The nation’s banks lost a staggering $32.1 billion in the final three months of 2008, according to the FDIC. [AP]

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  1. Blueskylaw says:

    The New York State comptroller has estimated Wall Street cash bonuses totaled $18.4 billion in 2008.

    Merrill, which in the past waited for the new year to award bonuses, doled out $3.62 billion in late December — just before Bank of America Corp bought it on January 1 and as it racked up a $15.84 billion quarterly loss.

  2. superj711 says:

    With all the TARPs and Bail Outs and Stimiluses this doesn’t even seem like a staggering amount. Call me when you’ve got something in the trillions please.

  3. Trai_Dep says:

    Does anyone have any rough estimates of bank sector profits for the past ten years (or more if losses overwhelm these)?
    It’d be interesting to compare/contrast the two.
    I wonder if losses exceed all gains made from when the Glass-Steagall law was removed (the ’40s-era law that split investment and commercial banks)… Ironic, if so.

  4. Nathan Nash says:

    Considering we have somewhere around 1 Trillion floating around waiting to be injected, this number doesn’t really do much for me.

  5. DrMorison says:

    What exactly do they mean by “lost’. They misplaced this money? They counted on income that they didn’t receive? The only way I could count this as “lost” is if the banks actually had this money and now they don’t. And if I know anything about banks (which I don’t) I am sure they didn’t actually have this money to begin with.