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iht.com - 1/16/2009

Bank of America to receive additional $20 billion - International Herald Tribune

— iht.com — Kenneth Lewis gambled on bold acquisitions to build Bank of America into the nation's largest bank. But... the need for fresh government support to grapple with the newly revealed losses at Merrill Lynch, the brokerage firm he snapped up in a rapid-fire ... (more) Bank of America to receive additional $20 billion - ...

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krugman.blogs.nytimes.com - 1/18/2009

More on the bad bank

— krugman.blogs.nytimes.com — OK, I've been doing more homework on the "bad" or "aggregator" bank idea that seems to be... gaining ground. And here's what I think: it's mainly based on a false analogy. What people are thinking about, it's pretty clear, is the Resolution Trust ... (more) More on the bad bank

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nytimes.com - 1/16/2009

Bank of America to Receive Additional $20 Billion

— nytimes.com — Kenneth D. Lewis gambled on bold acquisitions to build Bank of America into the nation’s largest bank.... But the need for fresh government support to grapple with the newly revealed losses at Merrill Lynch , the brokerage firm he snapped up in a ... (more) Bank of America to Receive Additional $20 Billion

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Another Bailout for BofA
Calculated Risk — Form the WSJ: U.S. Negotiating More Aid for Bank of America The U.S. government is close to committing billions in additional aid to Bank of America Corp. as the nation's largest bank by assets tries to digest its Jan. 1 acquisition of Merrill Lynch ... ... Bank of America ... told the U.S. Treasury Department it was unlikely to complete its purchase of the ailing Wall Street securities firm because of Merrill's larger-than-expected losses in the fourth quarter ... Any possible arrangement might protect Bank of America from losses on Merrill's bad ...

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Talking Points Memo — Feds promise billions more to Bank of America to help close their purchase of Merrill Lynch.

Paulson persists picking your pocket
PoliPundit.com — Paulson persists picking your pocket Once Bank of America saw Merrill Lynch’s horrible books, it didn’t want to go through with the merger. So Henry Paulson bribed them with your money to do it: Discussions over these funds began in mid-December when Bank of America approached the Treasury Department. The bank, already the recipient of $25 billion in committed federal rescue funds, said that it was unlikely to complete its Jan. 1 purchase of the ailing Wall Street securities firm because of Merrill’s larger-than-expected losses in the fourth quarter, according to a person ...

Who's next?
Megan McArdle — ... President Bush to go ahead and request the remaining $350 billion of TARP funds: Bank of America needs another bailout. No details are available yet, but everyone's assuming that the BofA deal will be roughly similar to the deal Treasury struck with Citi in November. The Treasury has already committed the first $350 billion of TARP funds, so it's essentially committing money that it doesn't have yet. They'll get the money eventually, of course, though with tighter restrictions on its use. ...