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I definitely agree that taxpayer money shouldn't be wasted on bailouts and it is frustrating to see AIG and Citibank spending so much despite their needing a bailout.<br> <br> I do think that Bank of America is getting a bad rap here. The problem is that the big banks were all forced to take a big chunk of bailout money in exchange for some preferred stock. I work at a Bank, so I hear quite a bit about these things.<br> <br> When some of the large banks balked at taking the money, considerable pressure was placed on them to take the money.<br> <br> Goldman Sachs was in obvious trouble and needed the money, and with the fishy business of the Treasury's blatant favoritism to GS, with letting Lehman Brothers (competitor) fail while bailing out AIG (huge investment for GS, and a GS boardmember was the only non-government person at the bailout meeting), they needed to make the other Banks look just as bad. If none of the other big banks (about 8 or 10) took the bailout money and Goldman Sachs did, they would look even more obvious in their favoritism. <br> <br> Bank of America and Chase are doing quite well and will continue to gobble up competitors for pennies on the dollar until we are left with 2 or 3 national banks. <br> <br> The whole fuss over paying huge bonuses is also a joke. If they didn't need the bailout money but were forced to take it, and there normal income was in the billions, why shouldn't they pay out large bonuses to executives?<br> <br> Again, I disagree with the bailout completely. But don't criticize companies that are forced to take money when they don't need it.
By Abe
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