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Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

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Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

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New BOFA CEO calls for balance | The Money Times

Money Matters - Simplified

New BOFA CEO calls for balance

Charlotte -- The new chief executive officer of Bank of America drew his line in the public sand Monday, stating growth in U.S. banking helped topple financial stability.

In an opinion piece published in the Charlotte, N.C., Observer, Brian Moynihan, who took over as president and CEO of the bank Monday, said "too much growth in financial services was no doubt a big factor," in the bust of the financial bubble that began to turn the economy around in 2007.

"The recent surge of growth in financial services went way to far," he said.

Moynihan offered four options for finding "the sensible middle, where growth and stability meet."

e need for credit with responsible lending." He called for "clarity, consistency and simplicity" in banking and an aggressive response to the home mortgage crisis. He also said banks should "make sure we never need government support again."

Moynihan did not outline specific steps for the bank to take, noted, "higher capital levels, lower leverage and more conservative underwriting are all part of the answer."

"We are addressing these issues and support regulators' efforts to ensure that all banks do the same," he wrote.

Copyright 2010 by United Press International.

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Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

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