Big Banks Are Still Going Gangbusters

According to the Wall Street Journal, all the big banks except Wells Fargo are reporting great results for the second quarter. So naturally here’s what happened:

I’m sure this all makes sense to the literati. The bottom line, I guess, is not just that big banks are raking in money, but they’re raking in even more money than analysts expected. However, they aren’t raking in stratospheric amounts of money, so their stock prices are down.

Or something. This article says bank stocks are anemic because of fears about the flattening of the yield curve. Sure. Whatever. I’ll bet that Wall Street won’t let that interfere with bonus season.


Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

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