And the stink coming off Wall Street continues to envelop the country, if not the world. Once again, Bank of America gives America the proverbial finger, and are rewarded with America’s paychecks.
So Bank of America are admitting they got in over their heads when they scooped up the flailing Merrill Lynch. It apparently turned out to be a more expensive proposition than they calculated (as only a Wall Street bank can calculate), so they’ll have to shed up to 35,000 jobs to make it work. All those people pitched in to make sure that B of A got their little piece of the bailout, and the thanks they get is an attractive pink slip, redeemable at the local unemployment office. Apparently they’ll be keeping some of the best and brightest from the the Merrill train wreck. Good idea. We saw the kind of work they can do.
This is on top of the Countrywide mess that B of A claimed they could afford as well. It just made sense, with the massive outsourcing, the catering to illegal aliens with safe send to Mexico (the cartels have to get that money home somehow), and the ridiculous mortgages offered to illegal aliens and others who clearly could not afford them. Yes, they made bad loans as well, and like all the other institutions that made bad loans, they knew they were bad loans, but did it anyway. Why not? That infection known as congress was waiting there with a lifeline when it all hit the fan. A lifeline made with your hard earned money.