Bank of America at it again vol. 10k jobs to the grinder

Originally Posted by HankMoody

LazyJ, put 2 mil where your mouth is; this guy did:

http://www.zerohedge.com/...erica-will-be-4-november
Click to expand...

I'm a skeptical bull by nature.  I firmly believe all of what they're doing right now is strictly to please the street.  They traded at or around $10 for the better part of the year (though decreasing throughout) and big hedge funds still own a ton of shares.  Equity prices will rise IMO, it's just going to be volatile.  November or January '11 would be the two months I'd pick between.  Options are a cheap way to assume some exposure.  The premium on $10 yesterday was .20 a contract.
Edit - If someone would set up the damn virtual trading game, I would place a bet on it 
laugh.gif
 
As long as you are on your grind at work and one of the top performers you do not have anything to work about. Also, in most cases those that are laid off are able to find work back at the Bank again.

Also, the comment about the Top Management not be able to find jobs at other companies is very hard to believe. Any one of the top execs could easily walk across the street and find another job.

http://www.guardian.co.uk.../13/guardian-media-group
http://dealbook.nytimes.c...nk-of-america-executive/
http://reversemortgagedai...exec-builds-retail-team/
http://www.efinancialnews...d=sectionheadlines-PE-IB
http://www.foxbusiness.co...pital-markets-executive/

Just an example.
 
Originally Posted by HankMoody

You're right. He's never done a segment on income inequality.
Click to expand...
So would you prefer socialism/communism? Do you not believe that those who work hard deserve what they earn? 
[table][tr][td]presumed[/td][td][/td][td][/td][td][-][/td][/tr][tr][td]
Posted: 08/19/1110:55 AM
[/td][td]
Basically Hank Paulson made 700 million dollars as Goldman Sachs CEO, then became the Secretary of the Treasury, and screwed over the middle class with the housing crisis and financial crisis while allowing his former associates at Goldman Sachs make billions and billions of dollars off of the American people's misery. At least thats what those movies suggested and proved. I'm sure someone else can explain in greater detail and clarity.
[/td][/tr][/table]

Main street is just as much to blame for borrowing money they cannot afford to pay back

[table][tr][td]
on_line.gif
finnns2003[/td][td][/td][td][/td][td][-][/td][/tr][tr][td]
Posted: 08/19/1110:59 AM
[/td][td]
kidplay wrote:
The company is performing poorly and when that happens, management always cuts costs (jobs).  Why would they hire when they are losing money? 
Click to expand...

Uhh... they are not performing poorly. Do you READ? 

Bullet points, let's see if they work
-Low taxation rates
-Bailout money (just got another $500 million for bad loans)
-Profitable in 3 of the last 6 quarters

Share price fell so that's an excuse to cut 10k jobs? Again, absolutely not. You are a disgrace to Colbert.[/td][/tr][/table]

Low taxation rates? Thats a political issue that affects every company equally making everyone in the industry more profitable. (US still has one of the highest corp tax rates in the WORLD). This is also a moot point as they operate at a loss which probably adversely affects their NOL .

Bailout money is just a loan (which the gov't makes money on btw) and BAC repaid almost 10x this amount in tarp so I don't believe default to be an issue

50% success rate is considered good? I guess you have a different standard of "performing"

Share price has fallen consistently over the past quarter and YES that is an excuse to cut costs. Remember that executives are heavily rated upon stock performance so if they dont find ways to increase EPS then they will be replaced.  Out of self preservation, Moynihan is doing what he needs to do. 

[table][tr][td]
off_line.gif
Biggie62[/td][td][/td][td][/td][td][-][/td][/tr][tr][td]
Posted: 08/19/1111:04 AM
[/td][td]
finnns2003 wrote:
kidplay wrote:
The company is performing poorly and when that happens, management always cuts costs (jobs).  Why would they hire when they are losing money? 
Click to expand...
Click to expand...

Uhh... they are not performing poorly. Do you READ? 

Bullet points, let's see if they work
-Low taxation rates
-Bailout money (just got another $500 million for bad loans)
-Profitable in 3 of the last 6 quarters

Share price fell so that's an excuse to cut 10k jobs? Again, absolutely not. You are a disgrace to Colbert.


Profits are down year to year, specifically in trading.  So traders, back office workers, and investment bankers get cut.  Unfortunately a lot get cut that shouldn't because they are good performers, but because they lack the connections to elite universities or have slightly worse resumes they get the axe.[/td][/tr][/table]

I'm not 100% sure if thats true.  Not coming from an elite university definitely hurts your chances of getting hired.  Once you are in the company though cuts may not be as biased (of course it happens, but i doubt HR is going through old resumes of their employees going "he didnt go to penn? lets cut this guy") 
 
The corporate tax RATES and code all together are certainly in need of being overhauled. However, if you look at their effective rates a lot of the Fortune 500 are paying NO WHERE near the assumed rates.
 
I do not pay anywhere need what my balance rate should be, just like everyone else i use tax write offs, tax credits, and tax deductions.
 
my mortgage is with them so I have to stay. I aint refinancing to another bank with all these strict guidelines for mortgages any time soon.
 
Originally Posted by kidplay

Originally Posted by HankMoody

You're right. He's never done a segment on income inequality.
Click to expand...
So would you prefer socialism/communism? Do you not believe that those who work hard deserve what they earn? 
Click to expand...
Define "deserve what they earn"?  

Their pay is set by the Board of Directors, not by shareholders. 
 
Originally Posted by peter80warrick


Also, the comment about the Top Management not be able to find jobs at other companies is very hard to believe. Any one of the top execs could easily walk across the street and find another job.

http://www.guardian.co.uk.../13/guardian-media-group
http://dealbook.nytimes.c...nk-of-america-executive/
http://reversemortgagedai...exec-builds-retail-team/
http://www.efinancialnews...d=sectionheadlines-PE-IB
http://www.foxbusiness.co...pital-markets-executive/

Just an example.
Click to expand...
Point taken.  It's just the way you said it as if these guys are in such demand that the most profitable companies like Google and Apple would replace their own execs with a Bank of America exec in a blink of an eye.

My main point is that these guys are obviously easily replaceable given the fact that in spite of all the government help, Bank of America is still doing poorly. 
 
Is it smarter to just keep money in the crib? I gotta make the switch from boa to chase asap
 
Originally Posted by gregzzy23

Is it smarter to just keep money in the crib? I gotta make the switch from boa to chase asap
Click to expand...

Your money is FDIC insured up to $250K(I think that's the new limit)
 
The only problem with banking local is the lack of products they can offer.

Such as a Bank of America customer I have the ability to manage all of my accounts from one screen and move money around very easily from my checking, savings, and brokerage accounts. If i move money out of checking/savings it is in my brokerage account the next day and vice versa. Another things is the amount of ATMS they have, which is around 18,000 and growing. They also provide international currency at no charge.
 
they bought my dad's company (LaSalle) and then proceeded to fire him in 2008. BoA executives should just get executed themselves to save face.
 
Originally Posted by cguy610

Originally Posted by kidplay

Originally Posted by HankMoody

You're right. He's never done a segment on income inequality.
Click to expand...
So would you prefer socialism/communism? Do you not believe that those who work hard deserve what they earn? 
Click to expand...
Define "deserve what they earn"?  

Their pay is set by the Board of Directors, not by shareholders. 
Click to expand...
The value they provide - could be anything in terms of network/experience/strategy. 
Their pay may be approved by the BOD but it's definitely set by the market.  Money talks, if you dont pay - talent will go elsewhere and your company will suffer. It's basic market principles. 
 
Originally Posted by jusdre86

Economy is wild right now. The cvs by me fired all the cashiers and replaced them with machines
Click to expand...
 
IDK why, but I found this a bit funny...
laugh.gif
laugh.gif
laugh.gif
(not at the loss of jobs, but at the replacements).


...
 
Originally Posted by kidplay

Originally Posted by cguy610

Originally Posted by kidplay

So would you prefer socialism/communism? Do you not believe that those who work hard deserve what they earn? 
Click to expand...
Define "deserve what they earn"?  

Their pay is set by the Board of Directors, not by shareholders. 
Click to expand...
The value they provide - could be anything in terms of network/experience/strategy. 
Their pay may be approved by the BOD but it's definitely set by the market.  Money talks, if you dont pay - talent will go elsewhere and your company will suffer. It's basic market principles. 
Click to expand...
we dont feel bad...

were talking positions in which the salary and bonuses of one year  alone exceed the combined income of entire NYC blocks


wah wah wah. what CEO here only pays 30 sum million a year?...

no bueno im goin to work across the street ...
sick.gif
 
Originally Posted by kidplay

Originally Posted by cguy610

Originally Posted by kidplay

So would you prefer socialism/communism? Do you not believe that those who work hard deserve what they earn? 
Click to expand...
Define "deserve what they earn"?  

Their pay is set by the Board of Directors, not by shareholders. 
Click to expand...
The value they provide - could be anything in terms of network/experience/strategy. 
Their pay may be approved by the BOD but it's definitely set by the market.  Money talks, if you dont pay - talent will go elsewhere and your company will suffer. It's basic market principles. 
Click to expand...
It's not "set by the market".  Anytime a group of cronies approve a person's pay, it is not set by the market.  I remember when I used to own some Berkshire Hathaway B stock, I received a voting form for the BOD.  Some of the names to vote for were like, "Bill Gates, Warren Buffet, etc". 
 
Originally Posted by ElCatfisho

they bought my dad's company (LaSalle) and then proceeded to fire him in 2008. BoA executives should just get executed themselves to save face.
Click to expand...
sick.gif


Sounds like Gordon Gekko
 
Originally Posted by cguy610

Originally Posted by kidplay

Originally Posted by cguy610

Define "deserve what they earn"?  

Their pay is set by the Board of Directors, not by shareholders. 
Click to expand...
The value they provide - could be anything in terms of network/experience/strategy. 
Their pay may be approved by the BOD but it's definitely set by the market.  Money talks, if you dont pay - talent will go elsewhere and your company will suffer. It's basic market principles. 
Click to expand...
It's not "set by the market".  Anytime a group of cronies approve a person's pay, it is not set by the market.  I remember when I used to own some Berkshire Hathaway B stock, I received a voting form for the BOD.  Some of the names to vote for were like, "Bill Gates, Warren Buffet, etc". 
Click to expand...

The BOD approves the comp number, but many companies have external or internal resources examine executive compensation at competitors to get a gauge of what they need to pay their top people. That's what I mean by "set by the market". 
 
Originally Posted by cguy610

Originally Posted by gregzzy23

Is it smarter to just keep money in the crib? I gotta make the switch from boa to chase asap
Click to expand...

Your money is FDIC insured up to $250K(I think that's the new limit)
Click to expand...

if EVERYBODY took thier money out and sold all stocks today, do you really think your money is still safe???
roll.gif

  
 
You must log in or register to reply here.

The ultimate sneaker enthusiast community.

NikeTalk was created as a way of giving back to both the sneaker enthusiast community and to the greater global community of which we are all a part.

NikeTalk is NOT affiliated with Nike Inc. in any way, shape, or form. All opinions expressed herein do not necessarily reflect those of Nike, Inc.

© 1999-2024 NikeTalk.com

Share this page

Back
Top Bottom