"Banks are in the business to make profits for their stockholders. That is their #1 mission."
You are absolutely correct about this! Then tell me, how come they are missing their #1 mission so badly?
Maybe because they got into risky RE loans due to possible higher profits that never materialized? And for the shareholders, don't forget these shares traded as high as $94 no too long ago.
Yes, it was greed no matter how you cover it.
Doubt you are a stockholder.
But let me return to Econ 101 for you.
We are in the middle of a very deep recession that involved the housing industry and commercial real estate in very lucrative markets like Atlanta, Miami and Florida where SunTrust is a major player.
SunTrust will recover when they finally clear up the messes they created as part of the Great Recession.
I remember Sterling's BHAG initiative...the "Big Hairy Audacious Goal" was for STM to be one of the top 5 mortgage originators in the US. In retrospect, me thinks this ill-fated and ill-timed initiative should have been called the "Big Hairy Ass Goof".