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August 3, 2009

All Business: U.S. banks should say thanks to Uncle Sam

  • Federal debt guarantees and near-zero interest rates have given banks' earnings lots of juice, and they could both disappear soon.
    AP Business Writer

    NEW YORK — Bank CEOs should give Uncle Sam some kudos in their earnings reports. Without the U.S. government's help, financial companies wouldn't be showing such stellar results in the midst of a recession.

    There has been a flood of surprisingly strong profit news coming from the nation's banks in recent weeks. Asset sales and higher trading volumes have been a big help, but that's not all that got them there.

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