(Update includes earnings results for General Electric, Bank of America and General Electric.)Three troubled corporate titans reported earnings Friday morning, after using an expanse of government support to plug balance-sheet holes, leverage earnings power or boost investor confidence enough to operate in the financial markets. Bank of America ( BAC), Citigroup ( C) and General Electric ( GE) have received varying degrees of federal support throughout the economic crisis. But all three can't deny -- like most companies with big financial components over the past 10 months -- they have received some form of handout. That's why we're dubbing today Corporate Welfare Friday. All three firms topped earnings estimates on Friday, collectively reporting $10.4 billion in profit. It's worth noting how much government support BofA, Citi and GE were able to lean on to boost results. BofA and Citi have received $90 billion in bailout funds from the government's Troubled Asset Relief Program, not including yet-to-be-valued warrants. They have also taken advantage of $12.5 billion in asset guarantees and nearly $70 billion in Federal Deposit Insurance Corp. guarantees on new debt issued through the first quarter.
What the Fed: Corporate Welfare Friday