These are the people you trust to "insure" your money?
FOURTH QUARTER 2007
# INDUSTRY EARNED $5.8 BILLION IN FOURTH QUARTER
# EXPENSES FOR BAD LOANS, TRADING LOSSES WEIGH ON EARNINGS
# NONCURRENT RATE ON MORTGAGE LOANS REACHES NEW HIGH
# PACE OF RESERVE BUILDING PICKS UP
# NET INCOME TOTALED $105.5 BILLION IN 2007
ALL INSTITUTIONS PERFORMANCE
FIRST QUARTER 2008
# INDUSTRY EARNINGS DECLINE 46 PERCENT FROM YEAR-EARLIER LEVEL
# LOSS PROVISIONS ABSORB A HIGHER SHARE OF REVENUE
# TROUBLED LOANS ACCUMULATE IN REAL ESTATE PORTFOLIOS
# LENDING GROWTH SLOWS
# FOURTH QUARTER 2007 EARNINGS ARE REVISED BELOW $1 BILLION
Restatements Shrink Fourth Quarter 2007 Profits Substantially
Industry earnings for the fourth quarter of 2007 were previously reported as $5.8 billion, but sizable restatements by a few institutions caused fourth quarter net income to decline to $646 million. This is the lowest quarterly net income for the industry since insured institutions posted an aggregate net loss in the fourth quarter of 1990. After the restatements, the fourth quarter 2007 industry ROA was reduced to 0.02 percent. Most of the restatements stemmed from increased charges for goodwill impairment. The writedowns of goodwill reduced the industry's equity capital, based on Generally Accepted Accounting Principles (GAAP), by approximately $4.7 billion (0.3 percent) from the amount originally reported, but they had no effect on regulatory capital levels, since goodwill is not included in capital for regulatory purposes.
If "a few" institutions lop 90% off the total, there's a problem.
While a great deal of accurate info is available on the web, I have found that for some things, it's best to go to a dot-gov site. That way, you eliminate the first arguments of the boot-licking-and-bandana-too-tight-to-think statists. "Thass a conspiracy-theorist site" and "Yew juss sayin' that cause yew hatez 'murika". I decided to get the hard numbers from 'murika, herself.
BTW, don't try the "restatement" trick on your income returns.