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Bank of America and Citigroup are "bleeding red ink," warned CBS' Anthony Mason, "taking a beating on bad consumer loans--BofA put aside $13bn to cover lending losses, Citi $4bn. Yet both announced corporate profits for the second quarter of 2009. Mason listed the fees "even on good customers" that are being raised to keep the banks in the black: $100 to close a checking account; $3 more each month to keep one open; $2 per withdrawal at an average ATM; $26 for each overdraft. On NBC, Maria Bartiromo of CNBC filed on the banks' profits--along with IBM's and General Electric's--to conclude that "we have seen the worst in terms of this economic downturn." Then she warned that retailers and the fashion industry may be "in real trouble in terms of meeting payroll" if small-business lender CIT goes bankrupt. CBS' Nancy Cordes warned us about CIT on Thursday.
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