Litigation expenses push Bank of America into loss
http://www.reuters.com/article/2014/04/16/us-bankofamerica-results-idUSBREA3F0O520140416Litigation expenses push Bank of America into loss
Wed Apr 16, 2014 7:49am EDT
(Reuters) - Bank of America Corp posted a first-quarter loss as the No. 2 U.S. bank recorded $6 billion in litigation expenses related to a settlement with the Federal Housing Finance Agency and other mortgage-related matters.
The bank reported a net loss attributable to shareholders of$514 million, or 5 cents per share, in the three months to March 31 compared with a profit of $1.11 billion, or 10 cents per share, a year earlier.
The previous quarter's results were hit by $1.6 billion in charges related to disputes with bond insurers.
Analysts on average had expected earnings of 5 cents per share, according to Thomson Reuters I/B/E/S.
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I feel so bad for them....
Unca Jamie said they have LOTS of money!
http://finance.fortune.cnn.com/2013/09/27/jpmorgan-stock-rising/
The $11 billion JPMorgan will have to shell out is a lot of money. So was the $6 billion that it had to swallow from the London Whale trading loss. And it has already agreed to pay $2 billion in fines. And yet none of this has even come close to raising the possibility that JPMorgan would run out of money. JPMorgan has nearly $150 billion in capital, money that it can use to cover losses and fines. And anyway, its expected $22 billion in earnings means JPMorgan will be able to pay the fine and still add to its capital base with the extra earnings. Capital is up roughly $50 billion more than five years ago, though capital was measured slightly differently back then. So like other banks, JPMorgan looks safer than it did coming into the financial crisis.
Hmmm, more misdirection and lying by the banking sector. Surprise!
You can't help but feel sorry for them.... 
