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Bank of America, Wachovia Profits Plunge

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posted on Jan, 22 2008 @ 08:17 AM

"CHARLOTTE, N.C. - Bank of America Corp. said Tuesday its fourth-quarter earnings fell by 95 percent and Wachovia Corp. reported its earnings tumbled 98 percent, with both banks citing the lending crisis."

Now understand, they did not lose money, they simply did not make as much as they did last year.

That can not be good for us.
I suspect they will find ways to get the money back by higher fee's..........................

I also suspect that they will ask the gov. for a bail-out, the poor asking the broke for money, if it were not so sick, it would be funny.

[edit on 1/22/2008 by mrmonsoon]

posted on Jan, 22 2008 @ 08:19 AM
reply to post by mrmonsoon

Wow, those are some ugly numbers. Today should be interesting.

posted on Jan, 22 2008 @ 08:20 AM
reply to post by mrmonsoon

Now that is ugly !!!

Considering the money BOA spent bailing out CountryWide...

Makes me question the intelligence of CEO's these days, seriously...

Peace and nice OP Mr M

posted on Jan, 22 2008 @ 08:31 AM
These banks are loan sharks. Yes, I'm sorry, but get a credit card from them and be late on one payment, and watch as the interest rate sky rockets. You can go five years with a perfect record, but be late on one payment, and they truly don't care. They got ya. I have been there. In the words of a B of A supervisior: "You agreed to the terms, and why would we treat you any different from our other customers." I left B of A forever after that. Maybe they should think about that.

I do not like this kind of news. The losses are so big, I wonder...What?

posted on Jan, 22 2008 @ 09:08 AM
They are the two worst banks when it comes to consumer abuse and high interest rates if you happen to have a low payment on another bank no related with them they use anything to get back at you.

Bank of America took a big change when they bought Countrywide before it went bankrupt so they will be getting the right outs in the deal also.

posted on Jan, 22 2008 @ 03:04 PM
I don't believe Bank of America has bought Countrywide just yet. You have to remember though, those are only 4th quarter numbers that are ugly ---> For the year you can see that both were noticably worse than in 2006. This year BAC only earned nearly $15 billion compared with $21 billion in 06 and Wachovia earned $6.31 billion compared with $7.79 billion in 06.

If you're an investor, nows the time to buy BAC as its stock price is pretty low(about $37 pershare). Wachovia's on the other hand is around $32, but if you want to invest, Bank of America is the better buy even though both have a very nice dividend and both are near their 52 week low. If you expect the market to go back up, like I do, you could feasebly make $20 per share if you buy now even though it'd be more likely to be $10-15 per share which would still be a nice profit along with the dividend you'd receive.

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