Bank of America walks away

[tongodeon]

Earlier this week I mentioned that bank executives don't have to take free government money if they want to keep their big salaries. And hey, guess what? Bank of America's CEO suddenly decided that his bank doesn't need any more of our money. Their executives get to keep their huge salaries, we get to keep our money. Win-win. My only regret is

Comments

[pacotelic]

Great incentive, but I'm surprised they haven't already figured out a loophole for this.

In the meantime, we'll save so much money in our courts by not holding people responsible fr the things they've done anymore. Why are Bush, Cheney and Rove not up on charges somewhere in the world?

[loic]

That's really great news. More money to spend on the banks who actually need it!

[loic]

Isn't this actually a market working efficiently? The government sets a price on the money, the banks decide if it's worth that price.

Blowing smoke

[epileptikitty]

BAC is down to $4/share. This is stock-puffing, nothing more. The big banks (and only them) are utterly insolvent. The question is whether they will be nationalized with shareholders losing all $$ (socialism), or banks are propped up as a subsidy to shareholders (corporatism). So far we've had corporatism.

The salary cap will be worked around just like every other such limitations.

[annamaryse]

Did you notice that last Thursday when Obama first mentioned the salary cap it was $400K but by the time the bill was serious, the cap had jumped overnight to $500K?

humans can not live on anything less than $500k

[drieuxster]

I thot that part was obvious...

Hum.... interesting idea....

[drieuxster]

What was the first taunch a part of, and from that position, why wasn't there a need for the sort of government intervention...

Ah yes.... why wasn't Milton Friedman Tried as the Majikal Wand back before the liquidity trap started it's play in september of 2007....