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75% Of Latest Bank Of America Bailout Used To Pay Merrill Lynch Bonuses
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| Contributor | Servo |
| Last Edited | Servo Jan 23, 2009 11:35am |
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| Category | News |
| News Date | Thursday, January 22, 2009 05:00:00 PM UTC0:0 |
| Description | Remember the latest Bank of America (BAC) bailout, the one we were all so steamed about last week? (The $20 billion of cash and $100+ billion of trash-asset guarantees that absolutely had to be given or else Bank of America shareholders might have lost everything?)
Yes, well, you probably thought that that cash would be used to bolster the bank's capital or something. (We know you weren't dumb enough to think it might have been used to make loans).
Alas, it wasn't used for that. It was used to pay Merrill Lynch executives the huge bonuses they deserved for unloading their balance sheet on for-some-reason-not-yet-fired Bank of America CEO Ken Lewis.* |
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