Great News...taxpayers help Bank of america

[lily]

I feel overjoyed that my little tax dollars can help out the great Bank of America in their aquisition of Country wide. I wonder if that entitles me to some discounted stock options. LOL

NEW YORK (Fortune) -- Guess who's helping Bank of America pay for its $4.1 billion purchase of Countrywide Financial? Answer: The taxpayers of the United States.

That's because Bank of America (BAC, Fortune 500), which is solidly profitable, will be able to use some of Countrywide's losses to offset its own taxable income. The tax break could total about half a billion dollars over the first five years, according to an estimate by tax guru Robert Willens, who left Lehman Brothers Friday after a 20-year run and will be in business as Robert Willens LLC starting next week. The losses could be worth considerably more to Bank of America starting in the sixth year, depending on how big Countrywide's losses are when Bank of America formally acquires it.

Taxpayers to help foot BOFA 4.1 billion Countrywide Bill

[thohome]

Yes now aren't you glad you could help that poor Company grow.. I know I'm glad that My Tax Dollars can help....that just amazes me..

[lily]

I should be but not at all. Ofcourse there are several other things I'm not pleased that my tax dollars go to but I can't list them all on this forum. LOL

[flip4u]

Boy that just thrills me to no end that I can help such a poor financial institute with my tax dollars. NOT SO MUCH