Bank of America net income % is three times higher than big oil! - Page 2

DosEquis · 01-23-2007, 02:56 PM

Originally Posted by 6SpeedTA95

say what? You lost me on that one...

I think he means people are pissed it costs that much...then when the news says 1 company made 15 billion in one quarter and they gave the CEO a 400 million dollar retirement package it kind of just puts salt in the wound. People are just saying "hey give me a friggin break on this please". I agree 10% margin is waaaay below average... and NO i am not advocating punishing the successful.

Energy, gasoline, etc is something we all depend on and when people are paying signficantly more for something... but they don't see any extra benefit over what they had before... combined with the news of record profits.. they feel like they are getting bent over.

6SpeedTA95 · 01-23-2007, 03:27 PM

Originally Posted by DosEquis

I think he means people are pissed it costs that much...then when the news says 1 company made 15 billion in one quarter and they gave the CEO a 400 million dollar retirement package it kind of just puts salt in the wound. People are just saying "hey give me a friggin break on this please". I agree 10% margin is waaaay below average... and NO i am not advocating punishing the successful.

Energy, gasoline, etc is something we all depend on and when people are paying signficantly more for something... but they don't see any extra benefit over what they had before... combined with the news of record profits.. they feel like they are getting bent over.

Yeah, I see what you're saying, but why does the media harp all over this? What about the people taking forclosures on their homes because they took out an ARM mortgage? They knew they putting themselves at risk justl ike people who bought huge SUV's that didn't really need them...they knew gas would be more expensive for those cars and if gas goes up they're really gonna pay through the nose...you wont hear the NBC, ABC or CBS news talking about BoA making 28% margins and bringing in close to 20 billion in net income while people are losing their homes...its frustrating all the media generated crap

Dumpy Dooby · 01-23-2007, 03:30 PM

Once the housing bubble bursts, the margins won't be looking so pretty for the banks.

OPEC is a cartel. From a legal standpoint, I see no problem with it. As far as business ethics are concerned, I abhor those companies.

6SpeedTA95 · 01-23-2007, 04:01 PM

Originally Posted by Dumpy Dooby

Once the housing bubble bursts, the margins won't be looking so pretty for the banks.

OPEC is a cartel. From a legal standpoint, I see no problem with it. As far as business ethics are concerned, I abhor those companies.

You abhor what companies? Exxon isn't OPEC, they hate opec.

Dumpy Dooby · 01-23-2007, 04:04 PM

Originally Posted by 6SpeedTA95

You abhor what companies? Exxon isn't OPEC, they hate opec.

I didn't realize that we were specifically talking about XOM.

edit: And on a slightly related note, it seems as though OPEC is on the verge of falling apart.

6SpeedTA95 · 01-23-2007, 04:10 PM

Originally Posted by Dumpy Dooby

I didn't realize that we were specifically talking about XOM.

edit: And on a slightly related note, it seems as though OPEC is on the verge of falling apart.

No we're not, you said you abhor "those" companies, I just assumed you were talking about energy companies? OPEC isn't a company, its a bunch of countries...

Dumpy Dooby · 01-23-2007, 04:17 PM

Originally Posted by 6SpeedTA95

No we're not, you said you abhor "those" companies, I just assumed you were talking about energy companies? OPEC isn't a company, its a bunch of countries...

Like I said in my previous post, "OPEC is a cartel" (so I knew it wasn't a single company or anything of the sort

). I think I should have said, "I abhor its members."

For all intents and purposes, though, the members are regarded as companies, right? I could be wrong here, but as far as I know, Saudi Arabia (as an example) adheres to a set of rules set forth and agreed upon by the members of OPEC. Saudi Arabia then trades its oil in accordance to those rules.

SoFlaJDM · 01-23-2007, 05:58 PM

my nigger

that's my employer

DosEquis · 01-23-2007, 06:01 PM

Originally Posted by 6SpeedTA95

Yeah, I see what you're saying, but why does the media harp all over this? What about the people taking forclosures on their homes because they took out an ARM mortgage? They knew they putting themselves at risk justl ike people who bought huge SUV's that didn't really need them...they knew gas would be more expensive for those cars and if gas goes up they're really gonna pay through the nose...you wont hear the NBC, ABC or CBS news talking about BoA making 28% margins and bringing in close to 20 billion in net income while people are losing their homes...its frustrating all the media generated crap

The only thing i can respond to that with is that more people depend on fuel than there are who buy houses... and they were the ones who chose to buy the house and who chose that form of financing. We dont have much choice when it comes to buying fuel and getting to work, especially those who drive a long ways to work. We can choose the vehicle..i give you that.. but even filling up the civic goes from 15-20 to 30-35 bucks in some states when it exceeds 3 bucks a gallon.

6SpeedTA95 · 01-23-2007, 06:32 PM

Originally Posted by DosEquis

The only thing i can respond to that with is that more people depend on fuel than there are who buy houses... and they were the ones who chose to buy the house and who chose that form of financing. We dont have much choice when it comes to buying fuel and getting to work, especially those who drive a long ways to work. We can choose the vehicle..i give you that.. but even filling up the civic goes from 15-20 to 30-35 bucks in some states when it exceeds 3 bucks a gallon.

Fair point but it still doesn't make sense to me...I just think most dont understand the markets and accept what the media says

6SpeedTA95 · 01-23-2007, 06:33 PM

Originally Posted by SoFlaJDM

my nigger that's my employer

BoA is a good company.

SoFlaJDM · 01-23-2007, 06:37 PM

they made all that money because of me

Diesel66 · 01-23-2007, 07:37 PM

Originally Posted by Thorgrim

However, that's not what tipped the balance, it was that rather frustrating situation combined with the fact that YOUR TAX DOLLARS AND MY TAX DOLLARS were PADDING THEIR PROFITS

exxon alone paid over 23 billion to the IRS in 2005. They didnt receive anything near that amount worth of your and my tax dollars.

SoFlaJDM · 01-23-2007, 07:57 PM

how much did boa make though?

iirc, they made $0

Dumpy Dooby · 01-23-2007, 08:18 PM

Originally Posted by SoFlaJDM

how much did boa make though?

iirc, they made $0

It depends on when you're talking about.

Financial Statements for Bank of America Corporation - Google Finance

The line that says "Net Income" is how much they made after taxes, costs, and expenses. So 5.4 billion in FY06Q3. They made 16.4 billion in FY05.

6SpeedTA95 · 01-23-2007, 09:04 PM

Originally Posted by Diesel66

exxon alone paid over 23 billion to the IRS in 2005. They didnt receive anything near that amount worth of your and my tax dollars.

that also doesn't include state and local taxes or fee's or royalties paid to the feds

TheScatman · 01-24-2007, 04:36 PM

Originally Posted by Thorgrim

How many subsidies and special tax breaks do we give BoA?

Also, we just slashed interest rates on student loans, which while it doesn't directly hurt banks, it certainly doesn't make it the scam system is used to be with 6.8% interest on loans guaranteed by the government...

I think the real scam is the fact that student loans are even provided by the government. why not let the interest rate reflect actual risk of lending, borrowers credit, etc. and float in a free market?

also if you had a basic understanding of economcis you'd realize that lower interest rates on student loans drive college prices up

Thorgrim · 01-24-2007, 05:34 PM

Originally Posted by TheScatman

I think the real scam is the fact that student loans are even provided by the government. why not let the interest rate reflect actual risk of lending, borrowers credit, etc. and float in a free market?

also if you had a basic understanding of economcis you'd realize that lower interest rates on student loans drive college prices up

Uh, what bank is going to want to lend a bright kid 18 year old kid tens of thousands of dollars when he has no credit and his parents have bad credit...if at all, what kind of rate do you think he'd get?

and yeah, college prices really went down when interest rates sky rocketed up to 6.8% for gov student loans

where'd you get your PhD in economics from, was it Princeton or Harvard?

TheScatman · 01-24-2007, 05:36 PM

Originally Posted by Thorgrim

Uh, what bank is going to want to lend a bright kid 18 year old kid tens of thousands of dollars when he has no credit and his parents have bad credit...if at all, what kind of rate do you think he'd get?

and yeah, college prices really went down when interest rates sky rocketed up to 6.8% for gov student loans

where'd you get your PhD in economics from, was it Princeton or Harvard?

lowering the cost of getting a student loan makes it cheaper to pay for school, which increase demand for college. schools then know they can just let tuition creep up as student as getting below market rates on loans.

when you subsidize something, people just consume more of it

oh and this doesnt even get into the other aspects of it. you'd have to explain why:

1) a single 50 year old man should subsidize the studnet loan of someone he has never met, and receives no benefit from.

2) where Congress has the Constitutional authority to loan students money for college.