Bush Hits TARP One Last Time?

[Annie]

Just saw this, hopefully he can go 4 more days without doing so again?

McClatchy Washington Bureau

Posted on Thu, Jan. 15, 2009

Bank of America to get $20 billion in emergency funds

Kevin G. Hall | McClatchy Newspapers

last updated: January 16, 2009 02:07:58 AM

WASHINGTON — With a new round of turmoil gripping the financial markets, the Bush administration late Thursday night rushed $20 billion in emergency funding for Bank of America.

Just months ago, Bank of America, based in Charlotte, N.C., appeared to emerge as the nation's top bank after it stepped in on Sept. 15 to purchase investment bank Merrill Lynch. After Merrill's fourth-quarter results proved worse than expected, however, the acquisition was in peril and investors have fled Bank of America in droves.

Bank of America's stock lost 40 percent of its value during the past 10 days — shares closed on Thursday in single digits for the first time in 18 years — and the taxpayer money will be used to ameliorate the losses from its acquisition of Merrill Lynch. Chief Executive Ken Lewis called it "deal of a lifetime" when it was announced.

People familiar with the unfolding events, requesting anonymity to speak freely, said Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, with the knowledge of President-elect Barack Obama's transition team, pressured the bank to stick to its purchase of Merrill Lynch.
...



The late-night rescue capped a momentous day in Washington. The Senate on Thursday authorized President Bush, on Obama's behalf, to seek the second $350 billion in Wall Street rescue money. In a letter to lawmakers, Obama's top economic adviser, Lawrence Summers, pledged far greater accounting of how the remaining funds are spent....

 

[editec]

GRRRRRRRR!

Bailing out the people who screwed the pooch.

It's infuriating.

 

[jillian]

Just saw this, hopefully he can go 4 more days without doing so again?

I doubt it... he wants to make sure nothing's left for Obama to use. Typical

 

[Annie]

I doubt it... he wants to make sure nothing's left for Obama to use. Typical

Jillian, very odd you didn't notice that he's the one who's been getting the second 1/2 of TARP money for Obama?

 

[DiveCon]

Jillian, very odd you didn't notice that he's the one who's been getting the second 1/2 of TARP money for Obama?

no kidding
Obama ASKED him to do this for him

and like always, those filled with ABDS will blame Bush