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Tuesday, October 18, 2011

HYSTERICAL BANK OF AMERICA "PROFITS"

What a joke. Do these Wall Street bankers and their MSM mouthpieces expect critical thinking people to believe the bullshit they are spewing? They actually want you to believe that Bank of America made a $6.2 billion profit this past quarter. Without even looking at the press release, I knew it was a fraud. This little blurb says it all. Did you know that when the derivatives market says your bank has a greater chance of going bankrupt, you can then record a $1.7 billion accounting journal entry profit? These morons also reduced their loan loss reserve by another $1.7 billion because everyone knows we having a recovery.

If you back out all the crap, their $6.2 billion profit is really a $3.6 billion LOSS. Who knew that accountants could be so powerful.

This doesn’t even address the billions in losses sitting on their balance sheet in the form of toxic loans that will never be repaid.

Shares of the bank slip in premarket trade after earnings report

By Greg Morcroft, MarketWatch

NEW YORK (MarketWatch) — Bank of America Corp. said Tuesday its third-quarter profit increased on the back of several large, one-time gains from accounting methods and a big gain from its sale of China Construction Bank shares.

The bank /quotes/zigman/190927/quotes/nls/bac BAC +1.00%  posted a profit to $6.2 billion, or 56 cents a share, compared to a year-ago loss of $7.3 billion, or 77 cents a share.

The latest quarter’s earnings figure included $4.5 billion in positive fair value adjustments and a pretax gain of $3.6 billion from the sale of shares in China Construction Bank. They also included a $1.7 billion gain in trading debit valuation adjustments, and a loss of $2.2 billion related to private equity and strategic investments.
 
Adjusted revenue rose to $28.7 billion, from just under $27 billion.

Wall Street analysts expected earnings of 28 cents a share, on revenue of $25.75 billion, according to a survey by FactSet Research.

“The fair value adjustment on structured liabilities reflects the widening of the company’s credit spreads and does not impact regulatory capital ratios,” the bank said.

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1 comment:

  1. lmclainOctober 18, 2011 at 7:34 PM

    No matter what else you do or don't believe, you better believe THIS--- the economic house of cards is wobbling and teetering like its being built in a tropical storm. The "leaders", not only in the government, but in the corporate and international banking system KNOW -absolutely- that the monetary system in going to collapse. Rather suddenly. They can't stop it, but KNOW when it does happen, societies around the world will go into chaotic spasms of civil unrest, riots, revolutions, and big changes in government and political processes. They are doing EVERYTHING they can to delay it. And NOTHING is out of bounds, including obvious lying, shell games, accounting tricks, debt forgiveness, inflation, you name it. But it CAN'T be stopped. Be afraid.

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