Forum Post: BofA using Customers FDIC deposits to safeguard Shady Gambling Operations
Posted 13 years ago on Nov. 3, 2011, 3:43 a.m. EST by fixwallstreetnow
(42)
from San Francisco, CA
This content is user submitted and not an official statement
"Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits[FDIC Insured Customer Deposits], according to people with direct knowledge of the situation."
In layman's terms basically they are backing up their riskiest division with YOUR BANK DEPOSITS. So when the gambling goes south, guess who is on the line? Don't worry its not you, its the government. Who is you.
Profit is privately owned!
Loss is publicly shared!
We must all pull together like good Americans in BOA's time of crisis! Have you no heart?