1. Mo’ Money

    Big Banks Report Big Earnings

    FILE- In this Thursday, May 10, 2012, file photo, automobiles pass a JP Morgan Chase building in New York. On Friday morning July 13, 2012, CEO Jamie Dimon will appear before Wall Street analysts to apprise them of the size of the loss and what he has done to protect the bank from a similar kind of loss happening again.  (AP Photo/Frank Franklin II)

    Frank Franklin II / AP Photo

    Two of the U.S. largest banks, JPMorgan Chase and Wells Fargo, reported big quarterly profits on Friday—with JPMorgan Chase having a third-quarter profit of $5.7 billion, up 34 percent from last year. The economy is adding jobs, the housing market is recovering, and the federal reserve provides money for free. Which means it is a great time to be a bank. Earnings at Wells Fargo were up 22 percent for the third quarter, or $4.9 billion profit. Chase’s profits come in the aftermath of the “London whale” trading debacle.

    Read it at The Daily Beast