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Nosathro -> More on Where the money went (1/23/2009 9:09:28 AM)
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As some of you may know the new CEO of Bank of America John Thain suddenly resigned. It seems the new CEO who was the former CEO of the trouble Merrill Lynch allowed end of year bonuses to top executives of Merrill Lynch, at the same time reported a 4th quarter loss of 15.3 billion and asked the Government for an additional 20 billion in bailout money.
This was all done as Bank of America was buying Merrill Lynch and asking the Government for more bailout money as well.
In other news the government distrubtes another 1.5 billion to those troubled financial companies. The House as a symbol of it displeasure over the TARP program passed a vote to block the funds, the Senate has given its' approval to release the funds.
Meanwhile, unemployment up, foreclosures up, personal bankrupties up, personal income down.
Is nice to see some people are doing good.
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