Okay, if you want to find this type of information sometimes you have to dig for it. Hidden in the bowels of CNNfn Money.com is the data about the Fortune 500's biggest winners, meaning profit makers, for 2007.
Now, there can't possibly be any banking type institutions, right?
Well, not so fast. it appears that J.P. Morgan was ranked at #4 bringing in a profit of 15.37 billion, they've been busy. That's a 6% increase over 2006, which had posted a 70% increase. I guess we won't have to worry about them failing anytime soon.
Okay, anyone else?
Actually yes! Bank of America posted profits of 14.98 billion in 2007 and ranked #5 in regards to profits, right behind good olde J.P. Not bad, huh?
That's gotta be it, don't you think?
Naa!
Coming in at #17 with 8.06 billion in profits is Wells Fargo. That was a decline of 5%, but they did have an increase in sales of 12%.
Three financial institutions out of the top 20 businesses, in a declining real estate market, a credit crisis, and the infamous "subprime meltdown." You'd think this was not possible considering what you read and see on the news.
THINK AGAIN!
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