The Bank of America is again coming to government with their begging bowl in hand. These guys must really be stupid. They bought Merrill Lynch for $19.4 billion and that is their mistake, not ours. Mr. Jim Sinclair said many months ago that Merrill was basically worth zero based on their OTC derivatives exposure.

Now we are hearing that the bank didn't realize at the time of their purchase the extent of their exposure based upon all of Merrill's toxic paper. Don't they read Jim Sinclair? Why with all the high paid salaries at Bank of America didn't just one those recepients get it? If they get more money, make it conditional on firing the whole bunch. The word going around now is their exposure may be between $100 and $200 billion from all that toxic paper. Why do we have to subsidize people that don't know how to run a company?

Another mental midget is Sheila Bair from the FDIC. In a recernt statement she said, "Her Agency has sufficient reserves to cover bank failures." What is she smoking????