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Title: Banking Reform's first victim: Stock Market Crashing..why?
Source:
Marketwatch
URL Source: [None]
Published: Jul 16, 2010
Author: NA
Post Date: 2010-07-16 12:21:04 by Nebuchadnezzar
Keywords: None
Views: 7588
Comments: 40
SAN FRANCISCO (MarketWatch) -- Bank of America Corp. warned Friday of a multi-billion dollar hit from the latest financial regulation, pressuring shares of the banking giant. Reforms that passed Congress Thursday include potential limits on debit card interchange fees recieved or charged by issuers like Bank of America. The company estimated this could knock as much as $1.8 billion to $2.3 billion off annual revenue generated by its Global Card Services business, starting in the third quarter of 2011. This part of Bank of America's business carries $22 billion of goodwill on its books, partly from the $35 billion acquisition of card giant MBNA in 2005. Based on the estimated revenue hit from interchange fee regulation, Bank of America said this goodwill may be impaired by $7 billion to $10 billion in the third quarter of 2010. Bank of America shares fell 7.7% to $14.21 in midday action on Friday.
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#1. To: All (#0)
This "pig-in-a-poke" wasnt' needed in the first place. It was a power grab that assisted Unions and special interests. All we needed to do was follow the law, rescind Glass-Steagall and throw a lot of people in jail for breaking the law in the 2000's.
If you voted for Obama in 2008, you're too blame for this rotten mess we're now in. You broke it, you own it.
ATM fees are illegal in Canada. Look at the soundness of their banking system compared to ours.
The stock market isn't crashing. No link. No author.
-203 points. Financials leading the way. Your delusions get more advanced with each passing day War.
If you voted for Obama in 2008, you're too blame for this rotten mess we're now in. You broke it, you own it.
A crash is a move of 15+% in one day. PING me when we're down 1500. Thanks.
Sorry, you're fantasy standard isn't shared by middle America.
If you voted for Obama in 2008, you're too blame for this rotten mess we're now in. You broke it, you own it.
Dude...a move of 2% of not a crash by anyone's standards. YOU are delusional. The last "crash" was a move of 22%. The last major move downard was a drop of 20% that took a week.
Has nothing to do with ATM Fees. I would say 2 things: 1) Much fewer banking brands meaning much less competition. 2) I bet they don't have "community organizers" forcing them to give NINJA loans to every Jamal, Shaquiqua, Pedro, and Maria who walks in the door.
Are you calling G W Bush, a community organizer?
"See in my line of work, you got to keep repeating things over and over and over again for the truth to sink in, to kind of catapult the propaganda." --- George W. Bush (Rochester NY, 5-24-2005)
Read the article puddin'. That's EXACTLY what they are bitching about. Fleecing people for accessing their money.
The only program Bush ever sponsored was a mere $200 million dollar one that helped people with down payments. He never advocated giving mortgages to people who couldn't demonstrate they had the income to pay their monthly mortgage payments.
I just want to know where GO65 is. Will he post another 'Stockmarket Roars Through 10,000 - in REVERSE' article? (laughing)
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
I was referencing your mention of the Canadian system, not BoA's complaint about fees. Screw the banks, anyway. I use a Credit Union, and I'll never go back to a bank.
He gave the banks the freedom to hang themselves and they did, taking the country with them.
"See in my line of work, you got to keep repeating things over and over and over again for the truth to sink in, to kind of catapult the propaganda." --- George W. Bush (Rochester NY, 5-24-2005)
Yea so? BoA is bitching they can't make money without fleecing their ATM users. Canadian banks are heavily regulated and they make money hand over fist.
I have no problem with ATM fees, they don't exist when I use my bank. When I don't I use my Etrade account that reimburses me for the entrepreneurs cost of providing that service. Etrade pulled all of their machines, it's cheaper to just pay the fees to the provider. BTW, that square footage the machine takes up needs to generate revenue. Ask any retailer, especially a casino. Those nickel slots don't payout like the $5 machine, it's floor space and revenue stream.
Is it time to take out the trash? Post Date: 2010-07-14 11:48:27 by A K A Stone We know who you mean.
We know. Your "problem" is with women.
I don't think that's an ATM fee anyway. That's the charge the merchant has to pay when you use your card to buy items at their business.
It is of you use a BoA card at a different bank's ATM or they charge a fee if you use a different bank's card at their ATM. Citi doesn't charge one, btw. That's the charge the merchant has to pay when you use your card to buy items at their business. It's that as well. It's usually $1.00-1.35, I think.
When I bought my cap for my pickup I negotiated a discount for cash. When I pulled out my checkbook the clown said I don't see any cash. What a fool, my discount turned into his charge for my Discover card purchase. What kind of clown wants cash laying around, the check has to be good or the minimum fee was $25 at the time, payable to the business that got stiffed on top of the banks outrageous charges.
Is it time to take out the trash? Post Date: 2010-07-14 11:48:27 by A K A Stone We know who you mean.
Cash has Presidents and one ex-Sec Treasury or one ex-Postmaster General on it. What kind of clown wants cash laying around, the check has to be good or the minimum fee was $25 at the time You stiff him on the check you ***think*** that he thinks you care about a bounced check fee? Between you, Mud and Nebby it's a toss-up as to whose been more stupid today. All we need is Whiney and her one liners...
Odd. I recently bought a car and paid with a check, no problem. Maybe it was your credit rating.
You don't see the bait and switch of negotiating cash and then whipping out your checkbook?
No, I didn't catch that.
"When I bought my cap for my pickup I negotiated a discount for cash. When I pulled out my checkbook the clown said I don't see any cash..."
and you wonder why you are known as 'goofysmom' huh? Sheesh...
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
No I don't wonder. I thought we covered that on another thread.
Give up on him. He's too stupid to get the point.
"The ocean will take care of this on its own if it was left alone and left out there. It's natural. It's as natural as the ocean water is." - Rush Limbaugh
Last I checked my credit rating was 810. I can't imagine why they would prefer a liability like dollars instead of a check. When I worked retail we had customers that would come in and pay large bills with cash. We had to hide it ASAP. Cash was a theft magnet. And by "hide it", it was a trip to the safe located elsewhere or the bank for a deposit. Trouble and cost any way you look at the problem.
Is it time to take out the trash? Post Date: 2010-07-14 11:48:27 by A K A Stone We know who you mean.
Disappointing earnings from BofA and GE. The market would have long ago factored in the impact of financial reform given it's been clear for weeks that the Democrats had the votes to pass the bill. And, the DJIA was up yesterday. At close yesterday it was up over 7% from the July 2nd low.
He ends up getting personal each and every time when he's losing, and actually thinks the word 'wrong' is a rebuttal.
"See in my line of work, you got to keep repeating things over and over and over again for the truth to sink in, to kind of catapult the propaganda." --- George W. Bush (Rochester NY, 5-24-2005)
Bullshit. First off, that's a FICO score not a credit rating and secondly, FICO scores are held confidential. You can get a score that an agency will claim is calculated similar to how FICO does it but it won't be FICO.
You need to pass that bong around.
"See in my line of work, you got to keep repeating things over and over and over again for the truth to sink in, to kind of catapult the propaganda." --- George W. Bush (Rochester NY, 5-24-2005)
You need to pass that bong around. I only checked one of the three rating agencies. I should probably check again, the free reports are required and it's way past the expiration date on the last one. If you haven't caught on yet some posters here are not that bright, pretty obvious which category you belong to.
Is it time to take out the trash? Post Date: 2010-07-14 11:48:27 by A K A Stone We know who you mean.
As long as we have you around to make it patently obvious you need not be concerned.
He's another Goldi clone in that he want posters to be banned for daring to disagreee with his 'enlightened' commentary.
"See in my line of work, you got to keep repeating things over and over and over again for the truth to sink in, to kind of catapult the propaganda." --- George W. Bush (Rochester NY, 5-24-2005)
If there is anyone who has "Dork" written all over him more than PansyBoy here I'd be shocked...
Awwww skippy, whats a matter? UCLA raise the tuition again? (laughing)
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
You don't 'think' goofy, you bird talk MSNBC talking points. The database doesn't lie.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Would you mind sending me a "mere" $200 million? You're an idiot. A complete and utter idiot. Lemme explain it to ya: A guy asks a gal, "Would you have sex with me for $200 million?" She says, "You bet!" He says, "Well then, how about for a nickle?" She says, "NO! What kind of girl do you think I am!?!" He says, "We've already established that. We're just haggling price now." They're all whores. Bush had no right to spend the money, just as Obama or anyone else doesn't. But you knew that.
(sneakypete)DID Palin say or write these things or not? (Mad Dog's reply) I don't know or F ing care. Pete, MD doesn't know or care what Palin says or writes, he'll support her no matter what.
#2. To: Nebuchadnezzar (#0)
(Edited)
#3. To: Nebuchadnezzar, A K A Stone (#0)
Stock Market Crashing
#4. To: war (#3)
The stock market isn't crashing.
#5. To: Nebuchadnezzar (#4)
-203 points. Financials leading the way.
#6. To: war (#5)
A crash is a move of 15+% in one day. PING me when we're down 1500. Thanks.
#7. To: Nebuchadnezzar (#6)
Sorry, you're fantasy standard isn't shared by middle America.
#8. To: war (#2)
ATM fees are illegal in Canada. Look at the soundness of their banking system compared to ours.
#9. To: no gnu taxes (#8)
2) I bet they don't have "community organizers" forcing them to give NINJA loans to every Jamal, Shaquiqua, Pedro, and Maria who walks in the door.
#10. To: no gnu taxes (#8)
Has nothing to do with ATM Fees.
#11. To: mininggold (#9)
#12. To: Nebuchadnezzar (#0)
#13. To: war (#10)
#14. To: no gnu taxes (#11)
The only program Bush ever sponsored was a mere $200 million dollar one that helped people with down payments. He never advocated giving mortgages to people who couldn't demonstrate they had the income to pay their monthly mortgage payments.
#15. To: no gnu taxes (#13)
(Edited)
I was referencing your mention of the Canadian system.
#16. To: no gnu taxes (#8)
Has nothing to do with ATM Fees.
#17. To: PansyBoy (#16)
(Edited)
I have no problem with ATM fees
#18. To: war (#15)
debit card interchange fees
#19. To: no gnu taxes (#18)
I don't think that's an ATM fee anyway.
#20. To: no gnu taxes (#18)
#21. To: PansyBoy (#20)
#22. To: reaganisright (#20)
When I bought my cap for my pickup I negotiated a discount for cash. When I pulled out my checkbook the clown said I don't see any cash. What a fool, my discount turned into his charge for my Discover card purchase.
#23. To: lucysmom (#22)
#24. To: war (#23)
You don't see the bait and switch of negotiating cash and then whipping out your checkbook?
#25. To: lucysmom (#24)
#26. To: lucysmom (#22)
Maybe it was your credit rating.
#27. To: Badeye (#26)
and you wonder why you are known as 'goofysmom' huh?
#28. To: lucysmom (#27)
I thought we covered that on another thread.
#29. To: lucysmom (#22)
#30. To: Nebuchadnezzar (#4)
(Edited)
-203 points. Financials leading the way.
Being a Republicans means you get to choose your own reality
#31. To: Skip Intro (#28)
(Edited)
Give up on him. He's too stupid to get the point.
#32. To: reaganisright (#29)
(Edited)
Last I checked my credit rating was 810.
#33. To: reaganisright (#29)
Last I checked my credit rating was 810. I can't imagine why they would prefer a liability like dollars instead of a check.
#34. To: mininggold (#33)
Last I checked my credit rating was 810. I can't imagine why they would prefer a liability like dollars instead of a check.
#35. To: PansyBoy (#34)
If you haven't caught on yet some posters here are not that bright, pretty obvious which category you belong to.
#36. To: war, reagain must have been a fool (#35)
As long as we have you around to make it patently obvious you need not be concerned.
#37. To: mininggold, PansyBoy (#36)
#38. To: Skip Intro (#28)
#39. To: lucysmom (#27)
#40. To: no gnu taxes (#11)
The only program Bush ever sponsored was a mere $200 million
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