The U.S. government is close to committing billions in additional aid to Bank of America Corp. as the nation’s largest bank by assets tries to digest its Jan. 1 acquisition of Merrill Lynch & Co., according to people familiar with the situation.
The discussion began in mid-December when Bank of America, already the recipient of $25 billion in federal rescue funds, told the U.S. Treasury Department it was unlikely to complete its purchase of the ailing Wall Street securities firm because of Merrill’s larger-than-expected losses in the fourth quarter, according to a person familiar with the talks.
Treasury, concerned the deal’s failure could affect the stability of U.S. financial markets, agreed to work with the Charlotte, N.C. lender on the “formulation of a plan” that includes new government capital. The terms are still being finalized, this person said, and details are expected to be announced with Bank of America’s fourth-quarter earnings, due out Jan. 20.
[url=http://www.lewrockwell.com/rozeff/rozeff257.html]Blatant theft.[/url]
I used to use Bank of America. I didn’t last long. They are the biggest crooks I’ve ever encountered in banking. They never cared about their customers. They only cared about their almighty dollar. They put totally ridiculous holds on bank drafts (same as cash).
I moved here from Canada 12 years ago and had to call Canada to agree to accept American funds. The B of A didn’t even know how to do the exchange and wouldn’t even try to figure it out or issue me a check in Canadian funds. I tried to tell them how to do the exchange, but it was like talking to a kindergarten student. The manager was like talking to a brick wall. The moving van was in my driveway unloading and I needed to pay them. I had to scream at her and make a major scene in the bank before she would release the exact amount of the cost of the moving expenses.
All our savings were in that bank draft from Canada. I felt like I was talking to a FOOL when I told the bank manager her rules were ridiculous. She wanted to hold that draft for TWO WEEKS, even though it was good as cash. In the next few months we stayed with them we suffered loads of hidden fees, rudeness and ignorance at the teller counter. And the fees just kept adding up. They created more fees every day it seemed. We left and things were much more sane since then.
What they are suffering now is punishment they deserve due to their own greed.