January 14, 2009

UNBELIEVABLE!!! Bank of America May Receive More Bailout Money!

ENOUGH! What nerve Bank of America has coming back to the government for yet MORE handouts. This is after they have already received $25 MILLION of our taxpayer dollars. I noticed there has NOT been much mention of Bank of America investing most of this money overseas by acquiring more shares/ownership in a commercial Chinese Bank! Yes, instead of using the money BESTOWED unto them by OUR government to stimulate the U.S. economy, BofA strategically CHOSE to stimulate the Chinese economy! Now they are coming back for more. Give me a fricken break! Don't you see, there is no end in sight while our government keeps condoning the same OBSCENE business practices that keep perpetuating the same DISEASE!

Click here to read an article from Forbes.com titled, Bank of America Tightens Embrace of Chinese Lender, dated November 18, 2008.

The International Herald Tribune
Bank of America may receive more bailout money
By Julie Creswell
Published: January 15, 2009

The U.S. Treasury Department is moving to provide Bank of America billions of dollars in additional aid as the bank struggles with mounting losses at Merrill Lynch, which it recently acquired, a person briefed on the talks said Wednesday.

It would be the second bank after Citigroup to receive an additional lifeline from the government.

U.S. regulators and executives at Bank of America, which has already received $25 billion from the Troubled Asset Relief Program, have grown increasingly concerned at greater-than-expected losses in the fourth quarter at Merrill, said the person, who spoke on condition of anonymity because he was not authorized to disclose the information. The move to help shore up Bank of America comes on the heels of greater U.S. government intervention in Citigroup. After pumping more than $45 billion in Treasury money onto its balance sheet, the government has put pressure on the bank to dismantle the troubled empire in an effort to stem losses and curb capital injections.

While Bank of America was viewed not that long ago as a pillar of strength in the banking sector, it has seen its stock plummet as investors worry that it has acquired companies with their own set of financial baggage.

Besides the Merrill acquisition, which closed at the beginning of 2009, Bank of America also acquired troubled mortgage lender Countrywide last year.

Meanwhile, losses are mounting in the bank's huge consumer credit-card and home-equity businesses as the economy continues to sputter leaving some analysts to wonder whether, in order to shore up its balance sheet, the bank would be forced to either try to raise capital, slash its dividend or try to sell assets.

Details of the new government capital infusion are expected to be made known next week when the bank, based in Charlotte, North Carolina, reports fourth-quarter results. In recent weeks, analysts have slashed their earnings forecasts for the bank, expecting various losses, provisions and charges in the quarter to come in anywhere from $3 billion to $6 billion.


Ted said...

The current SCOTUS threshold for a MUST STAY of BHO’s inauguration is not whether he is ultimately determined constitutionally ineligible to be POTUS, merely whether there now is SERIOUS QUESTION on his constitutional eligibility, since any determination of inelligibility AFTER inauguration would pose unnecessary civil and military difficulties.

Princess Mononoke said...

Yep! I totally agree. BHO is a very very selfish man, without ANY thought given to the harm that will come to America as a result of his fraud.

Our government is perpetuating more of the same. Perhaps, even worse!