CEOs always try to show the best side. Actually RF's footprint is stuck in the mud. Reports show it made money the last quarter but you stir the pluses and minuses the output shows little progress. Paying off TARP looked good but reports aren't that impressive. When RF leaves that footprint in the mud maybe there's progress.
As I read it, it sounded to me like he was talking about an acquisition BY RF, not about RF being acquired. RF does not have a good corporate track record of managing acquisitions/mergers. Sounds like bad news, if RF is thinking about taking on an acquisition.