Diamonds and Dogs
Yes Merrill, there is a Santa ClausFor Merrill Lynch, there is a Santa Claus
Bank America (BAC), the proud owners of Merrill Lynch and Countrywide Financial, recently completed an equity offering in order to raise money to pay back the US government for the TARP money they received. By diluting the shares again, shareholders of BAC can now feel good about not having the government in their kitchen anymore. But will they feel good about having to offer more shares so that their problem child, Merrill, can pay big bonuses to all the fat cats that ruined a great American company? I say they have no idea and that ignorance is bliss and alive and well on Wall Street. Oh, and by the way, with the TARP funds released back to big brother, they can go out and pay embarrassingly high wages and perks to get a new CEO to lead them into the future. Let the bonus money flow down the chimney, Santa's back on Wall Street.