Bank of America (NYSE:BAC) has been one of the largest recipients around of TARP funds. The company has received over $45 billion from the government, yet seems unable of reigning in spending. Bank of America (NYSE:BAC) has been coming under increasing fire in recent days by politicians and angry taxpayers alike. Now, we learn that executives attended a huge Super Bowl party that probably cost $10 million.

"The prominent sponsorship of the Super Bowl says to the American people we'll take your money and then we're going to go waste it," Tom Schatz, president of Citizens Against Government Waste, a watchdog group, told ABC News.

Leading Congressional critic, Congressman Elijah Cummings, (D-MD), said, "They should know better, but obviously they don't."

One look at Bank of America (NYSE:BAC) 's track record with bailout funds, and it's pretty easy to understand why the average person is upset with this bank.

The SEIU wants Bank of America (NYSE:BAC) to kick CEO Ken Lewis to the curb because the company approved $4 billion in bonuses for Merrill Lynch executives after accepting $25 billion in bailout funds last October. Is there any wonder why Bank of America (NYSE:BAC) is bad for America? While the nation’s largest bank was handing out hefty bonus checks, they were drawing up plans to layoff 35,000 of their 247,000 employees; investing billions in overseas banks and Washington lobbyists; flying executives around on corporate jets; foreclosing on homes; cutting credit to consumers; and refusing to pay employee health care. To top it off, they had the nerve to request $20 billion more from our Treasury.

Not only are politicians and employees feeling screwed over by BAC these days, but so are millions of the banks customers. Reports are streaming in concerning the company increasing interest rates and/or closing down credit lines. The one thing that BAC hasn't used bailout money for is to lend money to people.

The credit crisis continues to worsen as companies like Bank of America (NYSE:BAC) tend to their own agenda first and foremost. Today Barney Frank announced he'll be dragging the heads of many of the nation's major banks in front of a hearing to grill them on the whereabouts of the bailout cash. That seems like a case of "too little too late."

Courtesy: Superior Investor