Forum Post: Bank Of America II
Posted 12 years ago on Oct. 21, 2011, 3:34 p.m. EST by StarlifterFE
(6)
This content is user submitted and not an official statement
In the past, I have said that Bank Of America is in deep, deep trouble. The saga continues, at least for a little while.
They have approximately $75 trillion in derivatives. Much of it is Credit Default Swaps [CDS]. CDS's are as Warren Buffet has called them "Weapons Of Mass Destruction". These instruments are in existence for ONE reason-to funnel more money into the ultra-rich which includes the financial industry's CEO's and upper management. World-wide derivatives=$600 trillion. World GDP 2010=$63 trillion.
This leads back in a roundabout way to what I have written recently about the massive fines assessed to Goldman Sachs and others. What does it matter if your company is fined millions if you personally are able to keep your ill-gotten gains? There is NOTHING stopping these people from putting us all at risk-AGAIN!!!!!! The fines are NOT stopping this behavior, the company boards of directors are NOT, individual investors are NOT, our government is NOT and we as individuals are NOT.
BofA is stuffing this shit [derivatives] into divisions insured by the US Government-you and me. If/when the market calls them on these WMD's the taxpayer is on the hook. There ARE rules and regulations preventing this and the FDIC is fighting them on this. I don't know if the FDIC will win because the FED says that moving them back will cause market disruption. Remember--the FED IS NOT a government institution-it is comprised of major banks. If BofA is allowed to get away with this-ALL the financial institutions will do this. If things go tits up and BofA has to declare bankruptcy the owners of this shit will be paid first. You and I will be fucked again!!!!!!!!!
Do you remember when companies banks and investment branches were allowed to merge in 2008-2009. This was so the risky investment bets would be covered by you and me, and the BANKSTERS would be able to keep on raping and pillaging.
What do you think is going to happen when Greece goes bankrupt? Investors are going to take 50-100% losses. Any entity with a financial position [major European banks and others] are going to demand payment. There is not enough money in the world to pay all the insurance bets. The snowball is getting bigger.
This is the kind of thing Occupy Wall Street should be about. Not these fucking idiots that don't even know why they are here!
This is only one article about BofA's illegal move. http://www.nakedcapitalism.com/2011/10/bank-of-america-deathwatch-moves-risky-derivatives-from-holding-company-to-taxpayer-backstopped-depositors.html
We can't go back to the barter system. If we want a modern world we need some way of rewarding work. It is the excesses we have to control. From what I understand in it's basic form-debt=money. Without debt there is no money created. Very simplistic I know. Someone can expound on this if they wish.
http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html
Great post! the derivatives market is terrifying... the good ol' wall street casino.
agree with peaceful action boycott businesses like the civil rights movement did don't shop at walmart they just cut workers from health insurance, take your money out of big banks, etc.
Strong statement made by BofA and our government, how do you counter act the move. Peaceful action always leads. Make this well known to everyone you can. Inform everyone about BofA and the ones that allowed this.
if everyone withdrew their money from BofA they would no longer exist don't like big banks take your money out put them out of business we only have ourselves to blame
And getting rid of all debt would would solve everything.
We need to focus on this. The FDIC, a part of the government, says regulations do not allow this. The FED, part of the private financial sector, wants to violate the regulation. Let your representative know how wrong it is. Maybe they will listen. Stranger things have occurred.
tl;dr - "BofA is stuffing this shit [derivatives] into divisions insured by the US Government-you and me"
^^^^^ This is the salient point here, people.
All these talk about dirty hippies and crapping on police cars obscures the important messages, the messages that ALL AMERICANS including Fox News watchers, should be concerned about.
As Ive told many friends and relatives for the past 4 yrs or more...close your accounts and pull your money out of BOA. This predator bank is a total rip-off of the middle/working class people.
Go to your nearest credit union today and open an account or put your money under a mattress.
awesome post, very true.. this is a core issue.
Have you seen or heard some of the interviews from NY. Some of those people have NO idea why they are there.
StarlifterFE labels dissenters idiots
Your information, worthy as it may be to be read, is ruined by your name calling. You are entitled to have your own idea about what is " important" and so is everyone else. Not agreeing with you, or sharing your priorities, in no way means someone else is an "idiot"