June 25, 2015
Minneapolis/St. Paul Business Journal
U.S. Bancorp has made millions in on-paper profits in recent years through a bond-market loophole that lets the bank buy high-performing mortgage bonds at below-market prices. The tactic is legal and profitable. Performance Trust Capital Partners estimates that U.S. Bancorp has cleared $53 million in on-paper profits over three years — but it's still controversial.