Bank of America: Bailout hides huge bank subsidy deep in press release text

Marshall Auerback here. I wanted to add a few thoughts to the discussion about recent events in U.S. banking. Below is the Federal Reserve press release on the Bank of America bailout. Here are the most important words from the release: where the debt is supported by collateral and the issuance supports new consumer lending. The carrot and stick in the paragraph in red above and below is something brand new and out of the box. It is surprising that it came on Bush's watch but it has Obama

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