Daily News: July 21, 2017

Bloomberg: Despite the Rules, Top U.S. Banks Close to Profit Record

Bloomberg reported the nation’s top 10 banks collectively made $30 billion in the second quarter of this year, only a few hundred million short of the record that was set in the second quarter of 2007.

Bloomberg noted the financial world was heading toward collapse the last time the major U.S. banks were so profitable. Rigid regulation is what’s in danger at this juncture.

Bloomberg said the 2007 figure includes profits from Wall Street titans like Merrill Lynch and Bear Stearns, which were independent at the time.