Another poster asked why was BB&T being punished when it didn't have the exposure the other banks did in all this credit mess. Since July 1st, here is the tape: BB&T -12%, C -14%, WB -8%, BofA, -2%. With all the losses and abysmal results, BB&T is still getting crushed....why? They are supposed to be smarter than everybody else becuase they didn't get involved in the all the high-order financial engineeering that permeates Wall street. So why are they getting trounced. Either the future is very grim for this bank or the market is wrong....thoughts? (And I am asking for rational explanations, not STil's jingoistic, sophomoric, flag waving, BB&T drum beating)
Its was/is called the credit crunch, when banks' warehouse lines were frozen and no one would buy the securities....remember that back a few months ago, if you knew anything you would know that the period in question was not random....hello McFly!!!
Looks like Spoor is still talking to himself. Bad habit Spoor!
In any event 9 years ago is not "random". Look at 8 yers, 7, 6, 5 whatever. It's significant that if you made an investment 9 years ago that is worht less today than it was then. Is there anywhere else you could look for such pathetic numbers. On the positive side, even though they're worth less, they are still in deed in business. Do any of the "suits" care. Don't think so, they're paying pennies on the dollar for their options and watching out for number 1.
I'll be back in a couple of weeks. Not sure I'd want to have a life like still/spoor/bbd sitting around reading chat boards!
Awww poor baby, one would think BBandT, which is STIL not sold or MOE and JA is STIL at the hel, is the only bank in the good ole US of A. Jingo this BofA supporter
By Jonathan Stempel
NEW YORK, Oct 18 (Reuters) - Bank of America Corp (BAC.N: Quote, Profile , Research), the No. 2 U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
Third-quarter net income fell to $3.7 billion, or 82 cents per share, from $5.42 billion, or $1.18, a year earlier.
Excluding items, profit was 84 cents per share, according to Reuters Estimates. Analysts expected $1.06. Losses from bad loans, trading and write-downs exceeded $3.7 billion. Profit from consumer banking, its largest business, fell 16 percent.