Forum Post: Bank of America racks up $6.2 billion quarterly profit
Posted 13 years ago on Oct. 18, 2011, 9:42 a.m. EST by jmjwalker
(2)
from Austin, TX
This content is user submitted and not an official statement
A big chunk of that profit was driven by laying off 30,000 workers (and not from the executive pool).
It disgusts me that our corporations, rather than focusing on shared and distributed sacrifice, subscribe to screwing over a handful of people at a time, hoping that the rest will remain complacent until it's their turn to be screwed.
Since my mortgage was once owned (though not originated with) Countrywide and is now owned by BOA, I just wanted to take the opportunity here to remind everyone that back in 2007, it was this particular takeover that pretty much marked the beginning of the current financial crisis. The US government pretty much financed this takeover. Today, millions no longer have a home and BOA is getting fatter and fatter thanks to Uncle Sam.
like a good neighbor, OWS is there.
NEWSFLASH - They wont take your home away if you make the payments that you promised to make.
Its just accounting fudge
Remember Fannie and Freddy
and
Country wide
BofA needs to be deported
http://online.wsj.com/article/SB10001424052970204618704576643421658817058.html
http://online.wsj.com/article/SB10001424052970204618704576643421658817058.html
americans help it get fatter by putting their money in there if americans by the thousands withdrew their money, they would be in deep trouble. do a run on the bank hit them in the pocketbook - now that they might actually care about...
that would be awesome of OWS could orchestrate a run on goldman, bofa, jp morgan chase and citi
http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html
And Citigroup announced this week that their third quarter profits hit $3.8 billion dollars, a 74% increase in earnings. Evidently $3.8 billion is not enough so they want to institute a new debt card fee? Why does anyone continue to bank with this group where greed has gone wild? Did you know many Credit Unions offer free checking with -no- fees and no minimum balance? Most Credit Unions are non-profit organizations. Most Credit Unions keep the money within the community in which you live by lending locally. Many Credit Unions offer free on-line banking. Most Credit Unions have ATMs and many are part of the 25,000 "CO-OP ATM Network" providing you with free ATM usage anywhere in the United States. So why are you staying with your too-big-to-fail bank?
Actually a big chunk of the "profits" came from the sell off of assets. I don't personally like BOA but I think it is important to dwell on the facts. There are two basic issues... the first, and most important is how do we stop the politicians from allowing any lobby group to gain control..... It starts with Congress and the White House. Business can't control anything Congress doesn't let them control.....the second is a little more difficult, profits (excess over expenses) are required to sustain any venture (for profit and non-profit). So how does business determine the right profit? Right now business are hording cash in an effort to protect themselves from future government regulation and taxation. Is that perception or reality? How do we change it?
As for Corporate bonuses.... excessive bonuses although somewhat unethical, are not illegal. If you look at the cost structure of business you will also see they are not a major drain on cash. Stopping all bonuses would not dramatically improve business performance. It's just a reality. So again, how do we improve our lot by attacking the right things?
Kind of like the corporate jet tax.... great PR but actually having almost no affect on the financial crisis in government. But everyone loves the idea. can't we find something a little more meaningful?
people > CORPS
Is greed really good?
Doctor discovers cure and prevention of AIDS. Sells discovery for $5,000,000,000,000. Same doctor discovers cure and prevention of heart disease. Sells discovery for another $5,000,000,000,000. Same doctor discovers cure and prevention of Alzheimer. Sells discovery for another $1,000,000,000,000. Breast cancer. Brain cancer. Skin cancer. Bone cancer. Colon cancer. Pancreatic cancer. Cervical cancer. Ovarian cancer. Testicular cancer. Banks cover all related investments by the health care industry. Nobody stops to consider that the lower 99 percent combined could never afford such expensive cures. The richest one percent agree to purchase the bulk of material assets along with millions of unsold homes for ten percent of market value. After a two year spike in revenue, the health care industry tanks. The vast majority have gone bankrupt in a desperate attempt to cover those incredibly expensive cures. The profits made in the first two years were nowhere near enough to cover the $20,000,000,000,000 doctor payoff. The largest debts in world history go unpaid. All major banks fail miserably. Followed by every major industry. Unemployment spikes to 90 percent in all of the G20. The global economy tanks. Chaos breaks out worldwide. Meanwhile, the richest man in the world by far, buys an island and hires a small army to protect his $20,000,000,000,000 fortune. 5000 jobs are created. More as the richest one percent worldwide hire additional security. Unemployment drops to 80 percent across the developed world. Widespread chaos remains. Entire cities burn to the ground. The masses finally converge on the richest one percent in every corner of the world. As the bodies pile up, disease breaks out worldwide. When the dust settles, and the bodies rot away, only a few hundred million remain worldwide. Those few hundred million survivors must find a way to get along and rebuild. Hopefully, with a more reliable and ethical system of economics.
The answer is hell no. Greed kills..
Kiefer Sutherland does the voice overs for their commercials. Let's start an anti-Kiefer Sutherland campaign.
It was an awesome quarter! I can tell the economy is getting better when the quarterly bonus has an extra zero behind it. Happy Days are finally here again!
How bout that Goldman Sachs?
Is this facetious? 30,000 jobs lost, which means the economy isn't getting better, its just shifting money around. More money to the investors less to the average folks. I know some people like to pretend that the investors who receive payout from these profits will use the money to spur more economic improvement. But if it comes at the cost of 30,000 jobs, is it really possible for this money to be spent to create more jobs than that in other sectors?? Otherwise, it is a significant economic loss :(
Are you living under a rock? The morale in mid-mgmt levels and higher has improved dramatically. We are the key to the economic recovery. Bank profitability is great for stability. Finally bonuses are up up up!
My rock is very comfortable, its called Earth. And yes I have been living on it, have you? 30,000 jobs lost at a time when job creation is supposedly a key issue is not great for stability. Bank profitability is great for investors, not for the average Joe/Jane. I am happy to hear that the corporate system is doing a better job at making sure people's morale is up. And I am happy to hear that you are happy. That makes at least two of us. But what about the 30,000 unemployed now? Unfortunately, it seems like we suffer from the ultimate debate: Do I care more about people, or do I care more about money?
But that was mostly our unskilled low end worker bees. Hardly our key talent. Payroll down = profits up = pat on back and bonus in hand. I'm surprised that you don't get that!
I "get that." I just don't agree with it. In fact, I find it morally repugnant. I wish I actually believed in Jesus Christ (so that I knew his warnings about love of earthly possessions would, in fact, be enforced). In any case, enjoy your riches.
Great comment @Jmjwalker. Personally, I found my belief again, though I understand in this world it can be really hard.
@happybanker, Jm is right, I "get that" too. Like I said, we suffer from the ultimate debate: Do you care more about people, or do you care more about money?