"After Claiming Regulation Would Kill It, Bank of America’s Earnings Jump 70%"

[applegrove]

After Claiming Regulation Would Kill It, Bank of America’s Earnings Jump 70%

by Sarah Jones at Politicus USA

http://www.politicususa.com/2013/07/17/claiming-regulation-kill-it-bank-americas-earnings-jump-70.html

"SNIP............................................


In July of 2010, we were being treated to the wails of big banks like Bank of America. Regulation will kill us, they cried, as Congress threatened to impose even the teeniest modicum of regulations upon the errant monsters.

.....................



Bank of America Corp. (NYSE:BAC) warned Friday of a multi-billion dollar hit from the latest financial regulation, pressuring shares of the banking giant. Reforms that passed Congress Thursday include potential limits on debit card interchange fees recieved or charged by issuers like Bank of America. The company estimated this could knock as much as $1.8 billion to $2.3 billion off annual revenue generated by its Global Card Services business, starting in the third quarter of 2011.

And now, three years later, said monster is posting 70% earnings boost based on higher earnings from investment banking and cost cutting, proving that regulations don’t kill business. Smart business can manage itself, and regulations keep businesses from being so greedy that they do really stupid things that end up tanking their companies and forcing taxpayers to bail them out.

“Bank of America says its second-quarter profits soared, helped by higher earnings from investment banking and cost-cutting,” Huffington Post reported Wednesday.


...........................................SNIP"

[Mnemosyne]

1. K&R for more eyes. Criminals. nt

[naaman fletcher]

2. Were any meaningful regulations put in place?

Anyway it's not hard to make money when the Fed lends you money at zero percent and you turn around and loan it to the federal government for a profit.