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Finance

Surprise! Bankers Want To Be My Fcuk Buddy.

During the greatest transfer of wealth from savers to borrowers in history, my banker has a better idea.

Instead of depositing my savings in their institutions (for which I get essentially zero interest), they are steering me towards the bank’s common stock, promising several percentage points of yield and price appreciation.

And they can do this because a few days ago the Federal Reserve published the results of their latest Stress Tests and we learned that

… lenders set almost $24 billion in common stock buybacks and $3.9 billion in annualized dividend increases after passing Federal Reserve stress tests…

They could have used the Fed’s regulatory relief to increase the interest they pay on savings accounts, but instead want us to get in bed with them as investors.

Something to consider, if I was sure they would throw in a reach-around.

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