NEW YORK (TheStreet) -- Shares of Bank of America (BAC) were up 0.46% to $17.29 in morning trading Wednesday after Federal Reserve Bank of Richmond president Jeffrey Lacker said the Bankruptcy Code must be available for large, complex financial institutions.
Lacker spoke at an event at the George Washington University Center for Law, Economics and Finance and said bankruptcy must be a legitimate option for these institutions in order to destroy the perception that some banks are too big to fail, according to MarketWatch.
"That means doing the hard work of making living wills credible, and it means policymakers and regulators must commit to using them," Lacker said.
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Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."