Bank of America announces plans to repay $45 billion in bailout funds

[Starbucks Anarchist]

Source: WP

Bank of America said Wednesday that it would repay $45 billion in taxpayer aid that helped the company survive the financial crisis, terminating the federal pay restrictions that have inhibited its search for a new chief executive.

The company would become the first recipient of extraordinary federal assistance to repay taxpayers completely. Several banks including J.P. Morgan Chase and Goldman Sachs have repaid capital they got from the government last fall. But Bank of America is one of nine companies that needed additional help. The others include Citigroup, GMAC and automakers General Motors and Chrysler.

Bank of America chief executive Kenneth D. Lewis, who plans to retire at the end of the year, said the repayment showed the strength of the company, which operates the nation's largest bank, and the improving health of the broader economy.

"It is a milestone indicating that public policy has succeeded in helping our industry and the economy begin to recover," Lewis said.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2009/12/02/AR2009120203177.html?hpid=moreheadlines

[aquart]

1. And the interest?

We are charging the same interest they put on their credit cards, aren't we?

[valerief]

2. Ha! Thirty percent would be about right. nt

[Skink]

3. They got the fed interest rates pay attention.

[aquart]

13. I do not and will not use the sarcasm smiley.

No matter how much some people seem to need it.

[laughingliberal]

4. My thoughts, exactly nt

[DavidDvorkin]

5. All the government had to do to the banks was

threaten the bonuses.

[endless october]

6. good.

after they finish repaying, break them up under TBTF TBTE.

[Thrill]

7. Will they start lending now? Those pieces of shit

[AllentownJake]

9. Seeing that they are about to get rid of 45 billion in capital

Not fucking likely.

[DebbieCDC]

8. Just in time to dish out the Xmas bonuses

Fucking pigs

[Alcibiades]

10. Crazy

They could make sure their Ponzi scheme of a bank is well capitalized, or they can do whatever it takes to make executive compensation fatter. No surprise which one they chose.

Oh, and they claim they cannot find a CEO. Really. In this economy, they cannot find a banking executive more qualified than the one who nearly drove the firm into bankruptcy?

[tomm2thumbs]

11. does this mean they already squeezed twice that out of customers?

half to repay the govt and half to pay bonuses

[ThomThom]

12. Great now we can pass legislation to break them up and restrict

their actions. We need to bring a dose of reality to these greedy fools. Regulations Now.

[Historic NY]

14. Obviously money they didn't need in the first place.