BoA Dumps $75 Trillion In Derivatives On Taxpayers, Super Committee Looks Away. Seize BoA Now.

[Donnachaidh]

http://www.opednews.com/articles/BoA-Dumps-75-Trillion-In-by-Ralph-Lopez-111108-355.html

It's real money, especially since "Bank of America Deathwatch" financial pundits have multiplied on the web and it has become a bit of a geek guessing game. When will BoA finally tank? And when it tanks, the question becomes, who will walk away with all their money, and who will be left holding the bag? The deal just snuck through with the Federal Reserve's, and implicitly, Congress's approval insures Wall Street casino gambler's debts by moving them into accounts meant for penny-pinching grandmas.

Citing Bloomberg, financial commentator Avery Goodman tells us:

"Even if we net out the notional value of the derivatives involved, down to the net potential obligation, the amount is so large that the United States could not hope to pay it off without a major dollar devaluation, if a major contingency actually occurred and a large part of the derivatives were triggered."

A bailout for one company's most irresponsible investors triggering a major dollar devaluation? This is the kind of thing that starts revolutions.

More at the link --

[abelenkpe]

1. BofA is long overdue to be nationalized. nt

[valerief]

2. I think more oil and gas subsidies and tax cuts to the rich will fix that problem.

:crazy:

[Autumn]

3. Oh hell fucking no

not again :banghead:

[sarcasmo]

7. Spread the word, tell everyone you know to get their money out of BOA.

That is one scary article.

[sarcasmo]

4. Government take over of BOA is needed ASAP.

[hifiguy]

5. Yep.

Nationalize the SOB and carve it into little chunks. Let the investors, and not the people, take whatever hit there is.

[KansDem]

8. What a novel idea!

Let the investors, and not the people, take whatever hit there is.

It has become "conventional wisdom" in this country that investors shouldn't take the hit. But isn't that how the capitalist game is played? Do well and you're rewarded; don't do well and you lose.

Too often, American capitalism is "If I take a risk and succeed, then I get rewarded. If I take a risk and fail, then I get rewarded." :crazy:

[redqueen]

6. +1

nationalize it