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Bank of America Corp (BAC.N) has been deemed to need as much as $34 billion in additional capital, according to the results of a government stress test.
Bank of America to need $34 billion in capital: source (http://news.yahoo.com/s/nm/20090506/bs_nm/us_bankofamerica - broken link)
This thread's headline and the OP's first post say two different things. The report I read is that the Treasury Dept. has identified that BofA needs an additional $33B of capital to be "safely" capitalized for any further worsening economic conditions.
This thread's headline and the OP's first post say two different things. The report I read is that the Treasury Dept. has identified that BofA needs an additional $33B of capital to be "safely" capitalized for any further worsening economic conditions.
"WASHINGTON/NEW YORK (Reuters) – Bank of America Corp has been deemed to need as much as $34 billion in additional capital, according to the results of a government stress test, a source familiar with the results told Reuters late on Tuesday."
Where are they going to get it if not from the taxpayers, we already gave them 45 BILLION.
The "needing" is not as simple as seems. It's about preferred stock, common stock, etc.
Watch Video - CNBC.com or read the entire article linked by OP.
This is just ridiculous. We can't afford health care, working people have to agree to take big pay cuts and/or lose their jobs, the banks keep foreclosing on people's homes because they have not jobs to pay, the banks continue to cut off credit lines to small businesses who have always paid their bills, and yet we are suppose to continue to subsidize these crooks fat bonuses and high hat life styles. NUTS. NO MORE MONEY TO THEM UNTIL THEY PAY BACK ALL THEY OWE.
This is just ridiculous. We can't afford health care, working people have to agree to take big pay cuts and/or lose their jobs, the banks keep foreclosing on people's homes because they have not jobs to pay, the banks continue to cut off credit lines to small businesses who have always paid their bills, and yet we are suppose to continue to subsidize these crooks fat bonuses and high hat life styles. NUTS. NO MORE MONEY TO THEM UNTIL THEY PAY BACK ALL THEY OWE.
Well we just CAN'T let the bank execs lose their million dollar jobs, can we? They are just TOO BIG to fail! We need to pay billions for their toxic loans and just let them keep the billions they made from them, right? After all, they (the rich) are 'very different than you or I'.
Well we just CAN'T let the bank execs lose their million dollar jobs, can we? They are just TOO BIG to fail! We need to pay billions for their toxic loans and just let them keep the billions they made from them, right? After all, they (the rich) are 'very different than you or I'.
I am so sick and tired of the American working people being played for a sucker. And I don't give a darn whether it is the Republicans doing it or the Democrats doing it. The simple fact is that they can put it in whatever politicspeak they want to but their actions speak louder than words. Rich folks and their lobbyist have given us a bought and paid for government and the average working person hasn't got a prayer of their needs being considered. Give a million dollar bonus to a hedge fund manager after taking the money from the taxpayers and we are told "they have a contract we have no choice." Some poor working stiff who has worked at GM and made 40k a year with overtime is told that they have to give up everything they have bargained for or lose their jobs. When it is pointed out that they have a contract too it just doesn't matter a bit. And then, after giving and giving and giving.....they still close their plants and build new ones in Mexico...with the taxpayers money. We are all being played for suckers and have been whoever is in government.
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