Sunday, December 14, 2008

Bling of America

1. Bank of America gets $25 billion in bailout capital from taxpayers.

2. Bank of America uses part of bailout capital to pay its investors and to buy Merrell Lynch.

3. Bank of America will get Merrill Lynch's reduced taxes for their 2008 losses.

4. Bank of America to lay off 30,000-35,000 workers because of "redundancy" between themselves and Merrill Lynch, but Merrill Lynch still plans to pay half of year-end bonuses.

5. And Bank of America is doing what for the taxpayers bankrolling their bailout, acquisition, bonuses and profitable tax returns?

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