A Good Year for the Fed, as It Makes $80.9 Billion
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0 Left 1 Centered 0 RightWall Street banks weren't the only ones who had a pretty good 2010: the U.S. central banks also made a boatload of money. The Federal Reserve announced today that its net income was $80.9 billion in 2010. That's 51.5% better than its healthy 2009 profit of $53.4 billion. And there's good news for taxpayers here: they get $78.4 billion of it. So why did the Fed do so well? You may have heard the phrase: you've got to spend money to make money. The Fed has been spending an awful lot of money over ...