Fed pays record $98.7 bn in profits to US Treasury

AFP reports:

The Federal Reserve on Friday said it had paid a record $98.7 billion in profits to the Treasury in 2014, most of it earned from its stimulus for the US economy.

Under Fed policy, its 12 regional banks must pay to the federal government what is left of earnings after certain items, such as operating expenses and dividend payments, are deducted.

Last year's payment widely eclipsed the central bank's previous record of $88.4 billion in 2012.

The Federal Reserve banking system had net income of roughly $101.5 billion in 2014, according to preliminary estimates, the Fed said.

The commanding heights of a cartelized banking system.