Geithner has shot his credibility, before he even gets the job, yes?
The idea that both BOA and Merrill could pay their dividends last quarter and then come begging for money for what looks like a totally mis-managed merger, first pass, is nothing short of scandal. The "deal" was lucrative for some, eh?
Bernanke is on the hook, too, I think. (So is everyone on the Merrill Board?).
He keeps talking and talking and talking about making 'too big to fail' a non-consideration, putting that "fix" to highest priority. Well, if they cannot find a way to 'orderly bankrupt' Merrill Lynch, after months and months of its nonsense, then what are they paid for? Is it really something that requires Congress?
Seriously, opening up a sink-hole for this "merger" is an outrageous use of Federal Loan money, now that the main part of the banking panic has passed (see Ted-spread).
That's true even moreso as BOA and the rest of the industry slam credit-card holders (including students?), denting consumer confidence and threatening to deepen and widen the recession... (Last Chance to Save BOA, Today)
Friday, January 16, 2009
Outrageous bailout for BOA-Merrill
