Wall Street Banks Deliver Another Heroic Quarter

All the big banks have now reported Q3 earnings, so here they are:

These might seem like pretty spectacular results to you, since even the top percentile of ordinary schlubs didn’t see their wages go up more than 5-6 percent in the third quarter. But you’d be wrong. Several big banks were flat or even down on these results. Bank of America, for example, opened Monday at $28.11 and is currently trading at … $28.11.

But if Wall Street isn’t that impressed, the rest of us should be. An average increase in profits of 23 percent seems pretty good, especially with all these banks straining under the cruel yoke of Dodd-Frank rules that practically keep them from opening their doors for business each morning. It’s a miracle they can stay in business at all, let alone continue to increase their earnings by billions of dollars each quarter. So huzzah to America’s big banks. Truly they show what hard work and free market capitalism are all about.

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate