Flash back to 2008/2009:

[The Straight Story]

Bank of America swoops in for £28bn Merrill Lynch deal

Bank of America's $50 billion (£28bn) early-morning takeover of Wall Street investment bank Merrill Lynch creates the world's biggest financial services group.

It is a major coup for BoA chief executive Ken Lewis, who until late on Saturday was the front-runner to take over Lehman Brothers in the most turbulent weekend in Wall Street's history.

Bank of America is paying $50.3bn for Merrill Lynch in an all-share deal, so will not have to fork out any cash. That was seen as crucial to the success of what is in effect a bailout.

Lewis said today: 'Acquiring one of the premier wealth management, capital markets and advisory companies is a great opportunity for our shareholders. Together, our two companies are more valuable because of the synergies in our business.'

http://www.dailymail.co.uk/money/article-1055868/Bank-America-swoops-28bn-Merrill-Lynch-deal.html

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Published May 05, 2009

Regulators have told Bank of America Corp. that the company needs to raise roughly $35 billion in capital based on results of the government's stress tests, according to people familiar with the situation.

...

At Bank of America, the government's findings are likely to set off a scramble over how to fill the capital hole at the nation's largest bank in assets.

The Charlotte, N.C., bank already has received $45 billion in capital from the federal government, some of it to help the bank cover losses stemming from its purchase of securities firm Merrill Lynch & Co. in January.

http://www.foxnews.com/politics/2009/05/05/stressed-bank-america-needs-b-capital/

ok...so BofA 'swoops' in and tells everyone how great their acquisition is of Merrill Lynch and within 5 months they have gotten $45 Billion in funds from the government and still needed more. The whole thing bombed, we bailed them out, and their CEO got...well he quit and did not get his pay or bonus for 2009...right?


"Based on the company's most recent proxy statement, his full pension benefits total $53 million"

"He has taken home $148.8 million from cash and stock sales since taking over the bank in 2001, according to Equilar, a compensation research firm. He is also leaving with more than $135 million in retirement benefits, including the pension and $10 million in life insurance benefits, according to an analysis of corporate filings by James F. Reda & Associates, an independent consulting firm."(9)

http://en.wikipedia.org/wiki/Ken_Lewis_%28executive%29

Would that I could make so much screwing up....and folks on the right complain about people getting welfare and how they spend their food stamps?

[Liberal Veteran]

1. Losing everything because we fucked up our job is for the little people.