Cramer on BloggingStocks: BofA Got It Right on Moynihan

Posted Dec 17th 2009 10:00AM by Jim Cramer
Filed under: Management, Market Matters, Bank of America (BAC), Cramer on BloggingStocks

From TheStreet.com Network

TheStreet.com's Jim Cramer says his conservative approach is just what this bank needs.

I like Brian Moynihan. I have wanted him from the get-go. Not because he is a lawyer -- that hasn't been much of a boost for others in banking (sorry Chuck Prince!). And not because he is an insider, although I think learning this story would be darned hard for an outsider.

I've liked him because he is from Fleet, the part of Bank of America (BAC) (Cramer's Take) from New England; Fleet is the least risky, most conservative portion of the bank. Fleet was a bank I loved. It gave you an amazing return and did it in a simple, conservative way: good banking.

The Bank of America we want is one that does good lending and good banking and doesn't blow its head off. It will have more than 20% of the mortgage market and a huge percentage of wealth under its roof. It can make money every single day if it chooses not to risk it, and frankly, that's what I hope it does. Of the candidates under consideration, Brian was the guy who can least blow it up. At this point, that's the best thing that can possibly be said about a banker at BAC.

I am thrilled.

No more roller coaster.

Just profits.

Just like Fleet.

Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long BAC.

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