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BANK OF AMERICA & OTHERS JOINS

THE BAIL OUT


AS USA and World Banks get the bailout its not long before they want more. They are not releasing their assets and merged with other bank or bought out at dediculous prices eg. Merril Lynch. Now they want more. The depression will continue as more emplkoyment abounds and lower salaries must come into line with drops in housing and services.

Bank of America will receive $20bn (£13.4bn) in fresh US government aid and $118bn worth of guarantees against bad assets.

The emergency funding will help the troubled bank - the US's largest - absorb the losses it incurred when it bought Merrill Lynch.In return for the money, the US Treasury will take a stake in the bank. Just hours after the aid package was announced, Merrill Lynch posted a fourth-quarter 2008 loss of $15.31bn. Bank of America reported a loss of $1.7bn, compared with a profit of $268m for the same period a year earlier. Bank of America said Merrill had a fourth-quarter net loss of $15.31 billion.

Struggling US banking giant Citigroup has announced plans to split the firm in two, as it reported a quarterly loss of $8.29bn (£5.6bn).

It said it would realign into two. Citigroup had to be rescued by the US government in a bail-out deal totalling $45bn. The government also agreed to guarantee up to $306bn (£205bn) of risky loans and securities on Citigroup's books. $8.29 billion loss for the fourth quarter.


Bank of America: $45bn
Citigroup: $45bn
AIG: $40bn
JP Morgan: $25bn
Wells Fargo: $25bn
General Motors: $10.4bn
Goldman Sachs: $10bn
Morgan Stanley: $10bn
GMAC: $5bn
Chrysler: $4bn
Source: US Treasury

Its wake up time America. These bailouts are not helping the American people just Companies who have reaped millions in rewards and done nothing to change their strategies over the years. None of them deserve bailouts and the US government cannot run these Banks and Companies who cannot compete with the times??? so the underlying question is how much of this bail out money will be spent on themselves---- most of it so watch.

Royal Bank of Scotland Feb 2009 Broke: Royal Bank of Scotland revealed a record UK loss of £24.1bn and a new bail-out worth up to £25.5bn. A Scottish MP is calling for the former chief executive of the Royal Bank of Scotland, Sir Fred Goodwin, to be stripped of his knighthood. Jim Sheridan, Labour MP for Paisley and Renfrewshire North, has also asked the Metropolitan Police to investigate the activities of senior bankers.His call comes as the row continues over Sir Fred's £16m pension fund.Prime Minister Gordon Brown has launched a stinging attack on the role of the banks in sparking a recession. Mr Sheridan told BBC Scotland: "I think Sir Fred should hand over his pension and if he had a grain of morality he would do that."We should be looking to take the knighthood off him because I think people would have some difficulty referring to him as Sir Fred given what he's done."

Lloyds Banking Group : HBOS was hit by £9.9bn of losses on bad loans. 2008 profits at Lloyds TSB fell by 80% to £807m. Lloyds Banking Group has said that HBOS, which it absorbed in January 2009, made a pre-tax loss of £10.8bn in 2008.

 

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