Bank Of America Adds Nearly $1 Billion To Its Bottom Line

By Todd Sullivan: I said it before and it bears repeating, Brian Moynihan could get up out of his chair in Charlotte, WALK up the Atlantic ocean to NYC and the newspapers would write, “Brian Moynihan can’t swim..”. Either that or they would say “Moynihan’s afraid to fly". Either way the central point is missed.

As had been widely expected, days before a National Mortgage/Foreclosure settlement is formally announced, the most exposed banks have started tying up the loose ends with the other nationalized entities. Sure enough, moments ago Bank of America just announced a $10 billion settlement with one of the GSEs - Fannie, whose CEO Tim Mayopoulous was BofA's former General Counsel and one of the people scapegoated by Ken Lewis.

ByRyan Brennan:As the Federal Reserve continues to stress test banks and complete the Comprehensive Capital Analysis and Review process, various banks are being given the green light on their capital plans. While some of these capital plans include increasing dividends on common stock or beginning a share repurchase program, others include redeeming Trust Preferred Stock (TruPS) that will no longer be treated at Tier 1 Capital.

In stark contrast to the philosophy of former Citigroup CEO Chuck Prince, Citi's current CEO, Vikram Pandit tells Bloomberg TV “we’re a bank, not a supermarket” and that Citi will continue to sell off assets.

By James Kwak The Gang of Six plan proposes to reduce the cumulative deficit by $3.6-3.7 trillion over ten years relative to the CBO’s March 2011 baseline. Everyone’s excited about it. Four trillion dollars! Hooray!

Andy Zaky submits:An early analysis of Apple's Fiscal Q3 2010 seems to indicate that Apple (AAPL) is on tap to significantly beat analyst estimates yet again.