Enjoy, America! I'm glad to know you are all better now.
"Profits soar 36% at JPMorgan Chase
The banking industry has another winner.
JPMorgan Chase & Co. reported a 36 percent jump in second-quarter profits, easily surpassing analysts’ forecasts as huge gains in its investment banking business outweighed higher losses from bad loans. The results came two days after rival Goldman Sachs Group Inc. also posted surprisingly good results, solidifying the companies’ position as the strongest players in the industry.
Then WHY did they need federal $$$?
See: The Galling Greed of Goldman Sachs
JPMorgan and Goldman are among the 10 major banks that federal regulators deemed healthy enough last month to repay billions in bailout funds, freeing them from tighter government oversight and caps on pay that the industry had chafed at.
They didn't repay us; they simply threw money back into the bailout pot so Geithner could use it again!
Two major banks that haven’t yet exited the rescue program, Bank of America Corp. and Citigroup Inc., report their earnings today. JPMorgan earned $2.72 billion for the April-June period, up from $2 billion a year ago. Investment banking profits more than tripled to $1.5 billion on higher underwriting fees and gains in its bonds business.
So the ECONOMIC COLLAPSE actually WORKED to THEIR BENEFIT, 'eh?
CUI-fucking-BONO, huh?
Like Goldman Sachs, JPMorgan is also seeing its investment banking business benefit from a smaller playing field....
Yes, world, the destruction of the economy was PLANNED ALL ALONG so SOME SELECT FEW could BENEFIT!!
The profits came despite a $1.1 billion charge as part of the Troubled Asset Relief Program.
Biogen Idec reports surge in drug sales
Biogen Idec Inc., the world’s largest maker of medicines for multiple sclerosis, reported profit higher than analysts expected, helped by a 27 percent sales surge for its fastest-growing drug, Tysabri.
Unreal! They put out a drug that GIVES YOU BRAIN CANCER and its considered a success!
Yeah, that's what HEALTH CARE is in this country:all about $$$$!!!!
Related: The Biogen fear factor
Un-frikkin'-real!
I've had it with the INSULTS from the Boston Globe!
Revenue rose 10 percent to $1.09 billion as more patients were treated with the MS medication Tysabri, which returned to the market in July 2006 after a 16-month suspension because of its link to a deadly viral brain disease called progressive multifocal leukoencephalopathy, or PML.
“It is clear that Tysabri’s growth continues despite all the negative attention the drug receives,’’ said Eric Schmidt, an analyst with Cowen & Co. in New York, in a note to clients. “Tysabri’s strong performance was driven by a significant’’ increase in new patients taking the drug, Schmidt added. (Bloomberg)
Pfffft!
IBM Corp. blew away second-quarter profit projections and jacked up its full-year earnings forecast, a rare sign of confidence from a major corporation in the recession. Even though IBM’s sales are slipping, the results demonstrate the technology company’s belief that it can continue wringing out more profit from its services and software divisions.
See: IBM Shines Sun Up Massachusetts' Ass
IBM’s results don’t mean corporate technology spending has rebounded. Consulting and outsourcing rival Accenture Ltd. says there are fewer opportunities in higher-end services. Dell Inc. this week said it still is finding it hard to sell PCs to corporations, which are holding on to machines longer than normal. Even chip maker Intel Corp., which this week reported stronger-than-expected earnings and guidance, said large companies haven’t loosened their purse strings yet. (AP)
2d-quarter sales slow at Google
Revenue rose 2.9 percent.... Net income rose 19 percent to $1.48 billion
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"Joblessness helping fuel foreclosure crisis" by Alan Zibel and Tammy Webber, Associated Press | July 17, 2009
WASHINGTON - Relentlessly rising unemployment is triggering more home foreclosures, threatening the Obama administration’s efforts to end the housing crisis and diminishing hopes the economy will rebound with vigor.
It looks like SOME have ALREADY REBOUNDED!
It HURTS to POST this SLOP, readers! It really, really is EATING MY HEART OUT every day to read this shit!
Time to start LOPPING OFF SOME FUCKING HEADS!!!!!!!!!!
In past recessions, the housing industry helped get the economy back on track. Home builders ramped up production, expecting buyers to take advantage of lower prices and jump into the market. But not this time.
Homeowners who got fixed-rate prime mortgages because they had good credit can’t make their payments because they are out of work. That means even more foreclosures and further declines in home values. The initial surge in foreclosures in 2007 and 2008 was tied to subprime mortgages issued during the housing boom to people with shaky credit. That crisis has ebbed, but it has been replaced by more traditional foreclosures tied to the recession.
Think of it a a ONE-TWO PUNCH to the gut hile CORPORATIONS are RAKING IN PROFITS!!!!! They are LOOTING the NATION, folks!!!!
The real estate market is saturated with unsold homes and homes that sell below market value because they are in or close to foreclosure. Because home values have declined so dramatically, many people can’t refinance. They owe far more to the bank than their properties are worth.
Yup, HOMEOWNERS NEVER GOT a BAILOUT!!!!! They never even got reduced rates!!! If they renegotiated, the rates INCREASED!!!!!
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And it is the same in my shitty little home state, despite the Globe's garbage shoveling. I really can't describe the feeling inside me right now. I can't read this paper anymore because of bullshit like this.
"State jobless rate at 17-year high; Economists still see some recovery signs" by Robert Gavin, Globe Staff | July 17, 2009
Massachusetts employers cut more than 2,000 jobs last month as the state unemployment rate jumped to its highest level in nearly 17 years, the Executive Office of Labor and Workforce Development reported yesterday.
Meanwhile, the agenda-pushing fart-misters here promote green energy that "may" bring tens of jobs in a few years. Or some biotech loser. Or ship tax loot out to Hollywood. Etc, etc, etc....
The job losses and rise in unemployment represent a setback from May, when the state gained a surprising 5,600 jobs and the jobless rate rose modestly to 8.2 percent.
Yeah, the STATE GAINED JOBS but UNEMPLOYEMNT STILL WENT UP!
Tell me another fart-fuck lie, dammit!!!!!!!!!
In June, however, employers cut 2,300 jobs and the unemployment rate surged to 8.6 percent, the highest figure since September 1992, the state labor agency reported. The June employment report suggests the state faces several months of job losses and rising unemployment as the national recession drags on, analysts said. Still, the June report contained signs that the state’s economy is on the mend.
Do I need to even typre it? What an insult!
I'm going to STOP BUYING and STOP READING the BOSTON GLOBE, readers.
Mike Lynch, regional economist at IHS Global Insight in Lexington:
“The worst is behind us. We are certainly heading in a better direction.’’
There are other indications that the state’s economy is improving, analysts said......
Still, losses in other key sectors more than offset these gains.
--more--"Can you see WHY I HATE THEM now?!
Nothing but BULLSHIT-TOSSING LIARS!!!!!
But LOOK UP, New Englandah!
"Recession blues? Hit the road; Billboards aim to lighten mood" by Kelsey Abbruzzese, Associated Press | July 17, 2009
PROVIDENCE - The state’s 12.1 percent unemployment rate in May tied with South Carolina for third-highest in the country, behind only Michigan and Oregon, all of which are also getting the billboards.
“If you just lost your job and your house, this campaign is not going to do a thing for you,’’ he said. “. . . If you’re like most of America, you’ve still got a job, and you’re making your mortgage payment. You may not be spending what you normally spend, because you’re afraid of what’s going on.’’
Mostly, Robb said, the messages are to remind people of the country’s resiliency and optimism....
I'd like you to meet this little invention they call a guillotine, shitter!!!!!!!!!!
Update:
MORE BANK WINNERS!
"Bank of America earns $2.4B, ahead of estimates" by Ieva M. Augstums, AP Business Writer | July 17, 2009
CHARLOTTE, N.C. --Bank of America joined other major banks in reporting better-than-expected second quarter income Friday, earning $2.42 billion even as losses from failed loans continued to rise....
And they HAVEN'T EVEN PAID US BACK YET!!
Separately on Friday, Citigroup Inc. reported that it earned $3 billion.... Analysts had predicted the New York-based bank would post a loss.
BofA's CEO Ken Lewis said in a statement that continued weakness in the economy, rising unemployment and deteriorating credit quality would affect the company for the rest of this year and next. That echoed views from JPMorgan Chase & Co. executives, who also reported continuing loan problems Thursday even as their company posted strong second-quarter earnings.
They think those condescending and insulting comments are going to mollify us?
The Charlotte, N.C.-based bank has about 55 million consumer and small business customers, making it vulnerable to delinquencies and defaults, yet also ready to thrive when the economy recovers. Bank of America, like Goldman Sachs Group Inc. and JPMorgan Chase, said it had a handsome profit from its trading business. The company acquired Merrill Lynch & Co. early this year, helping to boost revenues by 61 percent compared with a year ago to $32.77 billion.
And yet WE WERE TOLD as taxpayers they LOST OUT on the deal!!!
Profits in BofA's global markets unit jumped by $1.1 billion to $1.38 billion....
The bank has received $45 billion in bailout funds as part of the Treasury Departments $700 billion financial rescue package. It's not known when it will repay the government.
Hey, they can START RIGHT NOW!!!!
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You can line up right here, fellas:
