U.S. Bank Profits Climb

[steve2470]

http://online.wsj.com/article/SB10001424052748704369304575632541643188042.html?mod=googlenews_wsj

WASHINGTON—U.S. banking industry profits jumped again in the third quarter, as banks saw stronger revenue and set aside fewer reserves against bad loans.

Net income for the roughly 7,700 U.S. banks and thrifts totaled $14.5 billion for the quarter, up from $2 billion a year earlier, the Federal Deposit Insurance Corp. reported Tuesday.

The share of unprofitable banks at the end of the third quarter dropped to the lowest level since June 2008. Fewer than one in five banks, or 18.9%, reported a loss for the third quarter of 2010. A year ago, nearly a third of all U.S. banks were in the red.

Meanwhile, almost two out of every three banks, or 63.3%, reported higher profits for the quarter from a year earlier.

[GSLevel9]

1. of course....

charge someone $35 for using their debit card for $22.75 when they only have $22.05 in their account.

[grasswire]

2. I thought we read yesterday that banks are insolvent.

Who can keep up?

[TheWatcher]

3. They are.

These are just more miracles of Mark To Make Believe Accounting, illegally Hiding all their losses off the Books (Rule Of Law does not apply for Banksters, only Proles), and hoarding all the cash they loot, rob, and steal.

Welcome to the New Gilded Age.