Wednesday, December 2, 2009

“Money in the Bank”

Bank of America says it will pay back the $5 billion it received in federal bailout money amid controversy of its use of assets, including million-dollar-plus cash “awards’ for executives. B of A will then charge every U.S. taxpayer a massive fee for handling their money for them.

Since the government was supposed to take back the money on a later timeline, B of A now plans to charge them a substantial penalty for early withdrawal.

The bank says it will repay all the money and receive no benefit from it… other than the normal advantages of being able to borrow $45 billion, interest-free.

Bank of America were able to use taxpayer dollars to lavish huge salaries and bonuses on their executives, thanks to the same technology they use to roll their bank vault doors open and closed: balls of steel.

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