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Nov
17
2011

  • He's try­ing to trans­fer a mess of bad in­vest­ments from his Mer­rill Lynch sub­sidiary into B of A's con­sumer bank­ing unit. Why? Be­cause that unit has about a tril­lion dol­lars in cus­tomer de­posits that are in­sured by Uncle Sam. So, if Mer­rill's sorry in­vest­ments cause the bank­ing unit to fail, the feds would be there to res­cue it.
  • Why should we let these failed cap­i­tal­ists turn into cor­po­rate so­cial­ists every time they get in trou­ble?
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