BofA: thanks for nothing

Bank of America’s double-dip into US government coffers looks a pretty good deal by most standards. The terms are as lenient as the second bailout provided to Citigroup in November, and far better than anything the market would have offered. But if – and it is an if – the authorities encouraged BofA in its rescue takeover of Merrill Lynch, which lost a staggering $15bn in the fourth quarter, then this new lifeline seems small thanks. Take the $20bn capital injection in the form of preferred sha...