BoA Gets $20 Billion Because They Bought a Turkey
Make a bad acquisition? No problem. The treasury department is now giving BoA $20 Billion to absorb losses from it's acquisition of Merill Lynch. BoA has already received $25 billion. Oh yes, they get loan guarantees too.
The loan guarantees will cover about $118 billion in loans and other holdings such as securities backed by residential and commercial real estate loans. The bulk of these holdings were obtained by Bank of America in its acquisition of Merrill Lynch, a deal which closed earlier this yea
If anyone recalls, no one was twisting BoA's arm to acquire Merrill Lynch.
BoA promptly fired 35,000 workers upon the acquisition.
Oh yeah, in case anyone forgets, Bank of America thought it was a grand idea to give credit cards and mortages to illegal immigrants, without any proof of identity at all and yes they also offshore outsourced thousands of jobs during the 2001-2003 time frame.
Oh yeah, I think a flurry of subpoenas and investigations went their way too on derivatives, fraud, abusive mortgages...and they bought the notorious fraudulent Countrywide.
Anyone else want their U.S. taxpayer money going to this bank?
-
- Email this Instapopulist Forum topic
- 0 points
I want my money back
Surely, then, Bank Of America can afford to refund customers some of the rapacious and exortionary fees they charge... like when your debit card overdraws by $1 and they charge you $39?
Oh wait, i forgot - only the super rich benefit from this. They can assault customers and rake them over the coals all the time, but if something bad happens to them, the government goes into debt to give them hundreds of millions of dollars.
Post new comment