Just one month after receiving $25 billion form the Treasury to stave off disaster, Bank of America spent $7 billion to increase its holdings of China Construction Bank.

In mid October Bank of America was one of the hand-selected institutions to receive the first phase of the $700 billion bailout package. As one of the world’s largest banks, Bank of America was deemed suitable for a cash infusion by the Treasury Department in order to shore up its assets and get the bank to open up its channels for lending. Bank of America is apparently lending, but it is lending overseas rather than to beleaguered home and business owners in the United States who desperately need a hand.

One of the main reasons that the public was so unified in its opposition to the financial bailout was their belief that the recipient banks would not use the money for the right purposes. We have already seen American International Group executives take lavish and luxurious vacations while the government scrambled to shovel more money their way. We also saw bailout recipients use the funding to start buying up competitors via Treasury-backed mergers and acquisitions. Now it seems that our tax dollars can easily be spent in foreign direct investment overseas, rather than here at home where it is needed.

The move by Bank of America also puts money into the hands of the Chinese government as they begin collecting money to fund their own nearly $600 billion bailout and rescue operation. Essentially, the United States Treasury has gifted $7 billion dollars of your money to the Chinese government with Bank of America as an intermediary.