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The oil price fell immediately after the announcement of a reserve release, but it soon rallied and then stayed put roughly where it had been before the intervention.
Abdalla El-Badri, the group's secretary-general, had previously described the idea of an IEA reserve release as a "weapon against OPEC".
Moody's, a ratings agency, reckons that even without the reserve release and tax break the pair would be making $10 billion a quarter.In August 2012, just as the two were returning to profit, the government used its powers as conservator to amend the conditions of its investment, making all profits over to itself.
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Citigroup and JPMorgan also announced reserve releases of about $1 billion each.
"We do not look at reserve releases as earnings," he said.
In this case, of the $2.5 billion profit in the second quarter, $1.9 billion came from reserve releases.
A turtle reserve releases baby turtles into the wild here in winter; in summer they return to lay their eggs.
Let's not pretend the company is trying to pull the wool over anyone's eyes with reserve releases".
"Absent significant deterioration in the economy, we expect future reserve releases," said Mike Loughlin, the bank's chief risk officer.
Without the special items, Bank of America would have earned about $2.7 billion, which includes $1.7 billion in reserve releases as credit losses eased.
Now we are seeing strong reserve releases, regulatory headwinds have subsided, and UK motor rates are rising again.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com