Just weeks after the Fed signed off on CCAR and ackowledged how great the US banking system is, Bank of America (after being slapped with another $13bn RMBS suit demand) has ackowledged things are not quite as risy as they appeared.
BOFA HAD INCORRECT ADJUSTMENT ON TREATMENT OF SOME NOTES; BOFA SUSPENDS CAPITAL ACTION PLAN ON CHANGE IN CAPITAL RATIOS
BAC SEES REVISED CAPITAL ACTIONS LESS THAN PREVIOUSLY ANNOUNCED; BAC WILL ENGAGE THIRD PARTY TO REVIEW PROCESSES
So no buyback boost... no dividend boost... The question now is - how do we (or The Fed) trust any of the numbers?