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Bank Of America Has Failed Shareholders
If you want dividend, you should not have bought BAC (or C). JPM, WFC are where you should invest. BAC and C are turnaround stories that were heavily discounted by the investment community who left them for dead. BAC is a story of cleaning up balance sheet and increasing capital efficiency, which is what management is doing. Can't be happier that they bought back the preferred and stocks. I rather they keep on buying back as long as the stock price is below tangible book.
Also, not sure how the anger about "our tax payer money" rant comes about. They got capital injection from the government and they paid it back with whatever interest that the government demanded at the time. Contract fulfilled. Got nothing to do with paying dividend to stockholders as a mandate of heaven.
Mar 17, 2013. 01:53 PM
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