Bank of America's "Credit Cycle Is Turning," If You Can Define the Titanic's Plunge as a "Turn"
Bank of America Posts Loss for Year By ANDREW MARTIN and DAVID JOLLY Published: January 20, 2010 Cash-strapped consumers continued to rain on Wall Street’s victory parade on Wednesday. Even as the nation’s largest financial institutions report whopping profits from their investment banking units, those with major consumer lending portfolios continue to bleed money as unemployment and a weak housing market hamper people’s ability to repay their debts.
In the separation of commercial from investment banks, the wheat has been separated from the chaff. Those at Goldman Sachs are up to their eyeballs in Wheaties and you and I, who may have accounts at BofA, are coming up chaffed (if not severely chafed). To be chafed is to 'feel extreme irritation or anger' rather than mildly satisfied with an 8-figure bonus.
. . . those losses posed a fresh threat to Bank of America, which reported a fourth-quarter net loss of $5.2 billion. . .
That's a loss for a single quarter. Five thousand million lost. …