BOA just charged you $5 for clicking that link.

GAT_00: Demetrius: They obviously need a bailout.

And new fees.

Clearly! I mean, they're dying there. How can they possibly survive only making $18 billion a year? They really need to fark over their customers more.

This is exactly what is wrong with our system. $18B profit and it isn't enough.

Who are you to say that $18B profit and it isn't enough? BoA is huge company with hundreds of billions in assets. Should they just stop trying to make more money?

There's nothing wrong with the system. If you don't like fees, you can very easily move away from BoA, as can all of their customers. Credit Union day is next month, isn't it? I honestly hope it is a huge success. My bank isn't too bad (but they are deteriorating), but if I was as angry at my bank as the average farker is at BoA, you'd bet your ass I'd take my business elsewhere.

American Monetary Reform Act starts on page 13. History of the financial system is before that.

Read it, support it, pass it along.

Debeo Summa Credo: Who are you to say that $18B profit and it isn't enough? BoA is huge company with hundreds of billions in assets. Should they just stop trying to make more money?

They could be honest with their customers and tell them that they're increasing fees for the fark of it. The "we have to because it's just too expensive to allow you to use your debit card" line kind of falls flat with 18 billion in profit.

HotWingConspiracy: Who are you to say that $18B profit and it isn't enough? BoA is huge company with hundreds of billions in assets. Should they just stop trying to make more money?

They could be honest with their customers and tell them that they're increasing fees for the fark of it. The "we have to because it's just too expensive to allow you to use your debit card" line kind of falls flat with 18 billion in profit.


Um, in this quarter, a 6.23 billion dollars profit on a revenue stream of 28.7 billion dollars yields a margin of roughly 20%...

Let's actually put the numbers down instead of words. I find its rewarding to actually see the zeroes.

That's 6,230,000,000 dollars profit on a revenue stream of 28,700,000,000 dollars.

Now, this may not seem like a large profit margin on a percentage basis, considering a lot of private companies operate targeting a profit margin of 30% - but in my mind, a company that operates in the FINANCIAL SERVICES SECTOR should not be making that kind of profit margin per quarter.

A 20% profit margin on financial services tells me that they are farking the people they provide services to. Including their BANKING customers.

A 20% profit margin on financial products is like buying USB cables at Best Buy (which have typically a 40% to 100% profit margin).

I would think a 5% to 10% margin on a FINANCIAL SERVICES SECTOR product would be more reasonable.

ITT: inchoate thoughts and whines about BoA's "huge profits".

... oh! I see we've already started.

imashark: I would think a 5% to 10% margin on a FINANCIAL SERVICES SECTOR product would be more reasonable.

And you would think that based on your lengthy and successful experience in what field, exactly?

I thought they made up a bunch of phony expenses like firing employees in order to make it look like they made no money.

shiat, if I was a company making $1,000,000.00 profit after all my other costs (salaries, electric/water/sewage, etc.) I'd be ecstatic... So i'm trying to wrap my brain around 4.5 BILLION profit and them acting like that's not enough and they need to charge you $5 to use your debit card...

imashark: A 20% profit margin on financial services tells me that they are farking the people they provide services to. Including their BANKING customers.

A 20% profit margin on financial products is like buying USB cables at Best Buy (which have typically a 40% to 100% profit margin).

I would think a 5% to 10% margin on a FINANCIAL SERVICES SECTOR product would be more reasonable.

I'm fascinated by people who have decided that corporations like Best Buy are allowed to rape their customers, but financial corporations can't. I can more readily understand those who may feel that anyone who makes above a certain profit margin may be out of bounds, but the idea that only certain sectors can have a certain level of success is a wild notion.

Big deal. Even a rhesus monkey can make a profit by borrowing money from the government at 0% interest and lending it back to the taxpayers at 5%-25%.

Goodfella: Big deal. Even a rhesus monkey can make a profit by borrowing money from the government at 0% interest and lending it back to the taxpayers at 5%-25%.

I believe that after the banking downturn, they can even make interest on money from the fed that they haven't lended out.

I'm not a financial guy by any means but, reading the whole article it seems the BofA corp didn't necessarily end up with 4.5B cash dollars laying around. It looks like more of the business style moving around of things to create a positive for a negative. BofA is still a bunch of gunts and I'll still be moving my money away from them next month, but this article doesn't stink of the true making treasure angels in a room full of money odor.

But...but...but...over regulation!

HotWingConspiracy: Debeo Summa Credo: Who are you to say that $18B profit and it isn't enough? BoA is huge company with hundreds of billions in assets. Should they just stop trying to make more money?

They could be honest with their customers and tell them that they're increasing fees for the fark of it. The "we have to because it's just too expensive to allow you to use your debit card" line kind of falls flat with 18 billion in profit.

It doesn't at all. They make boatloads in other areas of the bank (Commercial Credit especially). What does that have to do with your $700 in savings?

GAT_00: Demetrius: They obviously need a bailout.

And new fees.

Clearly! I mean, they're dying there. How can they possibly survive only making $18 billion a year? They really need to fark over their customers more.

This is exactly what is wrong with our system. $18B profit and it isn't enough.

Well, in all seriousness...

After you pay for the houses, the cars, the wife's plastic surgery, the mistress's jewelry, the retainer for the divorce lawyer, the yacht, the yacht crew, the yacht berth, the yacht club, the yacht wax, the digital testical polisher, the tax accountant, the taxes that the tax accountant couldn't avoid, the cook, the maid, the pool boy, the cabin boy, the dungeon filled with Fillipino boys, the cigars, the cognac, the vials of orphan tears, the fences, the gates, the minefield, the bodyguards, and the margarita mixer...

After all that, you only have 16 or so billion left over.

And you still have to eat.

LL316: HotWingConspiracy: Debeo Summa Credo: Who are you to say that $18B profit and it isn't enough? BoA is huge company with hundreds of billions in assets. Should they just stop trying to make more money?

They could be honest with their customers and tell them that they're increasing fees for the fark of it. The "we have to because it's just too expensive to allow you to use your debit card" line kind of falls flat with 18 billion in profit.

It doesn't at all. They make boatloads in other areas of the bank (Commercial Credit especially). What does that have to do with your $700 in savings?

Also, those aren't operating profits. The majority of the money stems from sale of assets. You hate that they're so big, but you get mad when they sell assets. You people are smart.

F'n slimy bastards....

GAT_00: Read what you said again and then punch yourself in the face.

You should really reconsider posting to the business tab, dude. This kind of idiocy is better received three tabs over.

/farking context. How does it work?

vaderstg: ITT: inchoate thoughts and whines about BoA's "huge profits".

... oh! I see we've already started.

imashark: I would think a 5% to 10% margin on a FINANCIAL SERVICES SECTOR product would be more reasonable.

And you would think that based on your lengthy and successful experience in what field, exactly?

I used to work in technology sales. Not Best Buy stuff, but bigger business to business sales. You would think in such a business, sales would be more about working with customers to identify their needs and find products that match them. HA.

I got out of sales because of the pressure to increase margin arbitrarily (rape customers) on products they didn't need once you formed a 'relationship' with them.

Yes, I know that's not "a career in financial services," but it seems to me that physical products still should take precedence over financial services. Also, I do still remember when a 4% interest rate on your savings account made that account "a decent savings account."

What do you value more? The bank which holds on to your money and 'invests' it in financial instruments? Or the Ford plant that manufactures automobiles?

pkellmey: I'm fascinated by people who have decided that corporations like Best Buy are allowed to rape their customers, but financial corporations can't. I can more readily understand those who may feel that anyone who makes above a certain profit margin may be out of bounds, but the idea that only certain sectors can have a certain level of success is a wild notion.

I'm not saying that companies like Best Buy should be allowed to rape their customers. I'm using a comparison of one raping to show the absurdity of another.

While I agree with you about what you've said, you first got to get everyone to some level of parity before you can approach the problem in the big picture.

LL316: Also, those aren't operating profits. The majority of the money stems from sale of assets. You hate that they're so big, but you get mad when they sell assets. You people are smart.

SHHH! That's lower down in the article! No one is supposed to pay attention to the CEO gutting his company to maintain a giant profit margin!

Also: selling assets doesn't necessarily make the company smaller. It just means that they have less stuff.

LL316: LL316: HotWingConspiracy: Debeo Summa Credo: Who are you to say that $18B profit and it isn't enough? BoA is huge company with hundreds of billions in assets. Should they just stop trying to make more money?

They could be honest with their customers and tell them that they're increasing fees for the fark of it. The "we have to because it's just too expensive to allow you to use your debit card" line kind of falls flat with 18 billion in profit.

It doesn't at all. They make boatloads in other areas of the bank (Commercial Credit especially). What does that have to do with your $700 in savings?

Also, those aren't operating profits. The majority of the money stems from sale of assets. You hate that they're so big, but you get mad when they sell assets. You people are smart.

Oh you misunderstand, I don't give a fark what they do. My money is held by responsible people and I never pay fees for anything.

if you guys would do your homework, you'd know that 6+ billion isn't all 'income'. The number is inflated from the sale of a lot of assets, and real operating net income is less than half that figure.

The more you know.

imashark: Yes, I know that's not "a career in financial services," but it seems to me that physical products still should take precedence over financial services.

And that's why you're mistaken. You're used to pricing physical goods not knowledge. This reminds me of the old joke about the engineer and the $49,999 chalk mark. Google it. It's enlightening. I'll be here when you have questions.

Where do you think Ford gets its money to build and expand its plants? And why do you think that Huge Bank is going to lend money to Ford over Poky's Buggy Whip Company? What exactly do you think "investments" are?

I'm glad you remember 4% savings accounts. Then you should also remember paying 13% or higher on mortgages. Is 4% on 10k worth more to you than 13% on 200k? Please show all your work.

So HC 9%9%9% plan would stop this?

Debeo Summa Credo: Who are you to say that $18B profit and it isn't enough?


A taxpayer who funded their bailout.

Devin172: Debeo Summa Credo: Who are you to say that $18B profit and it isn't enough?


A taxpayer who funded their bailout.

On which you, as a taxpayer, made a profit. Please direct any thank you notes to Mr. Brian Moynihan, NY, NY.

/just kidding about the last sentence, but we did make a profit on BoA tarp.

People keep playing the bailout card in these discussions. The bailout (for BAC anyway) was paid back in full with interest. I don't see how it is relevant anymore.

pkellmey: I'm fascinated by people who have decided that corporations like Best Buy are allowed to rape their customers, but financial corporations can't. I can more readily understand those who may feel that anyone who makes above a certain profit margin may be out of bounds, but the idea that only certain sectors can have a certain level of success is a wild notion
=================================================================

Electornics are a want, not a necessity.

And there's a megaassfarkingshiat load of competition for electronics. Any person on planet Earth that sees a place, like best buy, that rapes them up the ass in price... they can easily and quickly buy it from 500 other places. Honestly, how best buy continues to exist boggles the mind.

Like health insurance, raping us with our own money to make multiple 10s of billions of dollars in profit and declaring it to be 'not enough' and then proceed to rape us more and with a harder dildo is just sickening.

Debeo Summa Credo: Devin172: Debeo Summa Credo: Who are you to say that $18B profit and it isn't enough?


A taxpayer who funded their bailout.

On which you, as a taxpayer, made a profit. Please direct any thank you notes to Mr. Brian Moynihan, NY, NY.

/just kidding about the last sentence, but we did make a profit on BoA tarp.

It's my understanding that while we made a "profit" on the TARPs, it was only because we shoveled money into AIG so the banks could get the payout on their insurance bets. Anybody got any more info on this? I'm too busy watching No Reservations to google.

Demetrius: They obviously need a bailout.

And new fees.

and all the fee additions/raising...

how much more are people going to sit by and take?

So, has anyone covered that this massive profit came almost entirely from non recurring items (accounting changes and the sale of a Chines subsidiary) and are not indicative of any sort of sustainable profit?

Didn't BofA and some of the other large institutions borrow Fed money at .01% then increase their positions in treasury bonds paying 3-5% returns? If so, where do I sign up?

They don't.

Their post-tax profit is $5.2 billion.