Feds to give billions more to Bank of America

Carleton Bryant The Washington Times - January 15, 2009, 06:27AM

Bank of America, which already has received $25 billion in federal bailout funds, needs billions more to purchase Merrill Lynch, and the federal government is ready to supply the cash, the Wall Street Journal is reporting.

Bank of America’s Jan. 1 purchase of the Wall Street firm is being hampered by Merrill Lynch’s huge fourth-quarter losses.

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So a bank that has lost billions of dollars is trying to buy a securities firm that has lost billions of dollars. And the federal government is helping by giving it billions of dollars.

Sounds like a good buy to me.

About the Author

Carleton Bryant

Carleton Bryant is a senior editor at The Washington Times, where he oversees the National and Metropolitan desks. He also serves as the newsroom’s internship coordinator. He has served as an assistant managing editor; a National, Metropolitan and Features desk editor; an assistant National desk editor; and a reporter on the National and Metro desks.