A respectable amount though let’s see how this number compares to the Wall Street bonuses that are being handed out. Also, remember that the US government invested trillions to keep this industry afloat so in that context, it’s not as impressive as when one thinks the investment was “only” $700 billion. We still don’t know how much the losses will be for AIG but it will almost certainly turn out to be a loss. The release of this number is probably someone’s attempt to distract the public from the soon-arriving bonuses figures that will not be well received. Impressive, but…
Wall Street firms aren’t the only banks that had a banner year. The Federal Reserve made record profits in 2009, as its unconventional efforts to prop up the economy created a windfall for the government.The Fed will return about $45 billion to the U.S. Treasury for 2009, according to calculations by The Washington Post based on public documents. That reflects the highest earnings in the 96-year history of the central bank. The Fed, unlike most government agencies, funds itself from its own operations and returns its profits to the Treasury.
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