Do they have a magic piggy bank?

What I want to know is how does Bank of America have $50 billion dollars to buy Merrill Lynch after assuming the liability of Countrywide? Is this the Feds way of creating another "Too big to fail" institution?

Bank of American Profits were DOWN 41% last quarter - "Bank of America said its non-performing assets jumped to $9.75 billion, or 1.13% of all loans, during the quarter.

At the same time, the company said it was forced to set aside $5.8 billion during the quarter to account for loans gone bad or that could falter in the future."

But they have $50 Billion to buy Merrill Lynch. It just doesn't smell right - concentrating so much with B of A with the Feds blessings. There is something behind the scenes there that will come out soon, and I don't think America is going to like it much. Bet whatever it is won't be revealed until AFTER election day.