Nobody set out to create the bank of America or make it this big

Nobody set out to create the bank of America or make it this big

Its $3.2 trillion in debt doesn't even include another $15 trillion worth of pension insurance, deposit insurance, Fannie Mae and Freddie Mac mortgage insurance, and other government exposures that aren't officially considered credit programs. I interviewed about 50 sources inside and outside government about the bank of America, and few of them think it is well-designed, well-managed or well-understood, even if much of what it does is well-intentioned.

Ultimately, loans and loan guarantees of the sort that have proliferated in recent years are merely tools in Washington's kit. They can address national priorities, like expanding access to homeownership and higher education, and finance major projects, like America's first new nuclear plant in decades and the widening of the Washington Beltway. ...