Refund to people works

I am attaching a Bloomberg story about how Bank of America noticed that credit card defaults went DOWN because of tax refunds. This is a great example of how the government made a mistake giving that money to the banks directly and not the people. When money is given to the people, it tends to end up at the banks anyway in the form of mortgage payments or refund checks thereby not only saving the system, but saving credit ratings of consumers also.

A thank you goes out to Peter Eichenbaum from Bloomberg.

Anyway, here is the story.

Bank of America credit card story

Great Article on B of A

There is a great article on Bank of America's new CEO written by Bloomberg. Congrats to authors Julianna Goldberg and Hans Nichols. Click on the link below:

Bloomberg Article.

Bank of America...literally

Hey

It was recently reported in a story from Bloomberg Magazine that Blackrock has been given a lot of the management contracts for the bank bailout.

The conspiricy theorist in me wonders whether this was because of the fact that Bank of America took on Merrill Lynch. I would have thought that JP Morgan or Goldman Sachs would have been a better fit.

Anyway, I think this is a positive area of revenue and profits overall for Bank of America as they figure out the Merrill Lynch mess.

Dislosure - I do not own any of the stocks mentioned in this story at this time.