Wednesday, May 6, 2009

The Bank Owned by America

Will Bank of America become the Bank Owned by America? Apparently. And, of course, "owned by America" is a euphemism for "controlled by Obama".

WSJ is reporting that BofA will be required to raise $35 billion in the aftermath of the stress tests. It appears that it is going to be very difficult, most likely impossible, for BofA to be able to raise such funds.

Somewhere today Afro-Hispanic lesbian midgets are celebrating.

If BofA is not able to raise the $34 billion then the government has deemed that the conversion of preferred stock owned by the government and converted into common stock is the same thing as raising $34 billion. Upon such conversion, Daddy Government will become the largest shareholder in BofA. With a current market cap of $70 billion, we are looking at a government stake that will be upwards of 30%, giving it effective control.

If you think bank TARP recipients were muscled into voting in favor of a restructuring of Chrysler that resulted in their getting screwed out of money that is rightfully theirs, wait until you see the financial, politically correct, gymnastics that will go on at BofA with Obama in charge. Put another way, white males should not waste time applying for loans there, unless, of course, you are a gay windmill builder.

The Obama model of socialist takeover is becoming clearer, methodical step by step takeover without the Fidel Castro fiery rhetoric. This Obama, you see, is one cool dude. And owning a bank was, well, something that just fell into his lap, as will ownership, alongside the UAW fellow travelers, of Chrysler and GM.

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