Biggest gain in a year for BofA

• The accounting error had zero impact on operations, says Dick Bove, and it now appears no impact on capital ratios either. Buy the stock, he says, as the higher dividend and initiation of the buyback should soon be re-approved.
• Bank of America's (BAC +3.6%) capital plan - initially approved by the Fed but then suspended following the error - was for a boost in the dividend to $0.05 per share from a penny, and a $4B buyback.
• Previously: BofA resubmits capital plan to Fed; "de minimis" effect
• In other bank news, the lender has been hired by the Sterlings to sell the L.A. Clippers, reports Bloomberg, which says the asking price could be at least $1B.