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Thoughts Online Magazine
Collected Articles on Culture & Politics
Bank of America Ultimatum: Lose Money or Be Fired! 
23rd-Apr-2009 01:26 pm
I'll bet you think that's impossible, right? Bank of America is a large bank, and the government wouldn't simply threaten them with being fired to get them to lose shareholders' money?

Not according to the Attorney General of New York: they were supposed to lose money on the Merrill Lynch buyout or be fired.

What was missing, of course, was a good reason why the pension funds that hold BofA stock should have to take the hit: they have older people to look after, who need the money they were promised.

Governmental compassion on display. We're in the best of hands.
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