Posted 10 years ago on Dec. 8, 2011, 11:35 a.m. EST by KVNLGN
This content is user submitted and not an official statement
The link below relates to the 2005 bankruptcy reform law. Basically, in the event of a bank failure, a depositors FDIC insured money is NOT first in line to get paid back. As it turns out, derivative claims come first. Don't be confused by the term, derivative. It is another word/term for banks making extremely large bets with money that they do not have. These bets total in the trillions, easily enough to destroy the financial sector and overall economy. Shouldn't this fact alone, cause a major run on the banks ? I mentined this once before and I'll do it again...There should be a date established every month to transfer money from banks to credit unions...