Report: Bank of America job cuts may hit 40,000

Bank of America Corp., reeling from concerns over the size of its liability from troubled mortgages, has discussed cutting up to 40,000 jobs over several years as CEO Brian Moynihan battles to reduce expenses with a sweeping restructuring plan, the Wall Street Journal reported on Friday. And i thought they continued to enjoy record profits from the ongoing bailout subsidy programs? I guess if the taxpayer is powering your business with free money, you don't need so many employees doing work. As we all know, nothing was fixed in the 2008 manufactured crisis. The endemic problems that provided cover for the massive bank bailout fraud continues to increase exponentially. But, we're assured, this time it's different. The last crisis was timed for the end of the election year. Perhaps this one will take place in the summer of 2012. But what will they steal from us this time? With fiscal responsibility being the election year meme, the banks may need to set their sights on other sources of wealth. There's a lot of gold hidden in IRAs, 401ks and pensions. Maybe the times has come for a little retirement raiding? It's not loike that haven't done it before.