Strong Banks, Big Problem?
This week Goldman Sachs (GS) and JPMorgan Chase (JPM) became the latest banks to report earnings that topped expectations. Goldman reported a profit of $1.8 billion in the first quarter while JPMorgan Chase made $2.1 billion. This follows the unexpectedly strong quarterly numbers from Wells Fargo (WFC) last week. Goldman and JPMorgan now want to return the billions of dollars they received in federal TARP funds. This puts the Obama Administration in a difficult position of potentially having to delay the repayments to protect the banking sector as a whole.
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