Every single day is bringing new evidence of the fundamental inequities fueling American discontent.

[I AM NOT THAT GUY 5,715]

They are?

Goldman Sachs loses $428 million in third quarter

Bank Of America 3Q Fixed Income, FX, Commodities Revenue Plunges

JPMorgan Chase & Co. (JPM)'s trading revenue fell 28 percent from the second quarter.

Citigroup Inc. ©’s declined about 30 percent.

You know, tell a lie often enough, and people stop listening.

[웃 910]

Bank Of America 3Q Fixed Income, FX, Commodities Revenue Plunges

Bank of America soars following earnings

Bank of America Notches $6.2 Billion Profit

[Mr. Big Dog 10,747]

They are?

Goldman Sachs loses $428 million in third quarter

Bank Of America 3Q Fixed Income, FX, Commodities Revenue Plunges

JPMorgan Chase & Co. (JPM)'s trading revenue fell 28 percent from the second quarter.

Citigroup Inc. ©s declined about 30 percent.

Citigroup's third quarter earnings beat expectations Citigroup's chief called the results "solid"

Citigroup has reported a 74% increase in its third quarter profit.

The US bank reported net income of $3.8bn (£2.4bn), marking its seventh consecutive quarter of being in profit.

Edited October 18, 2011 by Mr. Big Dog

[mawilson 2,133]

Bank of America soars following earnings

Bank of America Notches $6.2 Billion Profit

Bank of America (NYSE:BAC) reported earnings of $6.2 billion in the third quarter. The company attributed the earnings increase to an accounting gain and the sale of a stake in a Chinese bank.

The company said that during the three month period it earned 56 cents per share, well up from the loss of $7.3 billion, or 77 cents per share that it reported during that same quarter last year. The results far surpassed analyst expectations that the bank would only earn 28 cents per share. A large portion of the banks income was made up from accounting gains of $4.5 billion and $1.7 billion due to drops in the value of its debt. It also made $3.6 billion from the sale of its stake in China Construction Bank. It recorded a $2.3 billion loss from its private equity business as the investments value dropped.

[mawilson 2,133]

Citigroup has reported a 74% increase in its third quarter profit.

Citigroup’s Q3 earnings increased by 74% as the bank set aside less money to cover bad loans and recorded a $1.9 billion accounting gain due to a widening of the bank’s credit spreads.

Overall revenue in the securities and banking business dropped 12% to $4.84 billion.

The $1.9-billion accounting gain was the result of widening credit spreads due to the company’s debt weakening versus U.S. Treasuries and was identical to an accounting adjustment JP Morgan (JPM) posted last week when it reported its Q3 results.

[mawilson 2,133]

The so-called "earnings increases" are nothing but "accounting gains".

Accounting shenanigans aside, the trading and banking business revenues are down across the board.

BAC made money because it sold a Chinese bank.

[Mr. Big Dog 10,747]

Citigroups Q3 earnings increased by 74% as the bank set aside less money to cover bad loans and recorded a $1.9 billion accounting gain due to a widening of the banks credit spreads.

Overall revenue in the securities and banking business dropped 12% to $4.84 billion.

The $1.9-billion accounting gain was the result of widening credit spreads due to the companys debt weakening versus U.S. Treasuries and was identical to an accounting adjustment JP Morgan (JPM) posted last week when it reported its Q3 results.

This quarter's results included significant CVA of $1.9 billion, driven by Citi's credit spreads widening. Excluding CVA, earnings were $2.6 billion or $0.84 per share in the third quarter.

Net earnings Q3/10 were $2.2 billion. That's still an increase year-over-year.

Edited October 18, 2011 by Mr. Big Dog

[mawilson 2,133]

Net earnings Q3/10 were $2.2 billion. That's still an increase year-over-year.

Well hallelujah, things are slightly better. My point is, they are hardly making money hand over fist the way people think they are. Apple's Q3 revenue was $28.6 billion, up 82 percent from $15.7 billion a year ago - no accounting gimmicks - but I don't see anyone complaining about that.

[Mr. Big Dog 10,747]

Well hallelujah, things are slightly better. My point is, they are hardly making money hand over fist the way people think they are. Apple's Q3 revenue was $28.6 billion, up 82 percent from $15.7 billion a year ago - no accounting gimmicks - but I don't see anyone complaining about that.

That's a fair point.

[Danno 1,228]

They are?

Goldman Sachs loses $428 million in third quarter

Bank Of America 3Q Fixed Income, FX, Commodities Revenue Plunges

JPMorgan Chase & Co. (JPM)'s trading revenue fell 28 percent from the second quarter.

Citigroup Inc. ©’s declined about 30 percent.

IN that case Steve would agree a "tax cut" is in order.

[웃 910]

Well hallelujah, things are slightly better. My point is, they are hardly making money hand over fist the way people think they are. Apple's Q3 revenue was $28.6 billion, up 82 percent from $15.7 billion a year ago - no accounting gimmicks - but I don't see anyone complaining about that.

Apple sells iPads and iPhones.

The banking sector provides people with home mortgages, student loans, car loans, business loans, bank accounts, investment accounts, etc.

One is clearly more important than the other and the revenues prove that!