Obama on Bank of America
Here's President Obama on Bank of America's new $5 account fee:
"You don't have some inherent right just to – you know, get a certain amount of profit."
Let's take a look at those profits:
Net income, 2008: $4 billion
Net income, 2009: ($2.2 billion)
Net income, 2010:($3.5 billion)
Net income, 2011 (YTD): ($16.3 billion)
So over the past four years, BofA has generated a cummulative negative $18 billion in profits. Your average lemonade stand is vastly more profitable.
Food for thought.