“Perhaps the biggest winners in the largely tax-deductible $16.5 billion U.S. settlement against Bank of America was B of A itself, public employee pension funds, state bureaucrats and political hacks. The State’s CalPERS and CalSTRS public pension funds get a $300 million bailout, making these pension funds whole–despite the pension funds’ own irresponsible investments.  Previously Citibank and JP Morgan Chase gave $299 million and $300 million to CalPERS and CalSTRS. Some unknown portion of $500 million from of B of A will go for direct ‘consumer relief’ such as loan modifications, the rest to low income housing programs run by state bureaucrats and community organizers.”

http://www.highlandnews.net/news/political/article_3b1448dc-31ec-11e4-8df5-0019bb2963f4.html

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