Bank earnings fall to $5 billion (down 86.5%)

[UpInArms]

Source: CBS Marketwatch

WASHINGTON (MarketWatch) -- In the three months from April to June, banks posted their second worst earnings performance since 1991, the Federal Deposit Insurance Corporation said Tuesday.

Earnings for the quarter totaled just $5 billion, compared with $36.8 billion a year ago, a decline of 86.5%, the FDIC said in its second-quarter banking profile.

"The results are pretty dismal," said FDIC Chairman Sheila Bair at a press conference.
Higher loss provisions were the main reason for the drop.

Commercial banks and savings institutions insured by the FDIC set aside $50.2 billion, compared with only $11.4 billion in the second quarter last year.

The FDIC's "problem list" grew to 117 financial institutions from 90 at the end of the first quarter. Total assets of problem institutions increased to $78 billion from $26 billion at the end of March.

Bair said the FDIC would move to replenish the deposit insurance fund in early October. Banks are likely to be required to pay increased premiums into the fund, she said.

Read more: http://www.marketwatch.com/news/story/bank-earnings-fall-5-bln/story.aspx?guid=%7BA1D9F8DA%2D2632%2D4BBF%2D86B5%2DFF15C417C84E%7D

[lonestarnot]

1. Holy crap!

Dats alot!

[musette_sf]

2. cue the violins

:nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity:

[madrchsod]

3. they are all a bunch of henny-pennies crying

the sky is falling! the sky is falling!

what a bunch of fucking losers

[lonestarnot]

4. kick

[Trajan]

5. Well ....

I dont suppose they will make the connection that Low Wages = No money for mortgage payments ... eh ?

They support their friends in the corporate world who RAIL against unions, who DENY basic wage increases, and have beaten down working families for decades now ....

And THEN they think they can ride the coattails of the Middle Class AFTER they have helped strangle them ?

Sorry buddy bankman: Look to your friends in Big Oil ... THEY got your fucking money now ....

[lonestarnot]

6. And have an oil milk shake while your at it!

:toast: