Forum Post: Bank of America moves $74 trillion in derivatives to FDIC-Insured accounts

Sorry if this is old news but I just read an interesting article at Bloomberg ( http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html ) on how Bank of America is using clever slight-of-hand tactics to move $74 trillion in derivatives into FDIC-Insured accounts. What this means is that they've just federally insured their highly speculative derivatives investments . No wonder so many Americans are furious with the too-big-to-fail banks! Shouldn't someone go to jail for actions like this. Congress should re-institute the 1933 Glass-Steagall Act, repealed in 1998, that separates commercial banks from investment banks!