Bank of America Annual Report

Say this about Bank of America chief Brian Moynihan: He certainly knows how to talk the talk. In his letter to shareholders, Moynihan went out of his way to thank U.S. taxpayers for making $45 billion in TARP funds available. He also described how he is working closely with “policy leaders” on financial reform.

Whether he can walk the walk — i.e., turn around BofA’s fortunes — is another matter. While the company did repay its TARP loan in December, it is still sitting on billions of dollars of vulnerable residential and commercial mortgage debt — one reason the company spent 8,000 words discussing risk in its annual report. –P.N. – fortune.com

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