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BofA to return $45 billion to taxpayers

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posted on Dec, 3 2009 @ 03:00 PM
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NEW YORK (CNNMoney.com) -- Bank of America said late Wednesday it planned to return the entire $45 billion in bailout money it received from the government over the past year.

The move would allow Bank of America, the nation's largest lender, to wriggle free from a variety of government restrictions it has had to abide by, including pay caps for its top executives.

It could also smooth what has been a difficult search for a new chief executive.

Outgoing CEO Ken Lewis is scheduled to depart by year end. Bank of America's board of directors originally hoped to select a successor by Thanksgiving.

"We believe that this is good news, not only for the U.S. taxpayer and our company, but for the country as it is a milestone indicating that public policy has succeeded in helping our industry and the economy begin to recover," Lewis said in a statement.


SOURCE: money.cnn.com...

I saw this and wanted to share. I'm not sure exactly what this means in terms of BoA's stability. Although, as a customer, I have not experienced any of the "bad" things that other ATSers have experienced. But, it does make me feel good that BoA will be out from under the thumb of big brother. Whew!!

Enjoy!




posted on Dec, 3 2009 @ 03:08 PM
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So does the govt. keep the 45 Bil? I wan't then to send me a check! (Or just tax me less)

-E-



posted on Dec, 3 2009 @ 03:09 PM
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So when can I expect my check?

Until those of us who wrote checks to the bastard that forced us at gun point to do so return to me the total sum of said extortion I as a 'taxpayer' am not getting anything back.

Anyone trying to pass this off as "paying taxpayers back" should be strung up.



posted on Dec, 3 2009 @ 03:30 PM
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In response to both of the posters above:

I would assume that since the bailout money was "imaginary money" made up from the federal reserve, then I would hope that the money goes back to that "debt". I don't recall any private citizens "cutting checks" to bailout BoA. Wishful thinking, but...



posted on Dec, 3 2009 @ 03:32 PM
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that comes to about $5.62 for everyone on earth!



posted on Dec, 3 2009 @ 03:36 PM
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I just got a feeling that what ever money the government gets back will be reinvested in companies or banks that won't be able to pay us back.

Or they will find other lame excuse where they can spend the money.



posted on Dec, 3 2009 @ 03:37 PM
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reply to post by Aggie Man
 


Right. Because if the 'money' didnt come back the federal reserve would have just cut their losses? Not one American citizen would have been beaten and robbed to make up the hole?

It's the fed's imaginary money, sure. I get that. Then let the airheads reporting it tell it like it is for once and stop using 'taxpayers' when it means the private federal reserve.

This sort of word game aimed at the stupid is a very big reason modern slavery is in such complete and absolute control on this earth. No, folks arent terribly bright. But encouraging stupidity with misinformation and semantics isnt helping.



posted on Dec, 3 2009 @ 04:08 PM
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It's funny that my parents just got a $200 a month increase on their mortgage loan from BofA. Seems like they want the consumer to pay back the bailout money. This is the biggest scam of all time.

Give me 45 billion dollars for a year...I'll collect enough interest off of it to never have to work again.



posted on Dec, 3 2009 @ 04:23 PM
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It sounds like a lot, but it comes out to 150.00 per citizen (based on 300 million citizens).



posted on Dec, 3 2009 @ 04:28 PM
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reply to post by ExPostFacto
 


This is exactly why I bailed my parents out of BofA's clutches by paying the house in full so they wouldnt get a raw deal on high housing rates, I might even get off of Wells Fargo as well if I can find a better bank.



posted on Dec, 3 2009 @ 04:33 PM
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reply to post by MarshMallow_Snake
 


That math is flawed. The bailout came from us as supposed tax payers. Not every single person in the country.

www.taxfoundation.org...

According to this link only about 135 million returns were filed. So that comes out to over 300 bucks per person that filed returns. Sure that may not seem like so much... however it is still money that "I" was not willing to pay. We as taxpayers were never asked OUR opinion which is more of the problem.



posted on Dec, 3 2009 @ 06:41 PM
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What is this? Have the executive bonus recipients agreed to donate the interest on their billions of bonus payments? How very noble of them indeed.

Lets add on a 35$ surcharge per $10000 borrowed when they needed to be bailed out due to insufficient funds like they would have done to us.

Let's see now - for the math......
$45 Billion / $10000 = 4,500,000
Say 180 days @ $35 per $10000
4,500,000 * 180 *35 = roughly $28 Billion extra

I'd say a payment of $73 Billion ($45B + $28B) TOMORROW would be just.

Who am I kidding? This was the most disgusting display of favoritism we will ever see in our lifetimes. To this day, I never understood why those payments were not made to the debtors of those companies and mandating that they be utilized to pay off whatever outstanding loans were owed to those institutions in need of a bailout. Then those companies would have still got the money and our citizens would have been helped out at the same time.
Can you even imagine what kind of a jumpstart to the economy an elimination of $2 Trillion in consumer debt would have had? Yet our solution was to compensate the criminals for the mistakes that they made.



posted on Dec, 4 2009 @ 04:25 PM
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reply to post by bigshow
 


Who cares if the math was flogged? It was a brief estimate, not rocket science. You may not have been willing to pay it, but you did. There is nothing we can do about it and now it will just go back to where it came from.



posted on Dec, 6 2009 @ 07:52 AM
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reply to post by BuffaloJoe
 


I've become more clear on exactly what the role of government should be over the past year or two. My opinion like you stated, is that all social type programs should be paid directly to the people. Meaning, that the bailout money should have went directly to pay off credit cards of American people that funnel to the bank. If they want to give free education, the money should be attached to the student to decide which school to use it at, not to the school administrators.



posted on Dec, 6 2009 @ 08:25 AM
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In my opinion, the entire problem stems from the fact that we didn't have a say in how much money was spent, and to whom it was given.

That should be the main issue here. That should be why the American public should wake up. But they don't...

SO WHAT, they're giving the money back? Big deal. It was never theirs to begin with, and, just like everyone else on this thread, why doesn't the taxpayer reap the reward of payment?

It took the taxpayers to help them, and the gov't gets it back.
Perfect sense in a perfect economy fixed with a perfect gov't.
I could go on, for days.


God, I love "freedom".

[edit on 6-12-2009 by havok]



posted on Dec, 6 2009 @ 08:57 AM
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BofA to return $45 billion to taxpayers



NEW YORK (CNNMoney.com) -- Bank of America said late Wednesday it planned to return the entire $45 billion in bailout money it received from the government over the past year.

The move would allow Bank of America, the nation's largest lender, to wriggle free from a variety of government restrictions it has had to abide by, including pay caps for its top executives.


reply to post by Aggie Man
 


Hey, Why Not !

They can always return to the money tree < aka TARP funds....
but After the the year-end bonus time passes.

Or re-borrow $45bn, when the FED generated LiquidityBubble bursts
-that will be when the DOW stock market Crashes the 60-70% gains its recently made,
in a direct linkage to the (favored) Banks getting free and extremely cheap
money from both the FederalReserve and the Treasury since the crisis began in Sep 2008...

the banks in turn are buying Assets, Commodities, Equities with the Trillions of free taxpayer moneys, so as to beef up their balance sheets...


The near 'Alice-in-Wonderland' growth of the DOW back to near 10,500
(close to + 4,000 points in only 8 months) is an alarming Bubble !

BoA, and many other financial firms will be back to suckle from the revolving TARP funds nourishment spiggot...
After they've skirted around the annual Bonus restriction !



posted on Dec, 6 2009 @ 03:27 PM
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Considering BoA and Citibank will be experiencing record losses off credit defaults (auto, home, credit card, personal & student loans) on top of their dire financial situation, they're probably going to be getting it all back plus a lot more. I don't remember who it was that said that both of these banks may not exist much longer as is - maybe they'll both be absorbed by Goldman Sachs and Morgan Stanley along with all the government help they'll ask for.
There's that rumor that BoA will be charging an annual fee for the priviledge of using their credit card starting after New Year. Whether or not they do I don't care because i'm cancelling my BoA Mastercard this week and replaced it with one from my local Credit Union.



posted on Dec, 6 2009 @ 03:36 PM
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Unfortunately nobody is getting any checks. It just means we as citizens owe just a little less for our debt.

THANKS FOR NOTHING



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