These 98 Largest Virginia Corps had Audited under US Generally Accepted Accounting Principles (US GAAP) Total After-tax Net Income of $10.5 bil in the most recent fiscal year 2011, which was a massive improvement of $57.1 bil as compared with the $46.6 bil Net Loss generated just three years earlier in 2008, the last year of the Bush/Cheney Administration.
So if the question to be answered is whether, in the aggregate, these 98 Virginia Largest Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and substantially so to the tune of over $57 bil better, as earnings performance is measured by the prestigious US Accounting Profession.
But there is a second very important story here.
It is just incredible how much better the total earnings improvement of these 98 Largest Virginia Corps was in both 2009 over 2008, and in 2010 over 2009, when in both cases the US House was under Moderate Democratic control, than it was in 2011 over 2010, when the US House was under Very Conservative Republican control, with Vice Presidential Candidate Paul Ryan and Virginia's Eric Cantor being two of the key pivotal leaders of this Uncompromising, Block-Voting, Very Conservative Republican Movement, which has such an extremely low approval rating in the eyes of US citizens.
Just how much better were these earnings when the US House was under Democratic control?
Well, the Total After-tax Net Income improvement of these 98 Largest Virginia Corps was a massive $41.6 bil in 2009 over 2008, and another huge $13.3 bil in 2010 over 2009, with both 2009 and 2010 being under Democratic control of the US House. However, such earnings improvement was a much lesser $2.2 bil in 2011 over 2010, with Uncompromising, Very Conservative Republican control of the US House.
Clearly, the best combination for a US economy under much stress is a Moderate Democratic President, a Moderate Democratic US House, and a Moderate Democratic US Senate. This is precisely what we had in 2009 and 2010, and did business profits ever rock then.
So many pundits criticize the Obama Economic Stimulus. It started really kicking in the 4Q 2009, when the Obama Administration’s economic stimulus programs, both individual income tax cuts and business income tax incentives, as well as wisely designed, very carefully vetted US Government investments, were all going full throttle. And look at the result in annual 2009 and in annual 2010, with Virginia's 98 Largest Corps increasing their Total Audited After-tax US GAAP Earnings by a substantial $54.9 bil in just those two years combined.
So, why is it that the total earnings improvement was so substantially lower in 2011 in Virginia, and all over the country, when the US House was under Very Conservative Republican control, than it was in both 2009 and in 2010?
Well, this Very Conservative Republican US House has no interest in compromise. Thus, nearly every wise, much-needed Obama economic initiative was stopped by this US House, and also stopped by filibustering by US Senate Republicans.
And the losers here were not just the unemployed, the underemployed, the dwindling middle class, and the people trying to get into the middle class. US Businesses were also big losers, by having their earnings growth substantially decelerate in 2011.
Included in the 98 Largest Virginia Corps was McLean, VA-based Freddie Mac, which US taxpayers own a huge chunk of. Freddie Mac's 2008 massive After-tax Net Loss of $50.1 bil, was reduced by $28.6 bil in 2009, by another $7.5 bil in 2010, and by still another $8.8 bil in 2011.
And in a recent very favorable development, Freddie Mac actually reported $563 mil of Pretax Income in the 1Q 2012, and then went even one better, with $2,944 mil of Pretax Income in the 2Q 2012. Thus, for the first half of 2012, Freddie Mac's Total Pretax Income was $3,507 mil, a $5,276 mil improvement from the Pretax Loss of $1,769 mil recorded in the first half of 2011.
Freddie Mac's $5,276 mil profit improvement in the first half of 2012 was driven mainly by much lower Credit Loss Provisions, which decreased by $2,538 mil, and by much lower Derivative Losses, which declined by $2,296 mil.
If this favorable profit trend continues, US taxpayers' exposure to the past massive losses of Freddie Mac will be substantially reduced.
So, how did the 97 Largest Virginia Corps other than Freddie Mac do?
Well, with the horrible financial meltdown in 2008, their Total Audited US GAAP After-tax Net Income dropped by $14.6 bil in 2008. But with much help from the Obama Economic Stimulus, such Total Earnings increased by $13.1 bil in 2009, and by another $5.8 bil in 2010.
So what happened in 2011, when the Uncompromising, Very Conservative Republicans took control of the US House. Well, the After-tax Earnings of these 97 Virginia Corps other than Freddie Mac actually declined by $6.6 bil in 2011.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss for each of these 98 Largest Virginia Corps for each of the most recent five fiscal years. The overwhelming majority of these Corporations have a December Fiscal Year End (FYE).
| FYE | FYE | FYE | FYE | FYE | ||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||
| Reported | Reported | Reported | Reported | Reported | ||
| Audited | Audited | Audited | Audited | Audited | ||
| After-Tax | After-Tax | After-Tax | After-Tax | After-Tax | ||
| Net Income | Net Income | Net Income | Net Income | Net Income | ||
| (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | ||
| HQs | mil $s | mil $s | mil $s | mil $s | mil $s | |
| Virginia Corps | ||||||
| Altria Group | Richmond | 3,393 | 3,907 | 3,208 | 3,090 | 3,131 |
| Capital One Financial | McLean | 3,253 | 3,050 | 987 | 85 | 2,592 |
| General Dynamics | Falls Church | 2,552 | 2,628 | 2,407 | 2,478 | 2,080 |
| Northrop Grumman | Falls Church | 2,086 | 1,904 | 1,434 | 1,018 | 1,448 |
| Norfolk Southern | Norfolk | 1,916 | 1,496 | 1,034 | 1,716 | 1,464 |
| AES | Arlington | 1,541 | 1,470 | 1,804 | 1,835 | 564 |
| Gannett | McLean | 500 | 602 | 379 | (6,620) | 971 |
| Dollar Tree | Chesapeake | 488 | 397 | 321 | 230 | 201 |
| CarMax | Richmond | 414 | 377 | 278 | 55 | 178 |
| Advance Auto Parts | Roanoke | 395 | 346 | 270 | 238 | 238 |
| Smithfield Foods | Smithfield | 361 | 521 | (101) | (251) | 139 |
| Exelis | McLean | 326 | 448 | 459 | 414 | 290 |
| MeadWestvaco | Richmond | 262 | 266 | 240 | 91 | 266 |
| Genworth Financial | Richmond | 261 | 285 | (399) | (572) | 1,154 |
| Booz Allen Hamilton | McLean | 240 | 85 | 25 | (436) | 89 |
| Newmarket Corp | Richmond | 207 | 177 | 162 | 73 | 79 |
| NII Holdings | Reston | 199 | 341 | 381 | 342 | 354 |
| Amerigroup | Virginia Beach | 196 | 273 | 149 | (57) | 112 |
| CACI Intl | Arlington | 168 | 145 | 107 | 90 | 78 |
| AvalonBay Communities | Arlington | 166 | 104 | 83 | 103 | 221 |
| Markel | Glen Allen | 148 | 268 | 202 | (59) | 406 |
| Verisign | Reston | 139 | 70 | 92 | 32 | (245) |
| ManTech Intl | Fairfax | 133 | 125 | 112 | 90 | 67 |
| NVR | Reston | 129 | 206 | 192 | 101 | 334 |
| Neustar | Sterling | 124 | 124 | 116 | 134 | 111 |
| Owens & Minor | Mechanicsville | 115 | 111 | 117 | 101 | 71 |
| Strayer Education | Herndon | 106 | 131 | 105 | 81 | 65 |
| Universal Corp | Richmond | 101 | 165 | 170 | 133 | 116 |
| Portfolio Recovery | Norfolk | 101 | 74 | 44 | 45 | 48 |
| USA Mobility | Springfield | 89 | 78 | 68 | (157) | (5) |
| Maximus | Reston | 82 | 69 | 54 | 29 | (11) |
| Brinks | Richmond | 73 | 57 | 196 | 132 | 78 |
| Orbital Sciences | Dulles | 67 | 47 | 37 | 43 | 51 |
| Corporate Executive Board | Arlington | 57 | 52 | 50 | 67 | 82 |
| GeoEye | Herndon | 57 | 25 | 32 | 27 | 28 |
| Bassett Furniture Industries | Bassett | 55 | (2) | (23) | (40) | (10) |
| Apple REIT Nine | Richmond | 50 | (3) | 3 | 2 | 0 |
| Apple REIT Six | Richmond | 44 | 38 | 33 | 57 | 61 |
| Iridium Communications | McLean | 40 | 23 | (44) | 2 | 0 |
| Dynex Capital | Glen Allen | 40 | 29 | 18 | 15 | 9 |
| ICF Intl | Fairfax | 35 | 27 | 22 | 29 | 41 |
| Towne Bank | Portsmouth | 33 | 31 | 27 | 24 | 23 |
| Union First Market Bankshares | Richmond | 30 | 23 | 8 | 15 | 20 |
| Engility Holdings | Chantilly | 29 | (7) | 153 | 168 | 166 |
| Tredegar | Richmond | 29 | 27 | (1) | 30 | 35 |
| Cardinal Financial | McLean | 28 | 18 | 10 | 0 | 4 |
| Measurement Specialties | Hampton | 28 | 28 | 6 | 5 | 16 |
| Virginia Commerce Bancorp | Arlington | 27 | 22 | (33) | 13 | 26 |
| Lumber Liquidators | Toano | 26 | 26 | 27 | 22 | 11 |
| Apple REIT Seven | Richmond | 25 | 28 | 21 | 38 | 33 |
| Ntelos Holdings | Waynesboro | 23 | 29 | 46 | 29 | 20 |
| ePlus | Herndon | 23 | 24 | 13 | 13 | 16 |
| VSE | Alexandria | 21 | 24 | 24 | 19 | 14 |
| First Community Bancshares | Bluefield | 20 | 22 | (39) | 2 | 30 |
| Intersections | Chantilly | 19 | 15 | 1 | (5) | 8 |
| National Bankshares | Blacksburg | 18 | 16 | 14 | 14 | 13 |
| TNS | Reston | 18 | 9 | (2) | 3 | (3) |
| MicroStrategy | Tysons Corner | 18 | 44 | 61 | 42 | 59 |
| JTH Holding | Virginia Beach | 17 | 16 | 11 | 12 | 17 |
| Allbritton Communications | Arlington | 17 | 24 | (6) | 15 | 26 |
| K12 Inc | Herndon | 16 | 12 | 21 | 12 | 34 |
| StellarOne | Charlottesville | 16 | 10 | (9) | 9 | 17 |
| Arlington Asset Investment | Arlington | 15 | 27 | 131 | (310) | (663) |
| Shenandoah Telecommunications | Edinburgh | 14 | 19 | 25 | 26 | 22 |
| NCI Inc | Reston | 13 | 24 | 22 | 17 | 13 |
| C&F Financial | West Point | 13 | 8 | 6 | 4 | 8 |
| American National Bankshares | Danville | 12 | 8 | 7 | 8 | 11 |
| Access National | Chantilly | 11 | 8 | 10 | 5 | 4 |
| Monarch Financial Holdings | Chesapeake | 8 | 6 | 5 | 1 | 3 |
| Xenith Bankshares | Richmond | 4 | (6) | (11) | (3) | 1 |
| Eastern Virginia Bankshares | Tappahannock | 2 | (11) | (9) | 3 | 9 |
| Comstock Homebuilding | Reston | 2 | (8) | (17) | (17) | (88) |
| Community Bankers Trust | Glen Allen | 1 | (21) | (30) | 1 | 2 |
| Central Virginia Bankshares | Powhatan | 1 | (15) | (9) | (10) | 4 |
| Deltek | Herndon | (3) | (5) | 21 | 24 | 23 |
| Stanley Furniture | Stanleytown | (5) | (44) | (12) | 4 | 6 |
| Highlands Bankshares | Abingdon | (7) | (2) | (6) | 0 | 5 |
| SAIC | McLean | (8) | 558 | 479 | 428 | 367 |
| New Peoples Bankshares | Honaker | (9) | (9) | (4) | 5 | 3 |
| Apartment Trust of America | Richmond | (9) | (11) | (6) | (13) | (6) |
| Village Bank & Trust | Midlothian | (12) | 1 | (13) | 0 | 1 |
| Trex | Winchester | (12) | (10) | (17) | 5 | (78) |
| Comscore | Reston | (16) | (2) | 4 | 25 | 19 |
| Rosetta Stone | Arlington | (20) | 13 | 13 | 14 | 3 |
| American Woodmark | Winchester | (21) | (20) | (22) | (3) | 4 |
| Sunrise Senior Living | McLean | (22) | 31 | (106) | (33) | 2 |
| SRA International | Fairfax | (24) | 48 | 89 | 68 | 74 |
| Primus Telecommunications Group | McLean | (28) | (11) | 42 | (15) | 24 |
| James River Coal | Richmond | (39) | 78 | 51 | (96) | (54) |
| Lumos Networks | Waynesboro | (44) | 21 | 23 | 23 | 21 |
| Alion Science & Technology | McLean | (44) | (15) | (17) | (25) | (43) |
| FBR & Co | Arlington | (50) | (38) | (28) | (195) | 5 |
| Media General | Richmond | (74) | (23) | (45) | (623) | 9 |
| Huntington Ingalls | Newport News | (94) | 135 | 124 | (2,420) | 276 |
| Hampton Roads Bankshares | Norfolk | (98) | (210) | (201) | 7 | 7 |
| Alpha Natural Resources | Bristol | (677) | 97 | 67 | 199 | 33 |
| Computer Sciences Corp | Falls Church | (4,226) | 725 | 830 | 1,123 | 538 |
| Freddie Mac | McLean | (5,266) | (14,026) | (21,554) | (50,116) | (3,102) |
| Total all 98 Virginia Corps | 10,478 | 8,297 | (4,981) | (46,623) | 14,994 | |
| Annual Increase (Decrease) | ||||||
| …..Amount | 2,181 | 13,278 | 41,642 | (61,617) | ||
| Three Year (2008-11) Increase Under Obama | ||||||
| …..Amount | 57,101 | |||||
