When will the insanity stop? Bloomberg News reported on Wednesday 8 April that "Bank of America Needs $36.6 Billion." That's more money on top of the monies already expended on B of A.
When will it stop? Even medical doctors stop treating patients when it's clear that additional heroic measures will do nothing to stop the bleeding and eventual death of the patient. Let Bank of America's incompetent leaders crawl on their overpaid knees to bankruptcy court in North Carolina, and let the immediate past President of the Federal Reserve Bank of New York, now our Treasury Secretary, restrain himself from spending any more of the taxpayer's money on bailouts of the unsalvageable. Don't hold your breath though.
Just as brokers use the line 'past performance is not indicative of future results,' when it comes to Secretary Geitner and his predecessor Hank Paulson, past performance is regretably indicative of future performance when it comes to pouring good money after bad.
Continuing to use TARP funds with Bank of America is the financial equivalent of the medical continuation of transfusing an already dead patient with new blood that pours out of every orifice in the bleeding bank's corpse while depleting the blood bank of resources better used to treat the viable.
But as noted above, don't hold your breath because with past performance being indicative of future actions, Secretary Geitner is like the head Maitre D' on the HMS Titanic who continues to serve drinks while the band keeps playing 'Nearer My God To thee" as the unsinkable....sunk.
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