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

    What Kids' Drawings Say About Their Future Thinking Skills

    There's a link between how children draw at age 4 and how well they perform on intelligence tests at age 14, researchers say.
    NPR

    Urban Farms Build Resilience Within Singapore's Fragile Food System

    Tiny Singapore imports almost all of its food. From gardens on deserted car parks to vertical farms in the vanishing countryside, a movement is afoot to help boost its agricultural production.
    WAMU 88.5

    IRS Seizes Financial Records For Park Southern Apartment Buildings In D.C.

    A troubled housing complex that is becoming an issue in D.C.'s upcoming mayoral election had its records seized by the IRS as part of an apparent federal investigation into its finances.

    NPR

    Ferguson Killing Inspires Young Black Activists

    Activists around the country say Michael Brown's death and the police response has strengthened their resolve to fight injustice.

    Leave a Comment

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