BoA Lewis said the same as Citi about strong 1stQ

At this point what credibility would anyone give Lewis? He's desperate as is the Vick.

Every bank is making operating profits...its when they apply the write downs on March 31st the profit evaporates...

And with no suspension of M2M taking place its going to get ugly...again

Fantastic news. So in 3 years when B of A pays the Tarp money back they will then be allowed to pay employees more than $500,000 per year. That should really lift the NY real estate market. In 2012.

Malthus, if you really think banks won't figure out a way to pay their performers more than $500K, you are dreaming.

I'm sure they are hard at work at figuring that out. But when they do or are able to, those bonsues are going to look a lot different than they have for the last 30 years. More deferred comp. More stock. Given that this is a real estate board, I thought I would point out that we have a long way to go before the deleveraging even starts and the drops in value slow.

SteveF - I heard that the layoffs in NYC have been completely fabricated by the media? Is this true?

bingo garelj, what they are reporting is "made some money! if you don't count my losses"

beatyerputz..thanks for commenting and keeping the thread on top....As for your media question? Maybe..

http://www.nypost.com/seven/03052009/news/regionalnews/ny_unemployment_at_7__in_january_158160.htm

did you catch this part?

"hopes to pay back the $45 billion it's already received within three years, CEO Ken Lewis told CNBC."

So, in 3 years it can start thinking about getting rid of the salary caps. Will be AWESOME for NYC real estate!

>So, in 3 years it can start thinking about getting rid of the salary caps. Will be AWESOME for NYC real estate!

Has this happened?

Nice diversionary tactic.

Diversionary from what? Wasn't it Citi that issued your sub-prime mortgage when Chase wouldn't do it?