I realize that the American people are worried and a bit perplexed over the bailout and how it is going to this point.  But there has got to be a line drawn of where our money is spent.  I am still dead set against using my money to help a bank acquire more holdings.

Bank of America Corp (BAC.N) will receive $20 billion in fresh government investments and a federal backstop against $118 billion of bad assets it holds to help it absorb Merrill Lynch & Co, U.S. officials said on Friday.

As part of an emergency plan announced by the Treasury Department, the Federal Reserve and Federal Deposit Insurance Corp, Treasury will provide Bank of America, the largest U.S. bank by assets, with $20 billion in fresh capital from a government bailout fund in exchange for preferred stock.

The government also agreed to share in losses on the troubled assets, which Bank of America took on when it paid an estimated $19.4 billion for Merrill on Jan. 1.

With the financial system foundering under a mountain of bad mortgage-related debt, officials feared a deteriorating capital base at Bank of America, which has already received $25 billion from the government, posed a risk to the financial system as a whole.

Sorry but this story just pisses me off…….We are payiung a bank to assume the debt and problems of another entity.  Where is this good business practice?  Where is this wise use of the taxpayers money?

Any thoughts?  Please share.