BOA has transferred trillions of worthless derivatives to American insured banks

[live love laugh]

to set themselves up for another bailout courtesy of the 99%.

I just heard this on NorMan GoldMan per a representative from Democracy for America.

[RKP5637]

1. Yep, here's more on it ...

"Federal Reserve and Bank of America Initiate a Coup to Dump Billions of Dollars of Losses on the American Taxpayer"

http://www.zerohedge.com/contributed/federal-reserve-and-bank-america-initiate-coup-dump-hundreds-billions-dollars-losses-ame

http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html

[live love laugh]

3. Norm said trillions--but billions is just as bad. How is this legal? nt

[RKP5637]

6. It all gets strange IMO after awhile. In my book corps. that can't make it need to

fail, that, IMO, is how 'good' capitalism works. When the gov. starts doing too big to fail IMO it rigs the system and not in favor of the majority. IMO it should not be legal, but surely none at that level of decision making is interested in my opinions. Then again, I feel the entire system is rigged against "we the people."

[Poll_Blind]

2. I've been watching this one. It's definitely cooking but there's another shoe that's...

...got to drop and I'm interested to see when BoA drops it.

PB

[dkf]

5. What do you know that we don't know?

[Poll_Blind]

9. Nothing more than anyone else who's been following the story intently. The...

...other shoe I'm talking about is simply whatever pivotal event which thrusts that liability on the US taxpayer. It's not yet. I guess you could say it theoretically already is but there's a difference to me. Anyway, that's about the biggest money bomb you're ever going to hear about that isn't in a piece of fiction and when it goes off, and how it goes off is going to make one hell of a shitstorm.

Could happen tomorrow. Could happen before the election. Could happen after the election. Something else entirely unusual and unexpected could happen.

Going to be real interesting to see exactly how that goes down.

PB

[dkf]

4. They aren't worthless...they are potential claims which is worse.

The deposits in the bank are the collateral in case the payment needs to be made.

Bad stuff.

[jimlup]

7. I'll bet it was the plan all along.

Why the hell are there no laws against stuff like this????

Wait! Don't answer that! I know all too well ... Damn stupid world we live in. Controlled by a plutocracy or worse...

[Warpy]

8. That's exactly what they've done

As soon as Merrill Lynch came on board, the whole business started to go to hell. Now they're sticking the bank with all Merrill's toxic assets, thinking the government will bail them out.

This is beyond dirty. This is just plain, fulminating evil.

I hope this is the case that finally gets Glass-Steagall reinstated.

[CoffeeCat]

10. I wonder what a bailout will look like?

Will they go to Congress? Good luck with that! Voting for a bailout for one of these "piggy banks" could
mean the death knell for a politician--especially when the electorate is out in the streets protesting the banks!

There is no public will for a bailout. Last time, they convinced many of us that it just had to happen--or the
world would end.

No one cares if these banks fail anymore. In fact, I think most of us would like to see them fail.

Can the Fed just give them the amount of money that BofA wants? That would be the ultimate Fascist move.

I find the timing of all of this suspect. Who sticks their worthless derivatives into the safe part of the bank--ensuring
that the lost funds will be insured and covered (at taxpayer expense) while the nation is in the throes of a
revolt against Wall Street greed?

What are the sociopaths up to?

[Warpy]

11. For some bizarre reason, they're trying to save Merrill Lynch

at all costs to the bank. I knew when they took both Countrywide and Merrill Lynch on, there would be serious trouble. Shifting all the junk to the banking side is a really shady move and I'm shocked any bank regulator would go along with it, must be Stupid's appointments, Regency grads who don't know what banking is and can't do math.

I don't have the information about the inner workings I once did, my acquaintance having long since read the writing on the wall and bailing out of his corner office for the uncertainty of life as an indie.

I just find it odd beyond belief that they'd sacrifice the bank to save two shady investment scam companies.

And no, there won't be a bailout this time. As I said, this might just be what gets Glass-Steagall reinstituted.