federalreserve.gov/aboutthefed/2018-september-federal-reserve-banks-combined-quarterly-financial-report-unaudited.htm https://www.federalreserve.gov/aboutthefed/2018-september-fe... Very nice showing. If you annualize the Fed's nine-month rate, it's probably slightly ahead of Apple's money-making rate, which is the best in the U.S. corporate sector. (Apple reported $59 billion in net income for the full year ended Sept. 29, 2018.) Even so, the Fed can't quite crank out profits at an Aramco tempo.
- Not_a_pizza 7y agoThe Fed is effectively pulling money out of thin air, and profit sharing with it's largest partners - big banks, something which Saudi Aramco is both unable and unwilling to accomplish.
- MagnumOpus 7y ago98% of Fed profits go directly to the Federal Government treasury, not big banks.