Here's a look at what's news in banking and finance this morning:
- Do you love America? Then buy Bank of America stock, TheStreet.com says. The financial website points to the bank as a good way to play bullishness on progress in the U.S. economy. One guy who's apparently not in that camp, though, is billionaire hedge fund manager John Paulson, who sold his stakes in the Charlotte-based bank and Citigroup sometime in the fourth quarter, Forbes reports.
- The Federal Reserve has approved Capital One's quest to buy ING, the online bank, to transform Capital One from a credit card business into the fifth-largest bank, Fox Business reports.
- Legendary investor Warren Buffett increased his stake in Wells Fargo in the fourth quarter, the AP reports.
- Goldman Sachs and Morgan Stanley joined the group of banks warning the Volcker Rule, as it stands, would hurt the economy and bank's clients, Bloomberg reports. Bank of America, Citigroup and JPMorgan Chase were already in that camp. At an investor conference Tuesday morning, Wells Fargo head of wealth, brokerage and retirement David Carroll also warned that the Volcker Rule would have unintended, harmful consequences.