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

    A Cuppa Matcha With Your Crickets? On The Menu In 2015

    In the new year we'll be eating pot pesto, pork fat, and pancit along with the newborn progeny of Brussels sprouts and kale.
    NPR

    A Cuppa Matcha With Your Crickets? On The Menu In 2015

    In the new year we'll be eating pot pesto, pork fat, and pancit along with the newborn progeny of Brussels sprouts and kale.
    NPR

    Tennessee's Medicaid Deal Dodges A Partisan Fight

    An agreement between the Tennessee Hospital Association and Republican Gov. Bill Haslam expands Medicaid without tax dollars, an agreement that could be a blueprint for other states.
    NPR

    Facebook Finds That Not All Users Want To Review Their Year

    The social media giant's "Year in Review" app has upset some who prefer to forget 2014's unpleasant memories.

    Leave a Comment

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