Goldman Beats The Street — But Not Impressively

Bank of America lost money but beat earnings estimates — once you back out the things it lost money on (New York Times) Bank of America lost $7.3 billion during the third quarter of 2010, due to a onetime charge of $10.4 billion related to its credit card unit. If it weren't for the onetime charge, Bank of America would have made $3.1 billion in net income during the quarter — more than three times its net income from the previous year. Still, BankofAmerica shares were down in pre-market trading . (Wall Street Journal)


Goldman beats the street — but not impressively. And the results are much weaker than last year. (Wall Street Joural)

Goldman reported revenue of $8.9 billion, and earnings of $2.98 a share; analyst consensus was for $7.9 billion in revenue, and earnings of $2.38 a share. Is there much to celebrate — considering that last year at the same time Goldman report $12.4 billion in revenue, and earnings of $5.25 per share?

Bank of America & GMAC Mortgage to resume foreclosures. (Wall Street Journal) On Monday, Bank of America and GMAC are scheduled to resume foreclosure actions. Bank of America stated that it found no significant problem in its foreclosure procedures, and reopened 100,000 foreclosure actions. GMAC will also begin pressing ahead with foreclosures, despite revelations that an employee claimed he signed affidavits without reviewing the content of loan documentation.

Appeals to Obama administration from U.S. multinationals for overseas tax relief grow louder (Financial Times)

Bank of New York Mellon reports a third quarter profit. (BusinessWeek)

David Brooks on why money doesn't matter — in political campaigns, at least. (New York Times) David Brook's thoughtful piece explores why the political class focuses on financial campaign expenditure, when its correlation to actual victories is limited.