Just when the American taxpayer thought the worst of the financial storm had passed, Bank of America came along last week and sucked another $20 billion out of TARP to help "absorb" its $20 billion acquisition of investment banker Merrill Lynch, a deal consummated during the height of this fall's financial meltdown. That chunk of taxpayer change was on top of $25 billion BofA already received from the bailout trough late last year.

Anybody can do the math. Taxpayers have essentially footed the bill for BofA's $20 billion acquisition of Merrill Lynch in a roundabout way. Despite already receiving $25 billion from the government's financial rescue package, BofA, as Charles Dickens once wrote, needed "more."

Instead of hoarding cash and allowing the weak to fall by the wayside, BofA went on a shopping spree when it should have stayed at home and saved money. Keep in mind that the $20 billion Merrill Lynch purchase follows BofA's $4 billion acquisition of mortgage giant Countrywide, which is brimming with subprime loans teetering on default. Certainly part of BofA's $45 billion bailout funded that problematic purchase as well.