BofA chief: We have a 'right to make a profit'

[Sixxxxer]

Originally Posted by goof2

I have one issue with the statement. They have a right to TRY to make a profit.

Bank of America is not exactly hurting in the Profit department.

[goof2]

Originally Posted by Sixxxxer

Bank of America is not exactly hurting in the Profit department.

For now. Interest rates go up, ARMs reset, another wave of foreclosures hit, and they are right back in the bailout line. Most of the banks that are supposedly out of trouble are only safe as long as the Fed continues to ignore inflation.

[Particle Man]

Originally Posted by goof2

For now. Interest rates go up, ARMs reset, another wave of foreclosures hit, and they are right back in the bailout line. Most of the banks that are supposedly out of trouble are only safe as long as the Fed continues to ignore inflation.

And why, pray tell, are so many banks so susceptible to IR's and ARM's and stuff? Why so many foreclosures? Oh yes: they gave away mortgages like candy.

Sorry but they have a fairly significant portion of the blame for being so fragile.

[goof2]

Originally Posted by Particle Man

And why, pray tell, are so many banks so susceptible to IR's and ARM's and stuff? Why so many foreclosures? Oh yes: they gave away mortgages like candy.

Sorry but they have a fairly significant portion of the blame for being so fragile.

Of course I agree with that. Any business can make bad business decisions that can lose them money, and the ones BoA (and Countrywide before BoA was supposedly strong-armed in to buying them) made were horrendous.

That just further demonstrates that Sixxxxer's contention BoA either makes enough money or has a business model that guarantees profits is silly though.

[Smittie61984]

Originally Posted by Particle Man

And why, pray tell, are so many banks so susceptible to IR's and ARM's and stuff? Why so many foreclosures? Oh yes: they gave away mortgages like candy.

Sorry but they have a fairly significant portion of the blame for being so fragile.

The government can take some blame there by reguating the banks to the moon if they didn't give out loans like candy.

As for BofA stopping the debit charges.

Yay, capitalism. (picture Austin Powers saying it)