Less than a year after the threat of a general banking collapse, how are US banks still making money hand over fist, returning the billions of dollars borrowed from the government when the economy is still mired in recession, asks CNN's London correspondent Richard Quest, in an exclusive column for domain-b.

When asked why he robbed banks, the criminal Willie Sutton famously replied: ''Because that's where the money is.''  Willie wasn't wrong. It's less than a year after the threat of a general banking collapse and the latest numbers show the top banks making money hand over fist.

Goldman Sachs has taken the market by storm with its profits of $2.7 billion and JP Morgan Chase announced its earnings were higher by 36 percent. These banks were able to do this while at the same time returning the billions of dollars borrowed from the US government with interest. 

The money was made through Wall Street activity of trading and underwriting fees for issuing bonds.  As smaller, lesser banks and institutions fell by the wayside, the giants of Wall Street literally swept up the spoils and made billions. 

However the fact that these banks were able to report such remarkable results when the economy is still mired in recession, with rising unemployment, is distasteful and certainly raises questions about how and why.

American banks were given US government cash, at low interest rates, which they were then able to use to make much higher rates of return.  They received guarantees to prop up balance sheets at a time when the rest of us were terrified of financial Armageddon.  It is obvious the money was put to good use - to make more money!  

There are many reasons why the top banks seem to have done so well, not least the dwindling number of top investment banks in existence. Bear Stearns and Lehman's have gone. Merrill Lynch is now part of Bank of America. For those still around, there is more of the cake to enjoy. The second quarter saw exceptionally strong gains on the stock market off the March lows which means they were able to make huge trading profits.