Bank Of America Loses $9.1 Billion In Quarter, Thanks To Investors Settlement

Bank Of America Loses $9.1 Billion In Quarter, Thanks To Investors Settlement

Bank of America had a rough second quarter, winding up $9.1 billion in the red, mostly caused by the $8.5 billion settlement it had to pay out to 22 investment groups over mucked up securities. The bank has paid out $12.7 billion in settlements this year. [More]

BP Spilled $5 Billion In Losses Last Year

BP Spilled $5 Billion In Losses Last Year

Profit-machine BP took a $4.9 billion loss last year, thanks to an oil spill you may have heard about. The setback snapped the oil giant’s 18-year streak of turning profits, but the loss isn’t so bad when you consider the company set aside $40.9 billion into the Gulf of Mexico so far to clean up the spill. [More]

"Rogue Trader" Gets 3 Years, $6.7B Fine

"Rogue Trader" Gets 3 Years, $6.7B Fine

The “rogue trader” who cost his former employer, French bank Société Générale, $7.1 billion through a series of high-stakes bets that leveraged fictitious transactions outside his trading limit was sentenced today to 3 years in prison and a “symbolic” $6.7 billion fine. [More]

Bank Of America Posts $1 Billion Loss In Third Quarter

Bank Of America Posts $1 Billion Loss In Third Quarter

Do you hate Bank of America? Well take today’s earnings report and wallow around in it like Ann-Margret in beans, becuse the bank has posted a loss of $1 billion before dividends to preferred shareholders—”When those dividend payments are included, the loss was $2.24 billion,” reports the New York Times.

http://consumerist.com/2009/03/21/the-nations-banks-lost-a/

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

Sprint Loses Another 1.1 Million Customers

Sprint Loses Another 1.1 Million Customers

Wondering why Sprint CEO Dan Hesse has time to wander around NYC telling people about Sprint products? Well, it’s apparently come to that. Sprint has lost another 1.1 million customers.

Tax Cat Buzzkill: Super Bowl Betting Wins Are Taxable

Tax Cat Buzzkill: Super Bowl Betting Wins Are Taxable

Did you participate in an office gambling pool or place a few bets with your friends? Well, bad news, big winner: those bets were illegal and your winnings are taxable.

Citibank Teaches Us How To Destroy A $244 Billion Banking Institution

Citibank Teaches Us How To Destroy A $244 Billion Banking Institution

Only two short years ago, Citibank was worth $244 billion. Now, after its stock lost half of its value in just the past week, the bank is estimated to be worth $20.5 billion. What happened? The New York Times attempted to answer that question Saturday, and it pointed the finger at the usual suspects — conflicts of interest between those who were supposed to manage risk — and those who stood to benefit from making risky bets.

http://consumerist.com/2008/10/22/wachovia-announced-their-237-billion/

Wachovia announced their $23.7 billion third quarter loss with an all-too-easy-to-mock pre-taped conference call. “Let’s just close our eyes and imagine what the combination of Wells Fargo and Wachovia will create,” said CEO Bob Steel. We suppose that does make it easier not to rudely stare at the number “23,700,000,000.” [WSJ Deal Journal]

Not Good: Fannie Mae Loses $2.3 Billion

Not Good: Fannie Mae Loses $2.3 Billion

Fannie Mae is the nation’s largest mortgage finance company and it’s just not doing too well, says the AP. Increasing losses from foreclosures are wiping out Fannie’s revenue.

Sprint Says It Lost Some Of Those 2.8 Million Customers On Purpose

Sprint Says It Lost Some Of Those 2.8 Million Customers On Purpose

By all accounts, Sprint has hit an iceberg and is leaking customers like the Titanic, but new CEO Dan Hesse says that they lost some of those customers on purpose because they were just crappy customers. As strange as this sounds, it does match up with what we’ve been hearing from (former) Sprint customers.

http://consumerist.com/2008/07/30/you-starbucks-haters-out-there/

You Starbucks haters out there can rejoice, because the company just posted its first quarterly loss EVAR “of $6.7 million, or 1 cent per share, compared with a year-earlier net profit of $158.3 million, or 21 cents per share.” Store closures and restructuring are to blame, as well as the fact that nobody can afford anything anymore. [Reuters]

http://consumerist.com/2008/04/23/delta-hey-where-did-our/

Delta: Hey where did our $6.4 billion go? [AP]

Sprint Loses $29.5 Billion Dollars In A Single Quarter

Sprint Loses $29.5 Billion Dollars In A Single Quarter

Sprint has announced a fourth quarter loss of $29.5 billion, says the Chicago Tribune. Most of the loss is due to a one-time $29.5 billion writedown of its purchase of Nextel. The wireless carrier says it expects 1.2 million additional customers to leave this quarter, citing dropped calls and poor customer service as their reason for seeking less frustrating pastures.

Chief Executive Dan Hesse, who took over in December, said business is worse than he expected and is deteriorating.

GM Has Record $38.7 Billion Loss For 2007

GM Has Record $38.7 Billion Loss For 2007

During a conference call with analysts and media, Chief Financial Officer Fritz Henderson said 2008 will be difficult, but the company sees the potential for significant earnings increases by 2010 or 2011 once it reduces its work force and labor costs and transfers its retiree health-care costs to a new UAW-run trust.

Bank Says It Has Lost $7 Billion, Blames "Rogue Trader"

Bank Says It Has Lost $7 Billion, Blames "Rogue Trader"

The French bank Societe Generale has announced that a trader “concealed massive trading positions built up over 2007 and 2008 through ‘a scheme of elaborate fictitious transactions,’” which ended up losing the bank 7.1 billion dollars. That’s as much damage by a single employee as the subprime-related losses the bank reported in the past two months. Oops.

Merrill Lynch: We Just Lost $9.8 Billion

Merrill Lynch: We Just Lost $9.8 Billion

Merrill Lynch just lost $9.8 billion.

http://consumerist.com/2008/01/15/citigroup-writes-down-181-billion/

Citigroup writes down $18.1 billion due to investments related to subprime debt. Observers and analysts unanimously agree that that is a lot of billions. [Reuters]