Economy

Wall Street banks are bailing on troubled American farmers amid US-China trade war

0


Gordon A. Giese looks on as his son Paul Giese tends to morning chores at the family farm, God Green Acres in Mayville, Wisconsin, June 24, 2019.

Darren Hauck | Reuters

In the wake of the U.S. housing meltdown of the late 2000s, JPMorgan Chase & Co hunted for new ways to expand its loan business beyond the troubled mortgage sector.

The nation’s largest bank found enticing new opportunities in the rural Midwest – lending to U.S. farmers who had plenty of income and collateral as prices for grain and farmland surged.

JPMorgan grew its farm-loan portfolio by 76 percent, to $1.1 billion, between 2008 and 2015, according to year-end figures, as other Wall Street players piled into the sector….



Source cnbc.com

Deutsche Bank CEO reprimands execs for fitting $1,800 suits day of mass layoffs

Previous article

The Permian Basin is the world’s ‘swing producer’

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Economy