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Bank of America profits plummet 95%

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posted on Jan, 22 2008 @ 11:20 AM
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Bank of America profits plummet 95%


www.reuters.com

NEW YORK (Reuters) - Bank of America Corp said on Tuesday quarterly profit sank 95 percent, hurt by more than $7 billion of losses tied to write-downs, poor trading decisions and mounting credit woes.

Fourth-quarter net income for the second-largest U.S. bank fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier.

Analysts' average forecast was a profit of 19 cents per share, according to Reuters Estimates.

Bank of America shares fell $2.46, or 6.8 percent, to $33.51 in pre-market trading.

"This is a weak set of results, (and) rather disappointing if you look at the core numbers, especially credit quality deterioration," wrote Ed Najarian, an analyst at Merrill Lynch & Co in New York.

(visit the link for the full news article)




posted on Jan, 22 2008 @ 11:20 AM
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Yikes...That is a massive dive. I wonder if we're going to start seeing banks filing for bankruptsy...That would be fairly ironic. lol

www.reuters.com
(visit the link for the full news article)



posted on Jan, 22 2008 @ 11:24 AM
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reply to post by DimensionalDetective
 


Maybe if they do file for bankruptcy we can take all the bank's locations and turn them over to the community. Turn the tables a bit and turn the old banks into libraries and community centers, maybe soup kitchens and homeless shelters for the people these banks put on the streets.



posted on Jan, 22 2008 @ 12:51 PM
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Anyone want to make a bet regarding the top officer's compensation? Anyone willing to bet that it's still going to be over $10M a year?


Only in Amerika can you nearly bankrupt a company, destroy a viable economic vehicle, bleed the lower and middle classes dry, contribute to the onset of a global recession AND STILL collect millions of dollars in pay! God, I LOVE CAPTALISM!!!



posted on Jan, 22 2008 @ 01:01 PM
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reply to post by kozmo
 


And be PROTECTED by the corporate-mediated Supreme Court to boot! We live in some really sad times IMHO.



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