Bank Of America Reports $6.2 Billion Profit | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

    Bank Of America Reports $6.2 Billion Profit

    Though the number is huge — $6.2 billion — this morning's third-quarter profit news from Bank of America is generating a lot of "yeah, but" analyses.

    As in:

    -- "It booked that profit largely on selling a bunch of assets and an accounting bonus to account for the declining value of its debt." (The Wall Street Journal)

    -- "The quarter's results were skewed by one-time pretax gains including $4.5 billion in fair-value adjustments of structured liabilities, $3.6 billion from selling a stake in China Construction Bank Corp. and $1.7 billion tied to changes in value of the company's debt." (Bloomberg Businessweek)

    -- "Stripping out a litany of exceptional items, from a $3.6 billion gain due to the CCB stake sale to a $4.5 billion boost from an accounting rule that allows banks to book a profit on the falling value of their own debt, BofA's businesses produced a loss." (The Financial Times)

    The bank's recent announcement of plans to charge many customers $5 a month if they make purchases with their debit cards has not gone over well with some folks, including President Obama.

    Copyright 2011 National Public Radio. To see more, visit http://www.npr.org/.

    NPR

    Why Are Theater Tickets Cheaper On The West End Than On Broadway?

    In London, a matinee ticket for Matilda costs about $60; in New York, it's $137. What's going on? The West End has weaker unions and subsidized theater, while Broadway has amenities.
    NPR

    Why Your 'Small-Batch' Whiskey Might Taste A Lot Like The Others

    A factory in Indiana is churning out massive quantities of beverage-grade rye whiskey. A food blogger discovered that many small distilleries are buying it and using it in bottles labeled "artisan."
    NPR

    House Votes To OK Lawsuit Against Obama

    House Republicans say that the president has overstepped the bounds of his executive authority. President Obama dismissed the move as a "political stunt."
    NPR

    Meet HitchBOT, The Robotic Hitchhiking Wonder

    With a bucket for a body and foam noodles for limbs, hitchBOT is a story-telling, story-collecting, hitchhiking robot invented by two professors. And it's just embarked on a trip across Canada.

    Leave a Comment

    Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.