Bank race to the bottom begins
Stay away from shares of Bank of America for now, but if the stock price drops further a buying opportunity may arise.
- $8.5 billion for a June settlement with a group of big investors who had bought mortgage-backed assets that went sour; $5.5 billion to cover future claims; and $6.4 billion for a number of other charges.
- Not all the bank’s businesses turned in bad quarters. Revenue from sales and trading climbed by $666 million. Investment banking fees rose 28%.
- Revenue from fixed-income, currency, and commodities increased by $467 million. The wealth- and investment-management unit saw revenue climb 7% and profit soar by 54%.
All this from the bank that could AFFORD to pay 4.4 BILLION (not million) dollars in 2010 as BONUSES to the "top 10,000" people on the payroll. And what do investors get? PENNIES for a dividend. What to customers get on their accounts? PENNIES in interest.
I left Bank of America and switched to a Credit Union. My monthly interest income on all 4 of my accounts went from 82 CENTS per month to aobut $8.00 per month. On the exact same amount of money held.
Maybe because the credit union didn't pay 4.4 BILLION dollars in BONUSES in 2010, so they can AFFORD to give more to their MEMBERS instead of the Bankers paying the top PIGS.
THANKS FOR TELLING IT LIKE IT IS. BANK OF AMERICA SHOULD ROT AND IT'S BONUS BABIES SHOULD BE INVESTIGATED.
The money changers have always been an evil lot. Their greed brought this country to its knees and their connections in congress have blocked all meaningful change to prevent it from happening again. So what is next?
I’m looking at the banksters current bait and switch strategies for pushing exploding ARMs and exploding balloons. They don’t even believe their sector will improve.
They are all too big to fail and need to be busted up to restore a free market. What we need is lots of little sociopaths competing to ream us. So where is the current administration and the whole of congress (both sides); still in bed with banksters and having fun. What is it going to take to see some regulatory movement; A zero approval rating.
The more things change the more they stay the same; Vaseline anyone????
When I think of Brian Moynihan or Barabra Desoer, I think of the song by John Lennon called Piggies:
So if it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!
WHERE IS MY LOAN MODIFICATION BANK OF DESTROYING AMERICA!
BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled "Piggies" I invite you to listen to this song on youtube and see if it appropriately fits.
Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.
Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.
In their ties with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.
Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.
When I filed my lawsuit against Bank of America, I thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.
Please stand with me and Brookstone Law Firm, and send an email to Bank of Abusing America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.
So please send your email directly to Bank of America and include the following:
1. Your name
2. Your complaint concerning your experience with Bank of America.
3. Please end your email “I support John Wright vs. BofA Lawsuit!”
4. Please send a copy of your email to firstname.lastname@example.org
5. Please send your email to BofA CEO Brian Moynihan:
I HAVE HAD ENOUGH AND I AM FIGHTING BACK!
I have created piggybankblog.com for all of those who have been abused by Bank of Destroying Americas potentially irregular, fraudulent and simply abusive home loan modification process.
Divided we might have fell America. UNITED WE MUST STAND!
My name is John Wright AND I AM FIGHTING BACK!
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
As geopolitical tensions threaten to spin out of control, investors are wondering how best to position their portfolios for the global turmoil.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.