June 23, 2015
Wall Street Journal
U.S. Bancorp is racking up profits with a bond-market maneuver that is pinching some investors holding high-yielding investments. The Minneapolis company, which operates the fifth-largest U.S. commercial bank by assets, has made paper profits of about $53 million over the past three years forcing insurance companies, community banks and other investors to sell it Ginnie Mae-insured mortgage bonds at below-market prices, according to calculations by Performance Trust Capital Partners, LLC, a Chicago fixed-income investment firm.
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