Bill Murray in "What About Bob?" plays a hyper-neurotic, emotionally stuck man who can't get out of bed in the morning. In this clip, he achieves a breakthrough and goes "sailing." But, his version of sailing is not ours: he is lashed to the mast high above the water. I hope this lightens up the end of a heavy earnings week. There is a loose analogy to Bank of America's position after the second quarter. (An aside: Richard Dreyfuss as Bob's hyper-anal shrink resembles which current Fed Chairman?)
It was an eye opening quarter in a lot of ways:
- $1.1 trillion in deposits, up 4%;
- Net income of $4 billion;
- Non-interest expense down $1 billion from the prior quarter;
- Net credit loss rates at 0.94%, the lowest since the second quarter of 2006.