Subject: Re: OT BAC blew $93B on share repurchases
Buybacks were not the problem. The big mistake was taking all the deposits earned during Covid and investing them in long term MBS at very low rates. Even Buffett encouraged the company to keep buying back shares over the last decade, while these were at or below reasonable value. BAC has been earning siginificant amounts of money, which they had not much to do with besides returning it to shareholders.