Kiss my butt, BofA

with real unemployment hovering well in excess of 17%, it's positively gagging to read a story of how bank of america, the recipient of more than $45B of taxpayer largesse, can now, as a result of being able to pay it back and thus sidestep federal compensation regulations imposed on bailed out banks, contemplate paying ken lewis' replacement an equally bloated, obscene salary...

gag me with a spoon...

Despite continuing problems with its loans to struggling homeowners and consumers, Bank of America plans to return the $45 billion in aid that it received at the height of the financial panic — a step that, only months ago, would have been almost unimaginable.

But like many other big banks, Bank of America is once again making money, in large part through Wall Street businesses like trading stocks and bonds, rather than by making loans. Its recovery, while many ordinary Americans are still struggling, is an important milestone in the government’s yearlong effort to stabilize the nation’s financial industry.

[...]

It is a particularly delicate time for Bank of America, which has struggled to find a replacement for Mr. Lewis. By paying back the money that it received under the Troubled Asset Relief Program, or TARP, Bank of America will free itself from exceptional federal oversight of its executives’ pay — a thorny issue in recruiting a new chief executive.

Indeed, Bank of America’s board has been riven by dissent over just who should lead the bank into its post-bailout period. Several potential candidates have said they were not interested in the job, in part because of the bank’s federal bailouts and the strings attached to them.

why is bofa's recovery so goddam important "while many americans are still struggling"...? huh...? why...?

the only way i can see to stop this naked highway robbery is to systematically purge the government of the super-rich, elite former banksters that are now (and have been for some time) calling the shots for our economy... they're not going to be stopped by a mere hold on a nomination (see previous post)... they have to be removed... all of them...

Submit To Propeller
Tweet