By Christopher Hessman
http://ProvenAutomatedBiz.com
To remind everyone the Bank of America will receive $20bn (£13.4bn) in fresh US government aid and $118bn worth of guarantees against bad assets. In return for the money, the US Treasury will take a stake in the bank. Just hours after the aid package was announced, Merrill Lynch posted a fourth-quarter 2008 loss of $15.31bn. Bank of America reported a loss of $1.7bn, compared with a profit of $268m for the same period a year earlier. Bank of America had been seen as one of the strongest US banks, at least until its decision to take over Merrill. Now one has to question all this money moving every but to the little guy running a small business. The big banks were almost like the Big Three- GM, Chrysler, Ford. So I really do not believe we should feel so bad about a bank that was ripping us off on home loans and got bailed out.
The bank's revenues for the quarter were $13.2bn, down 55% from a year ago. On 29 June, BoA announced it would take a series of one-off charges after private investors demanded the bank repurchase toxic home loans held in mortgage-backed securities. The investors claimed BoA's home loans division used misleading information when it sold mortgage-backed securities that later defaulted during the global financial crisis. If they would be more honest in how they do business maybe there would not be so much percentage in loss. Come back to doing business with the Mom & Pop and grow the America we knew back to the glory she once was. We all must do our part and the banks are sitting on Billions of dollars start giving loans to small businesses and new small business start ups. GIVE US A CHANCE!
Come back to Earth
"IN GOD WE TRUST"
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