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Bank Of America

Bank of America

Bank of America bail-out agreed

Bank of America, the US's largest bank, will receive $20bn in government aid and $118bn of guarantees against bad assets.
Ref. Source 3

America Bank

Yeah and then they will use all this bail out money to buy out another bank instead of using it to help the consumers or others to get the economy back on track.

Bank Of America History & Civil Business Politics

They have been merging and buying other banks / companies for a long time, they really shouldn't be in this position.

America Bank

That is exactly why they are in this position. They have been buying up distressed companies (companies which we now know mean full of bad loans). So even if BoA was doing perfectly right with all their loans (doubtful), the loans they absorbed through acquisitions is now killing them and there is little they can do about it because there is no one around to buy all those loans...except for the government.

America Bank

BofA exec resigns after news of billions in bonuses

Former Merrill Lynch CEO John Thain resigned under pressure from Bank of America yesterday after reports he rushed out billions of dollars in bonuses to Merrill employees while the brokerage was suffering huge losses and just before Bank of America took it over.
Ref. Source 1

Bank Of America

I find it interesting that they were able to hand out all that money in bonuses. I wonder if that was bail out money they used for all these bonuses.

Bank America

BofA needs $34 billion cushion, feds say

The federal government has told Bank of America it needs $33.9 billion in capital to withstand any worsening of the economic downturn, according to an executive at the bank. Such a determination could make the United States the controlling shareholder in the bank. Ref. Source 7

Bank America Politics Business Civil & History

If they still have yet to get themselves out of hot water then let them fail. I do not want any more of my tax dollars to go help these banks.