CNBC’s Steve Liesman has details on the latest reaming the American taxpayer will take at the hands of the the Bush Administration and Bank of America: You will be guaranteeing $100-$200 billion of the trash assets Bank of America (BAC) is buying with Merrill Lynch AND you will also be giving Bank of America more capital from the TARP.
Adding insult to injury, you are also meant to feel grateful feelings toward Bank of America for saving your bacon. If BOFA hadn’t taken one for the country and swallowed Merrill on your dime, you would have been screwed.
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