Barney Frank Defends JPMorgan, BofA Declares Victory: Financial Business Review
Rep. Barney Frank (D-MA) takes the side of JPMorgan Chase & Co. (NYSE:JPM), saying that the government should not pursue the company for infractions which were committed by Bear Stearns, remarking that, “To prosecute JPMorgan because of activities undertaken by Bear Stearns before the takeover unfortunately fits the description of allowing no good deed to go unpunished.”
BB&T Corporation (NYSE:BBT) Chief Financial Officer Daryl Bible commented on his firm’s earnings call last week that “Artificially low rates are not good for anybody.” The Federal Reserves’s rate policy is working out to be more trouble for banks than beneficial. New regulations are putting pressure on income from fees, making lenders more dependant than ever on lending, but they can’t make use of a spread when the Fed flattens the curve.
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Regions Financial Corporation (NYSE:RF) executives are saying on their earnings conference call that “Customers seem a little hesitant,” to borrow and invest. The firm implies that it’s not only seasonality causing sluggish loan growth in the third quarter, but also the struggle against perverse Federal Reserve policies and countercyclical regulatory measures that are slowing things down.
Bank of America Corporation (NYSE:BAC) Chief Executive Moynihan has declared victory regarding the building of a “fortress balance sheet,” and will now turn his concentration upon returning capital to investors. However, Paul Miller at FBR thinks Moynihan might be speaking prematurely, as the costs from bad mortgages and litigation are still unknown.
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