Wall Street made millions from Big Oil’s boom — and its bust

5 months ago Comments Off on Wall Street made millions from Big Oil’s boom — and its bust

<p>As oil traded above $ 100 a barrel earlier this decade, JPMorgan Chase , Citigroup and other U.S. banks doled out more than $ 110 billion of loans to finance a drilling boom — all the while helping their clients borrow additional cash through bond sales. Now that prices have gone bust, the banks are reaping a bounty of fees underwriting stock sales for financially distressed energy producers, which in turn are using the proceeds to pay down their loans.<br></p>
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