Anthony Polini of Raymond James was on CNBC this morning and chalked up Bank of America’s earnings to positive moves in the broader economy and active management.
- 1:00 The economy is good, but Bank of America is managing itself well, and took a lot out of its loan loss reserves (JP Morgan and Bank of America have removed a $1 billion from loan losses)
- 1:45 Bank of America close to getting back to even on its Merrill deal
- 2:20 Feels this is just the beginning for the recovery, but suggests people need to start taking short term profits
- 3:35 Low loan demand, housing still a problem
- 4:00 Countrywide will eventually be seen as a good deal
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