by Calculated Risk on 1/15/2009 11:15:00 PM

From the NY Times: U.S. Said Close to Giving More to Bank of America

The program ... will hold Bank of America responsible for the first $10 billion in losses on a pool of $118 billion in illiquid assets. The government will take on the next $10 billion in losses and then taking on 90 percent of any additional losses with Bank of America absorbing the rest.

That puts the taxpayers on the line for close to $100 billion. What do we get for taking on this risk?

Hopefully we will have more details in the morning.