Boy I'm sure glad we helped BofA buy Merrill

[dc dalton]

Boy I just hate it when I'm right!

Remember that 'emergency' help the FED gave to BofA to buy out Merrill Lynch? Well now all that 'help' has dragged BofA down so now they need MORE of our money to keep them from tanking!

And the best part? The clowns that recommended and set up this deal made $20 MILLION for a weekend's work!

Just this section is enough to make you want to scream:

Among the firms summoned by the BofA board were Fox-Pitt Kelton and J.C. Flowers. The next day, according to the proxy documents, BofA senior management and the advisory firms offered the bank's board the findings of their investigation.

BofA management presented the board with a proposal to buy Merrill in an all-stock deal that, at the time, was valued at nearly $50 billion.

J.C. Flowers and Fox-Pitt found that the proposed price was "fair, from a financial point of view, to Bank of America," the proxy document says.

The Bank of America board approved the deal on the morning of Monday, Sept. 15. "Acquiring one of the premier wealth management, capital markets, and advisory companies is a great opportunity for our shareholders," Lewis said in a press release issued that day.

For their work that weekend, Fox-Pitt Kelton and J.C. Flowers got "an aggregate amount" of $20 million from BofA, the proxy filing said, in addition to reimbursement for out-of-pocket expenses and indemnification "for certain liabilities that may arise out of its engagement by Bank of America and the rendering of its opinion."

http://money.cnn.com/2009/01/15/news...ion=2009011515

So that's 25 BILLION of our money sucked out, god knows how much of investor money GONE, some rich assed consultants and execs and sure as SHIT they are back begging for more ... so why the hell are we bailing out these BOZOS anyway?

[PocketProtector]

Ya put the guys who f***ed it up in charge to fix it and you get....????????? Give these guys lemons and you get.....dog$hit.