Bank profits soaring.

Medmech · #1 04-20-2009, 09:57 AM

http://www.marketwatch.com/news/story/bank-america-profit-soars/story.aspx?guid=%7B0CAD8F66-3AA9-465A-AD91-7F73C463593E%7D&dist=msr_8

Here's my spin, they finally got rid of the ****** idiots that have been running them into the ground.

SwampYankee · #2 04-20-2009, 10:08 AM

Quote:

Originally Posted by Medmech

Here's my spin, they finally got rid of the ****** retards that have been running them into the ground.

****** idiots, dolts, morons, @$$holes, etc. would have sufficed.

And yes.

Medmech · #3 04-20-2009, 10:18 AM

Quote:

Originally Posted by SwampYankee

****** idiots, dolts, morons, @$$holes, etc. would have sufficed.

And yes.

My bad, I need to work on that one.

JollyRoger · #4 04-20-2009, 10:32 AM

Quote:

Originally Posted by Medmech

http://www.marketwatch.com/news/story/bank-america-profit-soars/story.aspx?guid=%7B0CAD8F66-3AA9-465A-AD91-7F73C463593E%7D&dist=msr_8

Here's my spin, they finally got rid of the ****** idiots that have been running them into the ground.

The spread is so good right now, even idiots could make money. The Fed's dropped the prime to zero, which means the public should be getting rates of around 3% on a mortgage, instead they are averaging around 6%, in other words what we have is a little old fashion price-fixing going on, courtesy of the Fed, but why complain, every extra dime they get by screwing their load holders is one less dime they get from us.

Medmech · #5 04-20-2009, 10:36 AM

Quote:

Originally Posted by JollyRoger

The spread is so good right now, even idiots could make money. The Fed's dropped the prime to zero, which means the public should be getting rates of around 3% on a mortgage, instead they are averaging around 6%, in other words what we have is a little old fashion price-fixing going on, courtesy of the Fed, but why complain, every extra dime they get by screwing their load holders is one less dime they get from us.

Wrong, bank prime has nothing to do with mortgage lending rates. Mortgages are tied to MBS's.

Home equities and some hybrids are tied to prime but not conforming loans.

JollyRoger · #6 04-20-2009, 10:44 AM

Whatever. The bottom line is banks are getting money from the Fed for free. Any moron could make money in that environmemt.

aklim · #7 04-20-2009, 11:16 AM

Quote:

Originally Posted by JollyRoger

Whatever. The bottom line is banks are getting money from the Fed for free. Any moron could make money in that environmemt.

That easy? Why don't you try and then report back on your success. In fact, if you really succeed, have someone type your response for you.

jplinville · #8 04-20-2009, 11:55 AM

Quote:

Originally Posted by JollyRoger

Whatever. The bottom line is banks are getting money from the Fed for free. Any moron could make money in that environmemt.

And the door is wide open for you, yet you would rather post here...interesting, indeed!

JollyRoger · #9 04-20-2009, 11:57 AM

Quote:

Originally Posted by aklim

That easy? Why don't you try and then report back on your success. In fact, if you really succeed, have someone type your response for you.

High, I am typing this for Jolly Roger. He wanted to let you know, that when one borrows money at 0% interest and lends it out at 6%, any idiot can make money!

JollyRoger · #10 04-20-2009, 11:58 AM

Quote:

Originally Posted by jplinville

And the door is wide open for you, yet you would rather post here...interesting, indeed!

So you are saying that I am a chartered bank that can borrow from the Fed? You rightwingers are descending into silliness. What is your point?

aklim · #11 04-20-2009, 12:08 PM

Quote:

Originally Posted by JollyRoger

High, I am typing this for Jolly Roger. He wanted to let you know, that when one borrows money at 0% interest and lends it out at 6%, any idiot can make money!

Yes, you are high. Have you ever thought about how many 6% interest rate loans it is going to take to break even if 1 of them defaults? Like I said, talk is cheap and easy.

aklim · #12 04-20-2009, 12:09 PM

Quote:

Originally Posted by JollyRoger

So you are saying that I am a chartered bank that can borrow from the Fed? You rightwingers are descending into silliness. What is your point?

Thank (insert deity here) we have the leftwingers to pull us back.

dynalow · #13 04-20-2009, 12:47 PM

Q1 SEC 8K

Bank of America Earns $4.2 Billion in First Quarter

Earnings Exceed All of 2008

Record Revenue of $36 Billion and Pretax, Pre-Provision Income of $19 Billion

Merrill Lynch Contributes More Than $3 Billion to Net Income

Tangible Common Equity Ratio Improves to 3.13 Percent

Extends $183 Billion in Credit in the First Quarter

Adds $6.4 Billion to Loan Loss Reserve

CHARLOTTE — Bank of America Corporation today reported first-quarter 2009 net income of $4.2 billion. After preferred dividends, including $402 million paid to the U.S. government, diluted earnings per share were $0.44.

Those results compared with net income of $1.2 billion, or diluted earnings per share of $0.23 after preferred dividends, during the same period last year.

Results for the quarter include Merrill Lynch & Co., which Bank of America purchased on January 1, 2009, and Countrywide Financial, which was acquired on July 1, 2008. Merrill Lynch contributed $3.7 billion to net income, excluding certain merger costs, on strong capital markets revenue. Countrywide also added to net income as mortgage lending and refinancing volume increased. The year-ago period does not include Merrill Lynch and Countrywide results.

The company also took several actions in the quarter to enhance its capital and liquidity position, including strengthening its loan loss reserves and building its cash position.

More
http://www.sec.gov/Archives/edgar/data/70858/000119312509082165/dex991.htm

dannym · #14 04-20-2009, 02:03 PM

Quote:

Originally Posted by JollyRoger

High, I am typing this for Jolly Roger. He wanted to let you know, that when one borrows money at 0% interest and lends it out at 6%, any idiot can make money!

HAHA