The Right Move For Bank of America

Mark this day in your calendar as the day I complimented Bank of America. After surviving the subprime debacle they then went out and bought Countrywide and Merrill Lynch. They saved the taxpayers a lot of money at the expense of their shareholders.

Bank of America is selling their stake in Blackrock. There is no reason to hold this non core position and they are getting out at a good price. If they do suffer large losses from mortgages this might mitigate the need to raise capital at distressed prices. They are doing the right thing.

1 comment:

Anonymous said...

Sold SHZ @ 2.85

OL DAWG

cash rules everything around me. CREAM dolla dolla billz ya'lllz