Certain people still say that BA’s purchase of ML was a good idea.
The Financial Times reported that Merrill Lynch accelerated its normal time schedule for awarding bonuses and distributed $ 4 billion dollars on Dec 29, just 3 days before its takeover by Bank of America. At the same time Merrill posted $25 billion in losses for the fourth quarter. The total compensation for Merrill Lynch employees in 2008 was $15 billion. via kos
That $4 billion in bonuses was from TARP funds.
Just sayin’
Our President needs to whip (if needed) these scroundels into real American. ASAP.
Hard to keep things stright i started banking with Delaware Trust since then it has gone thur 5 name changes
Pigs. And what’s more unpatriotic pigs.
They are Welfare Queens in every sense of the word.
This money really should have come with more strings on it — like using it for what they told Congress they would do, as well as requiring these institutions to do more with less like everyone else has to. Too bad Republican congresspeople weren’t so interested in renegotiating these labor contracts.
Merrill’s Thain just resigned. As Calculated Risk said “take the money and run.” If we give more money to banks, I hope they will either fire the 10% of money earners at those institutions or do something to make sure those crooks don’t get that taxpayer money.
I hope I’m not around in 70 years when this happens again.
My guess is in about 30 years conservatism will be rebourn and we will be on the same path. Hopefully I pass away at the peak of whatever bubble they create
Just remember to start burying your money in your backyard if the GOP comes to power again.