http://www.iconoclast-investor.com/2009/01/15/the-bailout-index/ An investment blog that is NOT always part of the herd Mon, 30 Jan 2012 00:47:48 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.iconoclast-investor.com/2009/01/15/the-bailout-index/comment-page-1/#comment-3940 Robert Dwyer Sat, 17 Jan 2009 15:08:34 +0000 http://www.iconoclast-investor.com/?p=1050#comment-3940 I don't know if the "bailout index" will be useful but I will monitor it. However this topic seels like a good place to leave a TARP blog. This week Bankamerica announced that they would been billions more in TARP money because of "unanticipated greater losses" at its newly acquired Merill Lynch division. "Unanticipated" by whom? The only people who did not know that Merrill has gazillions of toxic assets on its books were Chairman Lewis and the nitwit board of BofA. First of all, the purchase of Mother Merrill was idiotic. If Lewis and company waited just a few days more they could have bought the failing broker for 1/2 the price at least. Secondly, BofA is spending millions of taxpayer dollars to give "retention bonuses" to their account executives. As one of my friends at Merrill said upon hearing he was to get a seven figure bonus to stay, " where was I going to go?" Dont these idiot bankers know that the RRs have very few options? Why are they paying these ridiculous bonuses? Wall Street caused the economic crises that befalls this country today and they should not recieve a dime of taxpayer money. This whole bailout is patently ridiculous. LET THEM FAIL. Something better will rise from the ashes. I don’t know if the “bailout index” will be useful but I will monitor it. However this topic seels like a good place to leave a TARP blog.
This week Bankamerica announced that they would been billions more in TARP money because of “unanticipated greater losses” at its newly acquired Merill Lynch division. “Unanticipated” by whom? The only people who did not know that Merrill has gazillions of toxic assets on its books were Chairman Lewis and the nitwit board of BofA.
First of all, the purchase of Mother Merrill was idiotic. If Lewis and company waited just a few days more they could have bought the failing broker for 1/2 the price at least.
Secondly, BofA is spending millions of taxpayer dollars to give “retention bonuses” to their account executives. As one of my friends at Merrill said upon hearing he was to get a seven figure bonus to stay, ” where was I going to go?” Dont these idiot bankers know that the RRs have very few options? Why are they paying these ridiculous bonuses?
Wall Street caused the economic crises that befalls this country today and they should not recieve a dime of taxpayer money. This whole bailout is patently ridiculous. LET THEM FAIL. Something better will rise from the ashes.

]]>