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.


Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

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