Bank Of America Using Bailout Funds In China?

  As if this bank isn't getting enough bad publicity with their fiasco with Republic Windows and Doors over the banks dropping the companies credit line which left workers in the dust so far as employment went, it seems that now the bank is using funds to purchase some Chinese assets.

  BofA took $15 billion dollars in bailout cash and then one month later went and spent $7 billion to acquire more holdings of China Construction Banks  which is mainly owned by the Chinese government. BofA's stake increases from 10.75% to 19.1%.   But that is not the worst part.

    Expertclick

    The Chinese government has a $586 billion stimulus package which is to be partly funded by bank loans! So the US taxpayers are not only funding the US stimulus package but, thanks to Bank of America, the Chinese as well!

  Do these banking felons have no shame?  Bank of America would rather fund the Chinese economy rather then help to keep a business open and people employed in the United States?

  ... Essentially, the United States Treasury has gifted $7 billion dollars of your money to the Chinese government with Bank of America as an intermediary.     Economy in Crises

Technorati Tags: Bank of America,China,Bailout,Economy,China Construction Banks,Treasury Department