Who knows why the Treasury gives our money to some banks and not to others. That comes to mind when considering that we just gave $18 billion to 10 regional banks -- three of which are unprofitable. Why does this matter? Because giving taxpayer money to an unprofitable bank could be as good as flushing it away. I guess Treasury figures it can always get more where that came from, so why not?
Here are the lucky winners of the government bailout lottery that earned a profit and their pre-market stock price change:
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Capital One Financial Corp. (NYSE: COF): $374 million -2.3%
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Northern Trust (NASDAQ: NTRS): $214 million -2.1%
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Regions Financial (NYSE: RF): $206 million -0.8%
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Huntington Bancshares (NASDAQ: HBAN): $115 million +6.1%
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Valley National Bancorp (NYSE: VLY): $41 million 0%
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City National (NYSE: CYN): $16.6 million 0%
And here are the three that lost money but still got taxpayer capital -- the amount of their latest loss is in parentheses:
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