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Friday, December 11, 2009

BofA repays $45B in government bailout funds...REALLY??

Bank of America repaid its $45 billion TARP loan by drawing from cash on hand and selling new securities. [Forgive our skepticism, but this story has the smell of fish. Is it possible that the Fed "bought" the securities with taxpayers' money? If so, it was merely a bookkeeping trick. We will follow this and report what we learn.] G Edward Griffin

Bank of America, which announced its agreement with the U.S. Treasury to repay TARP last week, funded the repayment through a combination of cash on hand and the sale of $19.29 billion of securities that would convert into common stock. The stock increase remains subject to shareholder approval.

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