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Bank of America Makes 6.2 Billion Tax Free Dollars in Third Quarter Profits

Brian Walker
NationofChange / News Report
Published: Sunday 23 October 2011
Banks are adding new fees for basic services as their profits and revenues rise citing government regulation as the cause.
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Bank of America reported $6.2 billion in third quarter gains this year, nearly recouping a $7.3 billion loss from the same time last year. Bank of America ceded its ranking as the largest bank to J.P. Morgan & Co after CEO Brian Moynihan began a campaign of mass asset sales in an effort to boost the bank’s capital. Moynihan has suggested that new regulations mean the bank will have to start charging fees for services that have traditionally been free, such as debit cards and checking accounts. Wells Fargo, Citibank, and other major banks have also recently begun announcing similar plans for an increase in service and account fees.

Total employment at Bank of America rose to 288,739 in September, but 2,000 employees have received notice that they will be let go, and in August the bank announced that it was planning to lay off 3,500 in the near future. Revenue rose 6% since last year to $28.7 billion. The bank has been heavily criticized by grassroots communities such as US Uncut for spending millions of dollars to lobby for tax cuts and loopholes. Bank of America did not pay any corporate income taxes at all in 2009 and 2010.

President Obama spoke on the issue during an interview with George Stephanopoulos on ABC/Yahoo! (see the complete transcript here), critizing the idea that banks “have some inherent right just to, you know, get a certain amount of profit” even when it means their “customers are being mistreated.” He also expressed the belief that they should be able to make a profit “the old-fashioned way, by earning it.”

Customers have been roiled by new and incoming fee requirements for basic banking services and in some cases have started migrating to banks that are not implementing them, or to credit unions which are not for-profit organizations.



ABOUT Brian Walker

Brian Walker is a reporter and assistant editor for NationofChange.

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One more good reason to

One more good reason to support our Credit Unions

What can we do? Cash in any

What can we do? Cash in any stock market investments before you lose everything. I just cashed in my IRA because it is my money invested in the stock market. In 8 years my account went up $2000, then down $1K and I cashed it in with a loss of $400. Not a good investment!
BUT LOCALLY and buy less! Change your diet and your spending habits- but local vegetables from local farmers!!!! go online for recipe ideas- cut off the television and get your kids to help prepare meals. Put one in charge of looking up a recipe online- get them involved. Explain to them why you aren't going to McDonalds... and find some quick 15 min recipes for working moms. It's FASTER than driving to a fast food corporation.
DO NOT buy soft drinks and other crap. You are killing your health and giving your money to death merchants. Do not buy bottled water! Make your own at home for pennies!... WE WILL overcome this by taking back our power! it will take a decade, but it will happen. Information and Right choices are our WEAPONS :)

Bank of America continues to

Bank of America continues to blame Congress, but they lead all banks in charging their customers fees. Specifically to the debit card fee, B of A is passing this on to its customers, but their competitors are not. What does that say about B of A?

Remove All of your money from

Remove All of your money from these Large Commercial Banks and stop doing your Investing with the Large Investment Banks. Put your money in your Local State run Banks and your local Credit Unions. At least they invest back in the State and City which they are located in.

My dad (rest his soul) worked

My dad (rest his soul) worked for B/A for 38 yrs. Was forced to retire @ 65 (that was their rule in the 60's). He was a senior real estate loan officer handling mostly new residential properties being built. Worked on Belmont Shores, Huntington Estates, many others. He drove developers crazy with all the hoops he made them jump through but they respected him

My dad (rest his soul) worked

My dad (rest his soul) worked for B/A for 38 yrs. Was forced to retire @ 65 (that was their rule in the 60's). He was a senior real estate loan officer handling mostly new residential properties being built. Worked on Belmont Shores, Huntington Estates, many others. He drove developers crazy with all the hoops he made them jump through but they respected him

my condolences. i think that

my condolences. i think that 38 years of hard work like that did a lot for building up this country. sounds like a guy with a strong moral character -- i'm sure there were plenty of times it wasn't in his financial interest to make 'em jump through hoops, but he did -- you should be proud.

i think there's a lot of us in the Middle 98% (not tea party, not ows, those nutty 1%s on either end) who still respect that kind of thing. we need to make our voices hear. the voices of common sense, not radicalism. this country needs some fixing up. burning it to the ground like these nuts want to do would be a waste of so many people's hard work. the TPers lose me when they interject their religion into everything. the OWSers lose me when i read their Official Statement (i read it on scribd. it's worth reading. immediately obvious that they are nuts too).

i've had it with political parties too. we all know that they are bought and paid for. they spend most of their time raising money. how could they not be for sale?

we need a common sense party. a party of the middle 98.

just imho.

how, exactly, is this 6.2

how, exactly, is this 6.2 billion tax free? it's quite an accusation, and totally unsubstantiated in the article. i'd like to hear more. but the fact that you've made this claim and not backed it up seriously undermines your credibility. sorry.

Real simple....you just look

Real simple....you just look at their IRS filings. On the line where is says how much they owe in taxes it is zero.

what gets me is the nerve of

what gets me is the nerve of some people who degrade ows people for protesting!!!!

The first ever Audit of the

The first ever Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts-- Bank of America got $1.344 trillion ($1,344,000,000,000)

The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places

View the 266-page GAO audit of the Federal Reserve(July 21st, 2011): http://www.scribd.com/doc/60553686/GAO-Fed-Investigation

Debit charges were never

Debit charges were never free...they were paid for by the retailers. The retailers (Walmart, etc...) lobbied Congress when they were writing their pitiful bank reforms and convinced them that this was wrong, because they had to pass these charges on to consumers, so Congress in their infinite wisdom (i.e. did what they were told) and limited what banks could charge retailers. Naturally, the consumer will pay one way or the other.

Yes, they will and do

Yes, they will and do pay...in overdraft fees, transaction fees, statement fees, and every other fee you can think of...I wonder how much of the 6.2 billion is from fees....we always pay for them.

Debit charges were never

Debit charges were never free...they were paid for by the retailers. The retailers (Walmart, etc...) lobbied Congress when they were writing their pitiful bank reforms and convinced them that this was wrong, because they had to pass these charges on to consumers, so Congress in their infinite wisdom (i.e. did what they were told) and limited what banks could charge retailers. Naturally, the consumer will pay one way or the other.

Stand up motherfuckers,

Stand up motherfuckers, respect existence or expect resistance

What ever happened to the

What ever happened to the stopping of the oil speculation the goverment said that they could start oil drilling or stop oil speculation but now that they have stopped oil drilling in the gulf they have forgotten oil speculation this is a reminder.

The so called fighting for democracy in Afghanistan and Iraq has cost a great deal of money but, who is fighting for our democracy on our soil as it dwindles away to a great prostitute of a black smear of a farting hole. There is evidence that the bankers and politicians participate and are entertained frequently by strip clubs and prosititutes. I can't help but wonder if this where their boardroom meeting take place. No wonder our country is falling apart!!!

We need our country to work again for the majority of citizens. If you are a corporation with money overseas and don't want to pay taxes on the money when it comes back to the USA, then go to that country and stay there for good for all I care, maybe it will make room for some new ideas for entrepreneurship and commerce that is fair and just.

Why anyone would deposit

Why anyone would deposit another cent of their money at (B)unch (O)f (A)ssholes is beyond me. I can't remember the last time I've seen such arrogance. They remind me of Cartman on "South Park"......"I do what I want, I do what I want."

Last year ( after being

Last year ( after being ripped off by BOA ) I moved all my accounts to a credit union. I have been VERY happy with them and feel like a person and not a number. With a credit union you are a member and "own" a piece of the institution. Plus since a majority are local you are supporting local people instead of some super-rich CEO who could not care less about you or your needs.

Another option is to move to a locally owned bank. Small town banks were, for the most part, secure even when the big banks needed a bail out to survive because their investments were also local in nature.

I'll tell you who should be

I'll tell you who should be shot - any American who still has their money deposited in a corp bank, or their retirement fund in the stock market.

I'm curious how many hypocrites on this discussion have their money (i.e. suck up) to big banks.

greed breeds greed the Bank

greed breeds greed the Bank of America and all banks are in bed with the GOP.

These bastards collect almost

These bastards collect almost 7 Billion DOLLARS and give what - .033 percent in interest on monies that people have in savings. In Genoa, Italy, in what the 12th or 13th Century - the bankers were jailed and then with the second offense they would have been hung.
They charge outrageous late fees on credit cards [that's why we gave up credit cards years ago.]- 29%. Then they want to charge fees on Debit cards.The system is fixed against the working wo[man].
The government no longer serves the working man, they exist for these "illegitimates". Geithner with Bernanke's Federal Reserve lent TRILLIONS to these parasites at .0078%. Imagine if they had really been representative of the working wo[man] and they had decided to lend TRILLIONS to all those homeowners that were setup by the Wall Street Cartel .Imagine if they had bailed them out instead and offered them .0078 Interest rates until their mortgages were paid.
Rise up America..Rise up!!!

I agree with almost all you

I agree with almost all you say here. But we should have stopped this corruption and the corporate masters a long time ago. Instead, we were too busy watching TV (their ads and their shows, driving our cars instead of insisting on mass transit, shopping at THEIR malls instead of supporting a local neighborhood business and the list goes on and on). I hope we still have time to wake up and change things. A tax revolution would probably be the best place to start. Stop lining up on April 15th to pay your taxes (which mainly go to war). I am for local taxes to support garbage pickup, education, etc. Thanks for your comments.

I live in California and am

I live in California and am presently on unemployment. Do you know that everyone on unemployment or disability payments was given A BANK OF AMERICA DEBIT CARD? I did not want a BANK OF AMERICA DEBIT CARD, but had NO CHOICE!!!! Now a few months after getting my BANK OF AMERICA DEBIT CARD, I find out they're going to charge to use it. I AM OUTRAGED. It is criminal. They have all the money from EDD. I wondered how they were going to make a profit on me.

Bank of America didn't make a

Bank of America didn't make a cent. It's all accounting trickery. Just like UBS Bank. The stockholders are the saps.

Oh good WARD29800 I was

Oh good WARD29800 I was afraid I was the only one who got it. In fact information clearinghouse speculated that BOA might actually be preparing to slip from this mortal coil. http://www.informationclearinghouse.info/article29474.htm

TIME TO START "V I S I T

TIME TO START "V I S I T I N G" THE BANKS !!

Let’s wake up America!

The 1% of Piratical Capitalists are strangling the other 99% of Americans and the rest of the world to death!

I’m sick and tired of the Democrats, the Republicans, the tea party, and the news media!
I’m sick and tired of listening to incessant political nonsense while we the people, are losing everything!

Are we supposed to remain passive while we lose our jobs, our homes, our families, our health, our savings, our future, and our lives!? Are we…really!?!?! Do you people out there want to let this happen!?

Are we just supposed to lie down and die?! Sure, greedy corporations and the elite rich would love that wouldn’t they? If we’re dead, then we can’t cause any trouble. If we’re dead, then we can’t come after them!

We’ve been blind and passive way too long. We keep dancing around the real solution here, while the rich pay off our politicians and the courts to stay free and so they can repeatedly rape us!

No-way, it’s time we put a stop to this! They need a lesson here. Unfortunately, the American Revolution, the French Revolution, and the Russian Revolution were necessary because the royals and elite rich just never did get it. They didn’t care that millions of people were being hurt or dying because of them.

We have that same exact international situation right here…right now. We’re not dead yet, and there are millions and millions of us around the world. And that, is OUR POWER!

People, we are in the midst of a Global Revolution! It’s happening now and it’s time we pulled these arrogant royals off of their thrones. Yes people, IT’S TIME IT GOT UGLY!

This is why.

THE NEW AMERICAN PIRATES, ARE KILLING AMERICANS.

This is not about glamorized or fictional piracy. This is, “real piracy.”

Hundreds of our wealthiest leaders and most powerful corporations know that in the next few years, they will be able to siphon, skim, and steal, so much “NEW CASH,” that they and their progeny will be ultra-rich for generations to come.

Welcome to the modern “Piratical Capitalism” movement. And, welcome to WAR!
No, this is not funny, or fiction, or a conspiracy, it is just simple greed and simple theft.
The new pirates of America have launched an all-out siege on us…the 99%, in order to capture, amass, and hold many trillions of dollars for themselves.

All of the recent political power grabs and nonsensical debating is purely a slight-of-hand deflection. President Obama, Democrats, Republicans, the International Press, and even the Tea Party, are watching the tiny pea in the shell game…while the rich and powerful “Piratical Right” is stealing America right out from under us.

Consider that their combined total plunder from corporate flipping, downsizing, offshore labor, speculation, price fixing of oil and energy plus, corruption in defense, health care, banking, student loans, foreclosures, etc., etc., is a trillion dollar treasure for these pirates.
Go ahead, put your own calculator to it.

Are they smarter than we are? Yes, and they are laughing at us. I, we, you, and all of us, have not been able see the big picture of what is happening to our own country and to our own people. The rape and theft of America, has been cleverly packaged, promoted, and sold under the guise of “cost-cutting,” “deregulation,” and “free enterprise.”

The “Piratical Right” is directly responsible for millions of people dying, getting sick, losing their jobs and homes, losing their ability to fight, their spirit, and even losing their will to live. The sick smell of this carnage now permeates the air across America.

To us, this is all unimaginable, because we look for some sense or the morality of things. These modern-day American pirates however, have no moral compass. They are devoid of any conscience, humanity or soul, and are feeding on the flesh of the American people.

Don’t look to the President, the Senate, Congress, the press, or any political party to help. Sadly, they just don’t see it, don’t care, or are part of it. “We the people” are on our own. Start asking questions. Demand answers. If we don’t fight back America…who will!?

History has taught us how to stop piracy!

The execs at Skank of America

The execs at Skank of America are nothing but fascist robber barons. I am a long time patron. However I recently withdrew the majority of my money out given their recent criminal history. I left enough in my checking account to make airline and hotel resevations for a recent vacation because I didn't have time first to put it in a regional bank or join a credit union. While I was overseas I miscalculated how much I would need to get me through 3 weeks of spending money. When I saw i only had $30 left in my account, I contacted a friend in the states to deposit money in my account. I checked my account balance twice at at the ATM of a small rural bank in England to see if the money was there yet. When I went online to BOA, I found they had charged me a $5 fee for each time I viewed my account balance. Under the explanation, they worded it to make it seem like it was the small local British bank that had incurred the fees. My balance had gone from $30 to a whopping $20! I am in Madrid now still, which is part of a democracy. When I get back to the states Bank of America es no mas. Put your money in a regional bank that actually invests in your community or buy a safe from a family owned hardware store. Either way, your money will be safer and it will help the economy.

WE had the same problem with

WE had the same problem with B of A..unknowingly, we had overdrawn for two lattes with our debit card and after we got the letter in the mail (two weeks later!!) stating that we had overdrawn, the overdraft fee was in the 50 - 60 dollar range - we were furious. It seems that the banks are doing all they can to ruin our top credit score...why??????

American Bankers and large

American Bankers and large corporations suffer from the disease of : MORE while we hd to bail them out with our Tax dollars. it is not very demicratic to go behind our backs and spend our money as this current Government deemes to be correct! There will be NO CHANGE unless we get rid of these crooks and start anew .. Lets face it - "America has the best democracy Corporate Lobbyists can buy."

I am one of millions who have

I am one of millions who have lost our homes due to the fraudulent practices of Bank of America! Please boycott these crooks! They have insured that millions of us will never be able to retire because they stole our assets, and not one BOA executive has been held accountable. Instead, they just keep paying NO TAXES and profiting mightily on the backs of middle class citizens! We are the 99%! Let's stand up against these robber barons!

Meanwhile, their greedy,

Meanwhile, their greedy, criminal executives continue to lay off low-level employees who never did anything but their jobs, and ship those jobs to South America, in order to funnel even MORE profit to their rapacious investors, and more bribes to their criminal cohorts in government. Guess this is Capitalism - American Style. ALL these CEOs are no different than Gaddafi, and should be handled in precisely the same manner.

Tax frickin free ?

Tax frickin free ? Speak with your dollars folks ! Stop using B o A Chase Citi Wells Fargo / Goldman all Wall St greedy ROBBERS takers of the Bush Paulson TARP 700 billion scam with no safe guards for our money Bush Cheney & Co took care of their own Goldman Citi Chase BoA Wells Fargo Know why AIG an insurance CO got our billions ? They owed Goldman tons of cash ! Bush Paulson Geitner sold us out as did the Goldman Fed boys Greenspan Rubin Sommers Bernacki All CAME FROM GOLDMAN SACHS Thats all we need to know Goldman rules Wall St Lobbyists rule DC & our reps

It's official Bank of America

It's official Bank of America is a robber corporation.

Yes and 5 more crooks

Yes and 5 more crooks See below for names

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