It's been a bit of a bad year for Bruce Berkowitz. BoA (Bank of America) has had investment pumped into it by Warren Buffet, and I see on CNBC has reported that BoA "mulls more asset sales to boost capital". Hmmm. If Berkowitz really is a genius, then he's certainly a very astute one, seeing what no-one else can see. Either that, or he's a bit of a gambler.
Moynihan, the CEO of BoA, said "the bank's capital levels are now at an all-time high". Great. He continues: "asset sales and other actions in the fourth quarter of this year will further boost those measures". Hmm. Why would you need to boost them if they're at an all-time high? "The company will continue to 'drive high-quality capital growth' and to 'shed non-core assets'". Makes sense, I guess. Sorta. Maybe I'm just being too cynical.