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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on October 06, 2008, 08:28:22 PM

Title: Bank of America profits plunge 68%
Post by: Bindare_Dundat on October 06, 2008, 08:28:22 PM

Bank of America proved it was not invulnerable to the credit crunch as it reported a steep decline in earnings on Monday, and announced plans to bulk up on capital by slashing its dividend in half and raising $10 billion through a stock sale.

Making the surprise announcement just after the closing bell, the Charlotte, N.C.-based bank said its third-quarter net income fell to $1.18 billion, or 15 cents a share, down 68% from $3.7 billion, or 82 cents a share, a year ago.

Title: Re: Bank of America profits plunge 68%
Post by: Benny B on October 07, 2008, 01:45:19 AM

Don't worry, they have now been made too big to fail, ala Citi and JPM.  If they start to crumble, the taxpayers The Treasury will bail them out.