Forum Post: HOOLY BAILOUT!! B of A now has US taxpayers on the hook for 75 TRILLION!!!
Posted 12 years ago on Oct. 19, 2011, 2:51 p.m. EST by RobRob
(45)
from Manhattan, NY
This content is user submitted and not an official statement
http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html
I dont know if anybody's seen this yet but Bank of America just got the Fed to back all its risky investment in eurozone banks!! this is insane!!! 75 TRILLION???? This story from Bloomberg just hit the wires this morning. Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC. This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn't get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to "give relief" to the bank holding company, which is under heavy pressure. This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve. What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.
Still no mention of this in the mass media, I wonder when they are going to spill the beans and inform the masses they have just been robbed again? After its too late no doubt.
http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html
bounce that check . do it now.
put down the ron and back away slowly or i kill your memes.
http://www.ronpaul2012.com/the-issues/
stop listening to exxon oil and republicanism and use your brain. i LOVE ron paul hes my one and only NOT EVIL republican i know of. the road to hell can still be paved with his good intentions. STFU WTF? This is about getting rid of ALL the republicans and ALL of the Democrats. If you are not on board for REAL change and want to land us a half mad science denying oligarch just crazy enough for them to control and just stupid enough to try republican economics- you are nuts.
You know i am all for ending the fed. HOW we do that is more important than merely doing it because the civilization is one organism and its econmic systems are organs. Play doctor like a mad fucking half genius insane brilliant wingnut republican... and your patient would expect to do as well as a 5 year old trying to do real live surgery after being smoked up on crack. You are not and he is not a system doctor. I am. And all you or he has for us is mor eentropy; not hard solutions. Now STFU and start working for a new party inside of OWS. I want YOU to tell me what office YOU are going to run for. GROK?
And let me be loud and clear over here. i love ron. but if you ron paulians don;t get the clue quick i will be forced to END him from THIS space. Don't call the lightning. just take Ron back out of OWS and i won't cook his campaign alive with fire from the sky. GROK?
I got no beef with ron. i love ron. STFU and get ron out of my court or i will take his platform by line item and SORT the genius from the WINGNUT. LIVE.
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Dodd-Frank is a joke. The fact that it was named after Barney Frank says it all. Frank should be in jail for his handling of Fannie Mae.
http://dailybail.com/home/william-black-not-with-a-bang-but-a-whimper-bank-of-americas.html
People are posting here about their student loans.
They have no idea about the calamity ahead.
Yup. A few thousand is nothing compared to the imaginary wealth that is about to vanish and bring real wealth with it.
lol@people ignoring this story.....watching the titanic here......oh well
Tell me about it. Like brushing it under the carpet will make it go away.
It's not like 154 trillion is a lot of money to get shafted with, here it comes folks lube up.
any financially knowledgeable people care to comment on this?
BAC’s answer is to “transfer” the bad derivatives to the insured bank – transforming (ala Ireland) a private debt into a public debt. therefore shafting the taxpayer with private debt!
This is what they tried on the population of Iceland and the people rose up and said - NO
wow we are screwed
Yep, absolute madness continues at the government zombie ball. Just keep the bad Lady Gaga music going until all of the pigs at the trough are drunk beyond redemption. Then nobody will notice all of our officials carrying off the last pieces of scenery to save themselves after the whole house of cards comes tumbling down.
Bump.
People who have accounts with BOA should withdraw or close their accounts immeditly in protest. Protestors need to be in front of BOA,in fornt of The Capitol. This institution is draining America.
Ouch.