Government bonds benefit Wall Street banks

The World

President Obama’s “Build America” bonds were supposed to help cash strapped municipalities pay for roads, schools or construction projects, but they may be benefiting Wall Street banks as well.

Louise Story, Wall Street and finance reporter for our partner The New York Times explains how an expansion of the popular Build America Bonds program may actually prove a windfall to banks like Goldman Sachs, JP Morgan Chase and other firms that stand to benefit from new customers and higher commissions.

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