Warren Buffett Took Profits in Bank of America. TD Bank Looks Like a Good Place for the Cash.
Warren Buffett is a Wall Street icon who runs Berkshire Hathaway. The stock picks that this conglomerate makes are, basically, Buffett's stock picks. Right now Berkshire Hathaway is selling down its position in large U.S. bank Bank of America (NYSE: BAC). But the longer-term story here helps explain why you might want to invest in Toronto-Dominion Bank (NYSE: TD) today.
Like most U.S. banks, Bank of America got caught up in the mortgage crisis during the Great Recession. In fairness, the bank itself seemed to be weathering the situation in relative stride; it was the company's efforts to use the downturn to expand that really caused it the most trouble. Specifically, it bought Countrywide Financial, which was a subprime mortgage lender.
Source Fool.com