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HUFFPOST SUPER USER
vippy
Carpe Diem!
12:31 PM on 10/19/2010
LOL but they already know that they will get 14 billion dollar bonuses. I know their business is down but if was not for the straw, those derivatives, foreclosures and the oil they had purchased with our TARP Money, they would go broke!
12:12 PM on 10/19/2010
Golly, gee whiz. BoA doesn't think part of this stems from their granting debit cards to illegals, on top of their many other misdeeds?!?! I agree with the granddaughter of BoA's founder, her granddaddy must be rolling over in his grave to see what they've done to his well-intentioned bank. Seems moving to the east coast may have literally caused the demise of a once well-respected institution.
01:18 PM on 10/19/2010
Everything is the fault of the illegals. Get a life. Stop listening Rush and Beck.
01:32 PM on 10/19/2010
What part of "part of this stems" don't YOU understand? BoA has been doing umpteen things that were once considered wrong in the banking/financial community. Only trolls are pathetic enough to listen to R and B and L, folks one could almost feel sorry for as they must be so unhappy to hate nearly everyone.
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LightShadow62
The answers are not found in the extremes
12:00 PM on 10/19/2010
This story is talking about market cap NOT profits. Don't go feeling sorry for poor ol' BofA
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HUFFPOST SUPER USER
Becky Bartlett
Perfectly capable of regulating my own uterus
11:57 AM on 10/19/2010
I wonder how much of their losses can be traced to the "Move your Money" uprising?

I hope it was a signficant amount. It might get the executives to think about how they should treat their customers in the future.
11:56 AM on 10/19/2010
And we believe anything they say because....why???? People need to get out of these monolithic financial institutions. Use a neighborhood bank or a credit union.
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HUFFPOST SUPER USER
Stewart Goss
Collectivism leads to mass poverty
11:53 AM on 10/19/2010
When they layoff people maybe they can send them to the new consumer protection bureau to cook up more schemes to kill off those evil banks?
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12:16 PM on 10/19/2010
When they lay off people, it will be to ship their jobs to India. Just curious, though. Why do you believe that protecting consumers from predatory and usurious lending practices will destroy the TBTF banks? We already proved that we won't let them fail, even when they deserve to fail because of their own incompetence, avarice, and hubris.
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Epiphany2b
Always waiting for the light to dawn
01:20 PM on 10/19/2010
It it kills off the evil ones, good riddance.
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halfpricefaustian
Voted for Obama. Waiting for Godot.
11:52 AM on 10/19/2010
In other words, the fin reg law did something right. BAC has now decided to make money by offering services that their customers want and competing against the other big banks instead of picking their customer's pockets with fees and penalties. It's what they should have been doing all along, but it's been so long now they will have to learn how all over again.
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HUFFPOST SUPER USER
Puzzlr
I'm drawing a....what's the word I'm looking for?
11:51 AM on 10/19/2010
"In a dramatic shift, the bank also said it will change its consumer banking strategy to focus on providing customers with incentives to do more business with the bank instead of generating revenue through penalty fees such as overdraft charges."

Its so sad that doing business with people instead of feeding off fees is considered a dramatic shift.
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HUFFPOST SUPER USER
ckinsobe
Atheism is a non-prophet organization.
01:09 PM on 10/19/2010
Let's just hope it is a true shift. When did these companies forget that without customers you are nothing. Happy customers=better business. No?
11:50 AM on 10/19/2010
BofA''s greed at the expense of the consumer is coming back to haunt them. Sorry Bof A you will never win me over to your dark side.
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FoonTheElder
Always choosing between the lesser of two evils
11:37 AM on 10/19/2010
So how do you recognize a current loss on income that you won't receive in the future, unless you've been recognizing the income before it is earned?
11:43 AM on 10/19/2010
It's called generally accepted accounting principles or in other words the Big Bonus Scam.
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HUFFPOST SUPER USER
CPAwADD
Always look on the bright side of life.
02:18 PM on 10/19/2010
There is nothing wrong with GAAP except how it's applied. Loan loss estimates were much too low.
11:25 AM on 10/19/2010
It's been downhill for consumers since these big Banks bought up all the small local banks and then turned on consumers with these outrageous fees. Banks are in the game for profits only for their shareholders but savings and checking (or customer service) is not a money maker for them unless they can jack up fees!

NYT article yesterday about JP Morgan screwing retirement accounts with the philosophy of "tails you loose, heads I win" just says it all about these banks.

CEO salaries are too high but that is what it takes to hire a real shark for your tank.
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HUFFPOST SUPER USER
Eminence Front 2011
11:10 AM on 10/19/2010
Can't wait for them to post the "Real Loss" (cooked books) from securities/housing fraud, but that would be like an admission of guilt. They don't want to show/admit too much.

Just have to wait for the loss from attorney suits regarding forclosure fraud.
Followed by our "elected" (bought) corrupt government sympathies.
11:05 AM on 10/19/2010
In response to the headline only, not the content: Cry me an effin river, already!
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outtopastur
Ask Us If We Care
05:29 PM on 10/19/2010
Really. What a shame.
10:50 AM on 10/19/2010
These big regional banks that have been making billions the past couple quarters excluding any charges, have done so NOT by lending to consumers or businesses, but by trading stocks and mostly bonds. Now that many of these investment companies are now considered commercial banks thanks to our government, they get to borrow cheap money and invest it as they wish. Don't forget the effect of the change in the mark to market rule that allowed banks to greatly improve their balance sheet.

All regulations cost the consumer in the long run. Companies will adapt or lose ground and die. BTW, it is forecast that within 5 years that we shall see many banks disappear. So the banks will get bigger with more services as they eat up smaller and midsize banks.
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12:21 PM on 10/19/2010
I don't agree that all regulations cost the consumer in the long run. That's pure sophistry.
10:37 AM on 10/19/2010
This is an accounting gimmick. They haven't actually lost any money ... they are just writing down a loss of future income to offset what was actually a $3.1 billion PROFIT in the third quarter.

The trick is that BofA is certain to come up with new ways to make up the $10 billion, so they never actually lose the revenue, but they reap the tax benefits of a loss.

And this doesn't even take into consideration the propaganda effect. You can already hear the Foxbots claiming that BofA had to pay $10 billion because of the evil job-killing "Democrat Party" credit card legislation.
HUFFPOST SUPER USER
Darcy64
11:04 AM on 10/19/2010
It is outrageous that big business like the wealthiest Americans is allowed to get away with tax write-offs that just make them richer and makes everyone else poorer AND they get to cry at the same time that they are getting the shaft (Boo Hoo we lost $10B ... Boo Hoo we are being punished for being rich and so they are going to make us pay 4% more in taxes so we won't be able to create any jobs).

These accounting rules are bogus. How is it legitimate to write off an assumed loss before it even happens (generally, not just for this case)?
11:25 AM on 10/19/2010
Took the words right out of my mouth. It's nearly identical to when I give my teenager my last $10 bill for lunch and they "lose" the change! HA!