Friday, January 16, 2009

Bank of America, Citigroup Post Major Losses

Banks Crap On And Cheat Customers, Pay The Price

The Washington Post notes another mile marker on the road to total financial collapse.
The dismal results from Bank of America and Citigroup showed the depth of the recession during the last three months of 2008, and suggested that the economic situation is getting worse. Both companies reported that losses on products such as credit card loans were not just growing but accelerating.
Since all their customers are broke, both banks have decided that extracting blood from turnips would make a better business strategy.

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