The CFC deal is not unlike when the old NCNB went to Texas and picked up that large marginal/failing bank. What came out of that was NationsBank. These guys know how to make deals work, and they will do it this time too.
Overall I had to agree with the main poster of this note, but you make good points. A small No Carorlina bank bought out lots of loosers and got the big one in Bank of America. They have been able to turn all arround.
Problem I see is Bank of America got into trouble cause of sup prime loans to South America. If the new BAC can prop up the loans with lower rates, then maybe it works. We will see.
CFC is a giant win for BAC.....are you kidding? What a powerhouse BAC has become! The market will loose myopia at some point....Rock strong balance sheet, great assets and earnings power, smart management......and comes currently with a 6% dividend. SIX PERCENT TAX PROTECTED !!!! And management raises the dividend regularly! Not a very smart sell.