As in look behind you.
B of A 's decision to transfer fifty five TRILLION dollars of toxic debt from it's Merrill Lynch division to it's own depositors to dodge millions in collateral is stinking up Wall Street.
B of A 's decision to transfer fifty five TRILLION dollars of toxic debt from it's Merrill Lynch division to it's own depositors to dodge millions in collateral is stinking up Wall Street.
At issue is BofA’s decision to shift what sources say is some $55 trillion in derivatives at Merrill Lynch to the retail bank unit, which houses trillions in deposits insured by the FDIC.
Critics say the move potentially imperils everyday depositors by placing their money and savings at risk should BofA run into trouble.
Sources say that the derivative transfers from Merrill to BofA’s bank subsidiary were sparked by credit-rating downgrades to the bank holding company and are meant to help BofA avoid having to fork over more money to post as collateral to its derivative counterparties.
Seriously Busted you know it's impossible for the elected ones in the District of Whores to govern at this time and into the future.
ReplyDeleteOnly if a few changes happened could it be possible and it ain't going to.
Me thinks there will be some strange fruit decorating lamp posts.
ReplyDeleteDon't wait for the government to "do its job" - it's doing it. Its potentates are quite busy protecting the interests of the ones who pay for their positions. Like BoA.
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