Bank of America posts $2.4 billion profit.

[SIMPLYB1980]

http://www.msnbc.msn.com/id/31960792/ns/business-earnings/

CHARLOTTE, N.C. - Bank of America joined other major banks in reporting better-than-expected second quarter income Friday, earning $2.42 billion even as losses from failed loans continued to rise.

[hedgehog]

1. Proving once again that the real money is in white collar crime.

Break someone's legs and you go to jail for loan sharking. Destroy their credit rating by raising their interest rate from 9% to 30 % while doubling their monthly minimum payment and you make a better than expected 2nd quarter income!

[busymom]

2. Exactly!

[whoneedstickets]

3. America, land of socialized losses and private gains...

Of course they are up, the market is up 30% from its rock bottom low. That's a huge gain -- unless your basis of comparison is the peak high but the bank's don't have to worry about that baseline anymore because we all shelled out to absorb those losses for them.

[busymom]

4. Yup...capitalism on the way up and

socialism on the way down...

[PA Democrat]

5. If I could borrow money for less than 1% and then charge people 30%

on their credit card bills, I'd be able to rake in the money as well.

And the filthy pigs will continue to engage in risky business because they know THEY won't pay the price for their mistakes. They'll just get bailed out again.

[lexanman]

10. Do you know what they call that?

"If I could borrow money for less than 1% and then charge people 30%
on their credit card bills, I'd be able to rake in the money as well."

Its called Capitalism and there are those on here who seem just fine with it. In Fact, they become visciously angry and swear and ridicule when you question it. And this is supposed to be a progressive board?

[ellie]

11. Yes, people

become insanely angry about it. I find it a joy to watch, but it can be jarring if you aren't used to it. Welcome to DU!

[TomCADem]

6. Lose/Lose - Obama Gets Blame If Banks Go Under OR If They Are Profitable

One minute, people are citing Krugman about how clueless President Obama is, because the financial system is about to sink into an abyss. Now, we are blaming President Obama because a few banks are having record profits.

[TexasObserver]

7. Recommend

[vaberella]

8. I thought these guys were collapsing?! What the hell happened? n/t

[depakid]

9. Financia headlines can be deceiving

B of A is a good example. They're still taking huge credit card losses- and this reporting period included several one time accounting deals.