Bank of America’s 45 billion dollar “bailout”

Posted by Dave
January 19, 2009

: Image by Getty Images via Daylife

Source: http://www.bizjournals.com/baltimore/stories/2009/01/12/daily47.html

40 billion on top of the 100 billion in loan guarantees. On top of this, Ken Lewis (BoA’s CEO), claimed in Oct 2008 they didn’t even need any bailout money, but it was their patriotic duty to accept it.

So did they know in Oct 08 that Merrill Lynch was a bad deal, that they couldn’t afford but claimed they were in good shape to mislead investors? Or are they so incompetent they couldn’t tell? Either way, BoA didn’t buy Merrill Lynch, the US taxpayers did.