I can't think for a moment what those odd folks at #OWS are protesting. It couldn't be crap like this, could it?
Buoyed by one-time gains from accounting changes and the sale of assets, Bank of America reported a $6.23 billion profit for the third-quarter Tuesday, even as weakness on Wall Street hammered underlying results and the firm surrendered its position as the country’s largest bank by assets.
The other major commercial banks that have reported earnings in recent days posted profits of around $4 billion each. Both Citigroup and JPMorgan Chase benefited from a $1.9 billion increase from the accounting change applied to the declining value of their company debt, posting profits of $3.8 billion and $4.3 billion, respectively. Wells Fargo had record earnings of $4.1 billion despite a 6 percent drop in revenue.
I have two thoughts. First, this kind of thing has to change. Second, where's mine? (Hey, I'm from Chicago.)