Friday, January 16, 2009

More public funds for Bank of America

Bank of America has received another $20 billion from taxpayers to shore up their acquisition of Merrill Lynch. This should be an outrage to the average American taxpayer but since the country in under the swoon of the mantra that government must "do something" to get out of the economic doldrums, such massive transfers of taxpayer funds go with nary a protest. Didn't BOA vet the acquisition of Merrill Lynch properly?Or was it that the government implicit guarantee of billions of dollars made them drag their feet when it came to doing their due diligence? When government meddles, unintended consequences are always not far behind.

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