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By Eugene Robinson
$16.47
By T.J. English
$18.45
$24
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AP / Richard Drew
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By Chris Hedges — When the bailout trillions run out, Wall Street’s maladjusted gamblers will come back for more until our currency becomes junk. Not that any of these people, who exhibit the same traits as psychopaths, have thought this through.
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Bank of America has been cleared by the U.S. government to repay the $45 billion in TARP funds it received last year at the height of the banking crisis, and BofA may be preparing to do so before 2009 comes to a close. That said, it’s not a foregone conclusion that the transaction will take place this month, even though the company has some built-in motivation to quickly make good on its payback promise.
Posted on Dec 2, 2009
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about.com
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The government-run TARP program is preparing to shift its focus from large banks—such as Citigroup, JPMorgan Chase and Bank of America—to smaller banks, noting that small businesses are still struggling to get access to credit.
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AP / Susan Walsh
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Another head of another big bank is rolling ... all the way out the door. On Wednesday, Bank of America CEO Kenneth Lewis made the startling announcement that he was opting to take early retirement, effective the last day of this calendar year.
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0-60mag.com
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It’s been a year since the U.S. economy practically went to Hades in a handbasket, and since then the federal government sure has been busy trying to figure out where to allocate (read: throw) money to sort out the whole mess.
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AP / Susan Walsh
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By Robert Scheer — “Was there some sort of ghost that performed these actions?” New York federal Judge Jed S. Rakoff demanded to know Monday in rejecting a deal that would let Bank of America off the hook in yet another banker bonus scandal.
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ceoworld.biz
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It’s baffling how $33 million can seem like a relatively small sum lately, but given that it’s all that Bank of America will have to pay the SEC for failing to inform investors about the billions in bonuses the bank paid Merrill Lynch executives during B of A’s acquisition of Merrill last year, it seems more like a light knuckle-rap than a full-on spanking.
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AP photo / Mark Lennihan
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By Robert Scheer — How much do you know about BlackRock and the hedge funds they manage? Better bone up fast, now that the folks at BlackRock are calling the shots in the government’s trillion-dollar bailout program. BlackRock execs are now directing key elements of the government program at a time when they stand to reap great profits from the fallout of a problem they helped create.
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ehow.com
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Those credit card holders who pride themselves on paying their bills on time, and who have enjoyed rewards in the past for so doing, are in for an unpleasant surprise: They may soon be targeted by the very companies that used to ply them with perks.
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AP photo / Nell Redmond
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Kenneth D. Lewis was relieved of the Bank of America chairmanship by shareholders Wednesday in a backlash from the highly criticized Merrill Lynch acquisition. He does, however, retain his two other titles, president and CEO.
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Flickr / stan
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Like an abused spouse, America continues to stand by the banks, hoping they’ll change their ways. TARP funds were supposed to trickle down to the average taxpayer, but Congress is now investigating complaints that bailed-out banks such as Bank of America and Citigroup are jacking up interest rates and engaging in predatory lending.
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thecrimson.com
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New York Attorney General Andrew Cuomo sent out subpoenas to Bank of America’s Chief Administrative Officer J. Steele Alphin and recently ousted Merrill Lynch Chief Executive John Thain on Tuesday to look into hefty bonuses paid to Merrill Lynch higher-ups late last year—even as the company was bleeding billions in losses.
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nation.co.ke
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Without skipping a beat, once-troubled financial entities are continuing to spend big to lobby Congress as they pocket billions in TARP bailout money. The lobbying is defended by the bail-outted firms as a “transparent and effective way” to be heard on policy issues.
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0-60mag.com
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So, the government forks over a ton of money to flailing banks and, naturally, their customers (i.e., taxpayers) might expect to gain something from this helpful transaction as well, right? Guess again, customers.
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Ready or not, here comes Barack Obama—let’s hope he’s ready, considering the nature of the action items topping his presidential to-do list.
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Flickr / Betsssssy
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The taxpayers’ bank opened a new branch on Thursday: Uncle Sam just threw $20 billion Bank of America’s way. The government is also on the hook for $118 billion more in crap assets. Bank of America chief Ken Lewis calls it the “deal of a lifetime.” No kidding.
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