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?