5 years after financial crash, many losers — and some big winners

[n2doc]

By Tom Petruno



Here's a look at four major winners and four major losers from the 2008 catastrophe and its aftermath:

WINNER: The banks. In the second quarter of this year U.S. banks earned a total of $42.2 billion — the biggest industry profit in history, and double the earnings of the same period in 2010.

It's no accident that the banks have prospered mightily since the crash, said Neil Barofsky, who was the watchdog over the U.S. bank bailout program launched in September 2008.

"We turned the entire resources of the nation toward one goal: setting up a situation where the banks could earn their way out of this," said Barofsky, now an attorney at Jenner & Block in New York. The plan was not, he lamented, "about holding institutions accountable" for the debacle.


more

http://www.latimes.com/business/la-fi-crisis-winners-losers-20130915,0,7740247.story

[LWolf]

1. The banks,

corporate america, the super-rich, the index-investing concept: all big winners.

Losers: The savers, the low-skilled workers, the foreclosed and underwater homeowners, the stock exchange.

I'm one of the losers. I don't know any of the winners.

[Bosonic]

2. Interesting and apropos twitter account

'Real Time Crisis' - Live tweeting the financial crisis of September, 2008

https://twitter.com/TBTFLive