In Oct 2010, he hinted that BAC would raise dividends in the 2nd half of 2011. But it failed Federal Reserve's test and did not raise dividend.
In July 2011, he was asked that whether BAC would need to raise more capital?
He said that BAC would not need to raise capital if the US economy grows modestly over the next several years.
That means, in my view, BAC will need to raise capital, given the Federal budgetary pressure and upcoming "double-dip" recession.
He is a liar.