My bank is BofA, so this article interested me.
According to
this article, BofA says that the TARP money they received didn't pay for their additional CCB buy.
Quote:
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Bank of America isn't funding the purchase with proceeds from the government's Troubled Asset Relief Program, or TARP, said spokesman Scott Silvestri. Merrill received $10 billion through the Treasury's $250 billion bank-rescue package.
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One question about the timing of such a deal might be -- should a bank that receives TARP funds still be leveraging financial positions elsewhere?
The other question about BofA and TARP funds should be -- why are they still giving out hefty bonuses?
NY Probes Bank of America's BonusesQuote:
POSTED: 10:34 AM ET, 11/14/2008 by Derek Kravitz
TAGS: Wall Street, attorney general, finance
New York Attorney General Andrew M. Cuomo has subpoenaed Bank of America for a list of every executive who received a bonus of more than $250,000 over the past two years, The Wall Street Journal reports.
Cuomo's office sent letters requesting information from the nine institutions that received $125 billion in federal funding as part of the U.S. Treasury Department's Troubled Asset Relief Program. The Journal's Amir Efrati, citing anonymous sources, reported that Cuomo was dissatisfied with Bank of America's response to the inquiry.
At least some of the bonuses paid out to Bank of America executives are publicly available through the company's public filings. Companypay.com, for example, has compiled a list of the top compensated executives at Bank of America over the past few years.
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