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.
SEE RELATED:
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.
