Bank of America, which has already made 3,650 layoffs, reported a 95% decline in profits for the last quarter and is planning yet more job cuts. "Abysmal," declared Forbes.com. Nearly as abysmal, in fact, as the business magazine's record of editorial judgment. After the jump, a passage from Forbes' celebratory cover story on America's second-biggest bank just three months ago, which praised BofA's ability to "deftly avoid trouble" and prescience in staying out of the toxic sub-prime mortgage market. If Forbes itself provides any guide to the future, it is this: dump any stocks touted on its cover.
[Money For The Masses, Forbes, October 2007]