Bank Of America Posts $2.2 Billion Loss
Bank of “America,” the recipient of over $45 billion worth of taxpayer-funded bailout money, posted a whopping $2.2 billion loss for the third quarter.
The bad news came after two successive quarters of bailout-boosted returns, and prompted a sell-off on Wall Street after a week of rallying.
Worse still, Bank of America’s losses are far from fully realized, even though the firm’s outgoing CEO Ken Lewis claims that they “may” have now peaked. Or may be “close” to peaking.
Yikes.
Bank of America currently has $21 billion in “heavily delinquent consumer loans” and $12.9 billion in “nonperforming commercial loans.”
That makes it especially vulnerable to the nation’s escalating unemployment rate, which bank officials are hoping will peak at 10%.
Comments
By Darkseid616 on October 16th, 2009 at 3:55 pm
Bye-bye BOA, they can join Wachovia another failed bank..at this rate Charlotte could wind up a ghost town…
By Frequent Flyer on October 16th, 2009 at 11:41 pm
That is what they get for dissing a soldier’s funeral in Gaffney!
By Martha Washington on October 17th, 2009 at 12:26 pm
Good riddens. It may as be called the WORLD BANK. This is proof that the stimulus moeny went/is going to the elite banking buddie system. If they really wanted to stimulate the economy they wouldn’t have distributed it the way they did. It’s all about propping up our failed system. The government should have just been allowed to collapse, but self destruction is never a the first thing the bureaucrats and globalists think about. We should boycott the BOA and other participating banks and move our moeny to small local banks and gold and silver.
Also, before the dollar is abandoned, buy what you might need in the near future with those fiat pieces of paper. They will be worth less and less as time goes by. They arent safe in banks. turn them into food, tradeable assests like ammo, seeds, drugs and medicines, and alcohol. Also things like water filters, tools, gasoline….you get the idea.
By Red on October 17th, 2009 at 7:39 pm
These big banks have gotten way too big and have too much control over our tax dollars.
Alan Greenspan finally grew some balls and said so himself this past Thursday.
“If they’re too big to fail, they’re too big,” Mr. Greenspan said. “In 1911 we broke up Standard Oil — so what happened? The individual parts became more valuable than the whole. Maybe that’s what we need to do.”
Amen. Why should a wall street bank have an unfair advantage(invest your money with me since the govt. will never let me go broke) over a well run country bank?
By aprice2 on October 19th, 2009 at 8:55 am
Oh, come on, now! This is a paltry amount to go down-the-tubes. Bonuses for all of them and give Ken a billion or so for his trouble. After all, Ken, his board, and the exec VPs worked SO hard for their money! Ken and his buds took the bank’s stock from around $50 a share to $4. That took some smarts! They should be rewarded.