Busted: Bankers and The Global Economy

January 16, 2009

Treasury Bails Out Bank of America

rainy day for B of A

rainy day for B of A

Since the beginning of economic contraction, Bank of America, has been buying up banks and assets from failed institutions such as Merrill Lynch. Now is a rainy day for Bank of America, a toxic debt laden bank in danger of failure.

After taking recent value write offs on toxic debts, the U.S. Treasury and the Federal Deposit Insurance Corporation are providing protection against unusually large losses on approximately $118 billion of loans, securities backed by residential and commercial real estate loans and related faulty assets. (more…)

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