Bank of America: Second Biggest Bailout Recipient

Bank of America Corp. was the second biggest recipient of federal bailout programs in the financial crisis, according to a report issued by a congressional panel.

The U.S. government had total exposure of $336.1 billion to Bank of America through eight major programs, including the Troubled Asset Relief Program, according to the final report by the Congressional Oversight Panel. Citigroup Inc. had the largest exposure at $476.2 billion.
The tally includes $45 billion in TARP funds that Bank of America has paid back. For seven other Federal Reserve and Federal Deposit Insurance Corp. programs, the Congressional Oversight Panel counted the highest monthly amounts of loans and debt outstanding.
Morgan Stanley had the third-largest exposure ($135 billion), followed by JPMorgan Chase & Co. ($129.6 billion) and Wells Fargo & Co. ($107.2 billion).

The report is the last for the panel, which was authorized to monitor the expiring TARP program. The Congressional Budget Office estimates TARP will cost taxpayers $25 billion, less than its original $356 billion projection. But the panel noted that $50 billion in foreclosure prevention programs have "largely failed to get off the ground."

"Viewed from this perspective, the TARP will cost less than expected in part because it will accomplish far less than envisioned for American homeowners," the report stated.
Congress approved the $700 billion TARP program in fall 2008 as major financial institutions were collapsing, including Charlotte's Wachovia Corp., now owned by Wells Fargo. The intention was to stabilize the banking sector and the economy.

"It is now clear that, although America has endured a wrenching recession, it has not experienced a second Great Depression," the report said. "The TARP does not deserve full credit for this outcome, but it provided critical support to markets at a moment of profound uncertainty. It achieved this effect in part by providing capital to banks but, more significantly, by demonstrating that the United States would take any action necessary to prevent the collapse of its financial system."

Bank of America or USPS Failure?

It is not clear what happened to this letter. It was delayed for postage.

The postage amount seems correct?

In any case, it is a failure.

The Bank of America was rescued from destruction by American taxpayers without their consent in the "bailout" designed by the Bush administration.

The US Postal Service is also something of a joke, enjoying a monopoly in certain areas and remaining exempt from any kind of accountability.

But there's no doubt that Ken Lewis gets his retirement checks on time, probably delivered by a courier who is of course paid for by YOUR bailout dollars.