Our Terms of Use and Privacy Policy have changed. We think you'll like them better this way.

Bank of America gets big government bailout / Connecting King's legacy to Obama's win

  • Broadcast in Social Networking
  • 0 comments
PPC1

PPC1

×  

Follow This Show

If you liked this show, you should follow PPC1.
h:12234
s:394394
archived
WASHINGTON/NEW YORK (Reuters) – Bank of America Corp was rescued by the U.S. government on Friday through a $20 billion bailout and a guarantee for almost $100 billion of potential losses on toxic assets to cushion the blow from a deteriorating balance sheet at Merrill Lynch & Co, its recently acquired brokerage. The bailout makes Bank of America the biggest recipient of taxpayer money next to Citigroup as the government pours cash into the nation's banks to plug holes left by bad loans. The worst housing crisis since the Great Depression and the worst recession in many years have hammered U.S. banks.

Comments

 comments