Tuesday, December 15, 2009

BofA to stop hoarding money

Posted By on Tue, Dec 15, 2009 at 12:32 PM

That's mighty swell of them, seeing as how we taxpayers lifted the bank's greedy ass out of the gutter about a year ago. Of course, the promise came from someone who's going to be quitting in a few days.

With the White House pressuring bankers to make more loans, Charlotte-based Bank of America Corp. today pledged to increase lending to small- and medium-sized businesses by at least $5 billion next year.

Chief executive Ken Lewis made the promise to President Obama at a White House meeting of top U.S. bankers.

Read the rest of this Charlotte Observer article, by Rick Rothacker, here.

You guys been paying attention to the economic forecast news coming out of UNC Charlotte? Here's a snippet from a recent press release:

“There continue to be very mixed signals concerning the strength of the recovery,” [John] Connaughton said. “The most troubling problem remains the financial sector. Excess reserves, which 16 months ago were less than $2 billion, now stand at nearly $1 trillion. As a result the banking sector, which is critical to recovery, remains troubled. Those enormous reserves represent money that is not being lent out to facilitate the recovery.”

Connaughton is a professor of economics in the Belk College of Business at UNC Charlotte. He has served as director of the Economic Forecast since 1981.

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