Bank America — the largest US bank, posted a giant $1 billion loss. Note that this was not caused by subprime/toxic assets, but by run-of-the-mill consumer defaults.
The negative consumer losses were offset in part by trading profits from the Merrill Lynch division. (No word if the Countrywide acquisition contributed anything to the quarter).
Near 10% unemployment and record foreclosures have hurt the largest U.S. consumer lender.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.