More bailouts & B of A
Will this madness never end? There is simply no authority in the Constitution for the federal government to use taxpayer funds to bail out any entity. The newspapers should learn a lesson from what happened to the banks. The same government that bailed them out now wants to regulate their investments and control their salaries. Shall we expect that a White House newspaper czar who will have the power to influence editorials? Will a newspaper that the government has bailed out ever be critical of that government?
The noose is now tightening on the B of A folks. First NY State Attorney General Cuomo’s subpoena which has a return of noon today; then Judge Rakoff accused the SEC and B of A of trying to protect each other at the expense of B of A shareholders; now Congress wants to know why a $35 B asset was purchased for $50B. The $64,000 question is still: Will anyone go after the feds who forced this deal?
