Last night I was watching television and saw a Bank of America ad which touted itself as the largest bank.

And now BOA’s largest shareholder is the United States government taxpayers.

Two weeks after closing its purchase of Merrill Lynch at the urging of U.S. regulators, the government cemented a deal at midnight Thursday to supply Bank of America with a fresh $20 billion capital injection and absorb as much as $98.2 billion in losses on toxic assets, according to people involved in the transaction. (source: International Herald Tribune)

This pisses me off.

A flashback in time:
At a secret meeting on Jekyll Island in GA in 1910, a small group of bankers representing 1/4 of the world’s wealth met in order to come up with a system to protect their interests. One of the goals of the scheme - to be able to pawn any failures off on the American taxpayers and continue their scam. This eventually led to the creation of the Federal Reserve System.

The more things change, the more they stay the same. Don’t buy into hype. Especially if it comes from the government.

Related News Update: Bank of America hush hush on Merrill losses, may be sued.