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Bank of America gets $25 BILLION from taxpayers to facilitate the purchase of Merrill Lynch.
In spite of promising its shareholder it wouldn't, BOA summarily gave $3.6 BILLION of it to the management team at Merrill, apparently for the real bang up job they did driving it out of business.
Now, rather than letting the investigation of this douchebaggery unfold, BOA is settling with the government for $33 MILLION.
Not bad. $33 MILLION to cover up a $3.6 BILLION dollar scam. Not bad at all.
THIS is whyipaytaxes.
read more: Bonus fine for Bank of America(bbc)
We all pay our share of taxes. What do our governments use it for?
Summarizing stories you otherwise might have missed about people and actions that lead to a greater tax burden on us all...
If we can prevent the government from wasting the labor of the people
under the pretense of caring for them, they will be happy. - Thomas Jefferson
under the pretense of caring for them, they will be happy. - Thomas Jefferson
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UPDATE
In a rare sign of backslapping cronyism gone horridly awry, the justice department decided this fine wasn't enough and will pursue the matter in court.
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