The banks who control the fed do not profit from them directly. Rather, it is done by one of three shell games....
ONE is the sale and repurchase of US and other paper. The Fed creates a bond out of thin air and sells it to a primary dealer. Six months (or more like six days recently) they buy it back from the primary dealer for more money than they got for it. The difference represents a potentially infinite amount of risk-free money. The banks don't have to loan to the real economy to generate returns, it just goes in a closed loop from Fed to bankster with the banks skimming a bit on each iteration.
TWO is that the Fed buys (or loans for as long as it takes) all the big mistakes of the big banks that own the fed. And we don't get to see how big a haircut the banks have to take when the FED buys that off them for US Currency. Probably none. Imagine buying lottery tickets that, if they were winners the banks keep the loot, and if they were losers the bank can take them back to the lotto commission who either buys them back or allows loans with the losing ticket as "collateral" to go buy more tickets. This serves no useful function in the greater economy, it is just a moral hazard to keep gambling for the TBTF banks.
THREE is that the Fed artificially lowers the price of capital, especially for the big banks. They get access to mountains of money at near zero interest rates and then invest it for returns. A retarded Chimpanzee could make money off of that business plan.
For more information about what the FED has done to us, why it must be ended, and what we must do to protect ourselves from them and every other fiat central bank in the world, I suggest you read "Localism, a Philosophy of Government"
For the Kindle e-reader http://www.amazon.com/Localism-A-Philosophy-Government-ebook...
For Nook/ Barnes and Noble/ Others http://www.barnesandnoble.com/w/localism-a-philosophy-of-gov...
Localism is for people who can still sleep at night even though somebody they don't know in a city they have never been is doing things differently. ("Localism, A Philosophy of Government" on Amazon for Kindle or Barnes and Noble ebook websites)
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