http://finance.yahoo.com/news/Bank-of-America-posts-77B-apf-4096614857.html?x=0&.v=5">NEW YORK (AP) -- Bank of America Corp. said Tuesday it lost $7.65 billion during the third quarter due to a charge related to credit and debit card reform legislation passed over the summer.
In a dramatic shift, the bank also said it will change its consumer banking strategy to focus on providing customers with incentives to do more business with the bank instead of generating revenue through penalty fees such as overdraft charges.
The new legislation that caused Bank of America to take the $10.4 billion charge limits fees banks can collect when merchants accept debit cards.
Excluding the one-time charge, Bank of America earned $3.1 billion, or 27 cents per share, in the three months ending in September. That easily topped the 16 cents per share analysts polled by Thomson Reuters were expecting. Analysts don't typically include special charges in their estimates.
Holy mother of fuck! You mean government can pass sensible legislation that provides consumers with a bare minimum of protection and private companies will actually honor that restraint and step into line...and make billions down the road? I can't believe it...all those supply-siders are, let's say, exaggerating.