Skank of America is losing $$$ and it's YOUR FAULT America, for defaulting on usurious loans.....

[marmar]

:nopity:


Bank of America Posts Loss After Firm Repays Bailout (Update2)
By David Mildenberg


Jan. 20 (Bloomberg) -- Bank of America Corp., the largest U.S. lender, posted a quarterly loss and its first full-year deficit in more than two decades, driven by the cost of repaying U.S. bailout money and defaults on consumer loans.

The fourth-quarter loss including the cost of exiting the Troubled Asset Relief Program widened to $5.2 billion, or 60 cents a share, from $2.4 billion, or 48 cents, a year earlier, according to a statement. Excluding TARP costs, the deficit was $194 million, the third in the past five quarters for the Charlotte, North Carolina-based lender.

New Chief Executive Officer Brian T. Moynihan has promised a “DNA change” as the firm focuses on operations instead of takeovers and bailouts. Credit cards and home lending were both unprofitable, the bank said. Costs tied to bad loans declined from the third quarter, and the bank said it benefited from gains at investment and brokerage services.

“Economic conditions remain fragile and we expect high unemployment levels to continue, creating an ongoing drag on consumer spending and growth,” Moynihan said in the statement. “We are encouraged by signs the economy is improving, as we have seen in the stabilization of our credit costs, particularly in the consumer business.”

The quarterly report is the first under Moynihan, 50, after he took over on Jan. 1 for Kenneth D. Lewis, 62, who spent more than $120 billion on acquisitions since 2004. Moynihan has said the bank doesn’t need more big purchases to recover from the recession. ........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=a4.BLppgBGcI&pos=2

[wtmusic]

1. I suppose their crappy service is my fault too. nt

[alfredo]

2. BOA, it is called "voting with our feet." Credit unions and local banks are

better than you will ever be. A local banker pulls shit on us and we will practice drifting on his manicured suburban lawn.

[piratefish08]

3. Yo Bank Man - Shove your bonus up your ass and shut the fuck up!

Die assholes.........

[louis-t]

4. Hmmmm, they consider it 'losing money' when they

repay a loan? I think I'll stop repaying my loans. I'm losing too much money.

[SoCalDem]

5. Perhaps if TARP had been done correctly, they would have gotten RID

of those toxic loans...That's the way it was supposed to work.. But they took the tarp money, spent it, and kept the toxic loans too..

The money used for TARP, should have gone to re-set the loan amounts for bloated real estate loans, and issued to the home-buyers, in the form of "paydown" coupons, which the banks would then redeem with the Treasury.

Same amount of money, but the loans would be for lower amounts, the banks would get the same money, and the homebuyers would have gotten relief. Defaulted-on homes could have been sold at auction by the govt.

For people who had "better" loans, but whose homes had plummeted, they could have gotten a stimulus check for the percentage of drop, and if they sold the house withing a specified amount of time, they could have had a "payback" clause written in.

Trickle down does not work..

Money that starts at the bottom and works its way through the system, is what creates jobs..

No demand...no supply..no supply needed, no jobs