Article

2010-01-21 Economy

[Iran Press TV Latest] Bank of America has posted a hefty loss of USD 5.2 billion in the fourth quarter of 2009, blaming the loss on its decision to repay the bailout money it owed to the US government.

The biggest US bank said on Wednesday that returning funds from the federal government's Troubled Asset Relief Program (TARP) hurt profits by USD 4 billion in the fourth quarter.

Brian Moynihan, the bank's newly-appointed CEO, described the company's latest results as "disappointing," saying that the state of the US economy is a cause for concern.

"Economic conditions remain fragile and we expect high unemployment levels to continue, creating an ongoing drag on consumer spending and growth," he said in a statement carried by CNN.

The bank said it had repaid USD 25 billion in TARP funds in bailout funds in the fourth quarter.

Posted by Fred 2010-01-21 00:00|| || Front Page|| [11129 views ] Top

#1 Well, if they didn't have to pay the money back, then they'd have posted a profit! Why does the government hate capitalism?

Posted by gromky 2010-01-21 00:30|| 2010-01-21 00:30|| Front Page Top

#2 Yep, that's the way she works. Electricity, gas, water, sewer, mortgage, employees...all paid FIRST! Whatever is left over, that's the quarterly business profit.

Posted by Besoeker 2010-01-21 02:37|| 2010-01-21 02:37|| Front Page Top

#3 They'd have lost a whole lot more if they honestly accounted for their loan portfolio.

Posted by Glenmore 2010-01-21 07:48|| 2010-01-21 07:48|| Front Page Top

#4 Lost it? Have the looked between the couch cushions?

Posted by Beldar Threreling9726 2010-01-21 10:54|| 2010-01-21 10:54|| Front Page Top

#5 Lost it? Have the looked between the couch cushions? It's in the shadows, along with their inventory of bum real estate.

Posted by Anguper Hupomosing9418 2010-01-21 12:08|| 2010-01-21 12:08|| Front Page Top

#6 Hilarious comment of the day goes to "Beldar Thereling 9726". No competition on that one.

I had just put the coffee cup down when I read it . . otherwise . .

Posted by Canuckistan sniper 2010-01-21 12:50|| 2010-01-21 12:50|| Front Page Top

#7 NOTE the real reason is NOT mentioned.
When you screw your customers, they leave, A short term gain and a long term loss.

Posted by Redneck Jim 2010-01-21 14:24|| 2010-01-21 14:24|| Front Page Top

#8 The biggest US bank said on Wednesday that returning funds from the federal government's Troubled Asset Relief Program (TARP) hurt profits by USD 4 billion in the fourth quarter.

TRANSLATION INTO PLAIN ENGLISH

We should be allowed to steal as much as we want to, but Dammit we had to pay it back.

Posted by Redneck Jim 2010-01-21 14:28|| 2010-01-21 14:28|| Front Page Top

08:52 Matt
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