Date registered: Jul 2007
Vehicle: 1973 450 SL
Location: Castle Rock, CO
Mentioned: 0 Post(s)
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Bank of America later received an additional $20 billion from the government, in part to offset the unexpected Merrill losses. The brokerage lost $15 billion in the fourth quarter and more than $27 billion for the year...
...The bonuses, typically paid in January, were instead given in December and totaled $3 billion to $4 billion, the Financial Times reported Thursday. Bank of America would not confirm the size of the bonuses.
I agree that this whole TARP was mishandled with the above results. At the time I was a reluctant supporter because I knew how the problems developed (sub-prime mortgages failed) but I didn't understand how the federal $ was going to be used. Unfortunately, no hearings were held that would have clarified a lot of this for the public. The Dems just wanted to ram it through at Paulsen's request. All of us had to trust their judgment; and look where it got us.
At least, Merrill's CEO bought some hard assets that can be resold!
Charter member of the Vast Rightwing Conspiracy and proud of it.
God Bless the America we're trying to create.
--Hillary Rodham Clinton