Merrill Lynch

BoA Tells Investors to Bail Out of China Due To No More Slave Labor

Bank Of America, you know that corporation based in the United States, land of the free, home of the brave, is telling investors to sell because wages in China might have to rise.

Investors should sell shares of Chinese cement and metal companies as increases in labor costs will curb capital spending in those industries, according to BofA Merrill Lynch Global Research.

Seven Chinese provinces raised minimum wages in the first quarter after halting them last year amid the global recession, according to the Labor Ministry. Higher salaries may deter foreign investment in China, which has been a low-cost manufacturing base.

Astounding huh? The Yuan is still undervalued ranging up to 40%, yet the minute Chinese workers get anywhere with wages, investors should pull out.

Chinese Honda workers managed to get a 30% wage increase and 30 states increased the minimum wage by 15%. This amounts to $23.5 a month. That's a cocktail to investors. Suck it up!

I guess BoA just wants workers to continue committing suicide so as to not disturb ROI:

New York Prepares Securities & Fraud Charges Against BoA over Merrill Lynch Bonuses

According to CBS:

The New York Attorney General's office is preparing charges against several high-ranking Bank of America executives over the bank's alleged failure to disclose details about its acquisition of Merrill Lynch, according to a person familiar with the investigation.

Attorney General Andrew Cuomo's office is likely to file civil charges against the executives over their role in failing to alert shareholders to mounting losses as well as accelerated bonus payments at Merrill, said the person, who requested anonymity because no charges have been filed yet.

These would be securities fraud charges.

A Pound of Flesh - Hanky Panky, BoA & The Federal Reserve

Federal Reserve staff wanted to extract a pound of flesh from Bank of America for the Merrill Lynch acquisition.

So, think all Congressional hearings are sleepy, boring things? Get ready for the House Oversight Committee Hearing tomorrow!

In preparation for tomorrow's testimony by Federal Reserve Chair Ben Bernanke on the shot gun marriage between Bank of America and Merrill Lynch , we have this released memo:

Fed accused of 'cover-up' in BofA deal:

Lawmakers claim to have uncovered evidence that the Federal Reserve tried to hide from other financial regulators its involvement in Bank of America's (BoA) takeover of Merrill Lynch.

Rush Limbaugh defends Merrill Lynch extravagance as stimulus

Hat tip to Bob Sackamento, who diaried on DailyKos this gem from wrong-wing blubberbrain Rush Limbaugh, by way of National Review Online:

Obama was angry that Merrill Lynch used $1.2 million of TARP money to remodel an executive suite. Excuse me, but didn't Merrill have to hire a decorator and contractor? Didn't they have to buy the new furnishings? What's the difference in that and Merrill loaning that money to a decorator, contractor and goods supplier to remodel Warren Buffet's office? Either way, stimulus in the private sector occurs. Are we really at the point where the bad PR of Merrill getting a redecorated office in the process is reason to smear them? How much money will the Obamas spend redecorating the White House residence?