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Bank of America Reports $1.2 Billion Quarterly Loss

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Posted on Jan 21, 2011
Flickr / Michael Gray (CC-BY-SA)

Bank of America has reported its second straight quarterly loss, $1.2 billion for the last three months of 2010 after a devaluation of its mortgage business. —JCL

The BBC:

Bank of America has reported a second straight quarterly loss, driven by a $2bn (£1.25bn) writedown of its mortgage business.

The bank announced a net loss of $1.2bn in the last three months of 2010, compared with a $5.2bn loss a year ago.

However, last year’s results included a $4bn charge related to the government’s Troubled Asset Relief Program (Tarp).

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By purplewolf, January 22, 2011 at 1:48 pm Link to this comment

Skank of America to big to fail reports loss of 1.2 billion? Naw! Just look into those deep pockets of their golden CEO’s and other worthless and over paid thieves running, I mean robbing the place.

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By rico, suave, January 22, 2011 at 9:33 am Link to this comment

Ron:

Probably. The Swiss are being such fuddy-duddies these days.

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By CaptRon, January 22, 2011 at 2:08 am Link to this comment

Where did they lose all that money? Somewhere in the Cayman Islands maybe?

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By rico, suave, January 22, 2011 at 12:16 am Link to this comment

How is it possible for a bank which is one of the rulers, nay scourges, of the entire world (and I have it on the good authority from all you dyed in the wool truthdiggers out there like reynolds and gerard that this is a true fact) to LOSE over a billion dollars in a mere three months? Is it possible that the non-white, non-male, non-heterosexual, non-Christian people that BAC normally steals from in order to pay its kleptomaniac top execs, somehow managed to put one over on their masters? Heads will roll over this. Mark my words.

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