Banks Preparing to Dump Debt on Taxpayer

[WatertheTree]

Most recently Bank America drew attention to itself by disclosing that it had moved all of the derivatives footings from its Merrill Lynch subsidiary to the lead bank, Bank of America N.A. Bloomberg ran the first story.....

Bank America move was not merely an administrative exercise....“The 23A issue is moving an exposure [from Merrill Lynch] that is in trouble to the insured institution, apparently at book value, from an uninsured affiliate.

Is Bank of America preparing for a Chapter 11? | Reuters

Say hello to another bank bailout, this one just indirect.

We are a nation of complacent and apathetic cowards, our founders would be so dissapointed.

 

[Wry Catcher]

Most recently Bank America drew attention to itself by disclosing that it had moved all of the derivatives footings from its Merrill Lynch subsidiary to the lead bank, Bank of America N.A. Bloomberg ran the first story.....

Bank America move was not merely an administrative exercise....“The 23A issue is moving an exposure [from Merrill Lynch] that is in trouble to the insured institution, apparently at book value, from an uninsured affiliate.

Is Bank of America preparing for a Chapter 11? | Reuters

Say hello to another bank bailout, this one just indirect.

We are a nation of complacent and apathetic cowards, our founders would be so dissapointed.

A. P. Giannini would be appalled. It's past time to close all BofA accounts and credit cards and move your assets to a credit union or local bank. Too big to fail was yesterday, take YOUR money and run.

 

[Mad Scientist]

We are a nation of complacent and apathetic cowards, our founders would be so dissapointed.

Why should I care about this shit when there are more important things going on right now, like the World Series?

And did you guys see that football game last night? Wow!

 

[LordBrownTrout]

I prefer watching a college football game rather than the mass incompetence on display in Washington.

 

[Mad Scientist]

I prefer watching a college football game rather than the mass incompetence on display in Washington.

If a college team looses a game, your life is unchanged.

But when Congress "looses", we're all fucked! So tell us which is more important?

 

[ScreamingEagle]

I prefer watching a college football game rather than the mass incompetence on display in Washington.

If a college team looses a game, your life is unchanged.

But when Congress "looses", we're all fucked! So tell us which is more important?

damn maybe it's just a PET PEEVE of mine....but these words seem to be continually misued...

lose.....means something gets gone.....like "he will lose the election next year"...."the team loses again"...

loose.....means something gets free......like "set loose the dogs"...."loose the missles now"...

pertinent to this thread.....the banks will loose their bills upon the taxpayers and once again the taxpayers will lose....

 

[WatertheTree]

We are a nation of complacent and apathetic cowards, our founders would be so dissapointed.

Why should I care about this shit when there are more important things going on right now, like the World Series?

And did you guys see that football game last night? Wow!

Great thinkers and historians agree, you can do anything to a population so long as you continue to provide them with two things:

Food and Entertainment.

 

[flacaltenn]

Makes no sense to try and save Merril Lynch and sink the larger parent. Or put it into Chapter 11.

We don't even know that those derivatives are based on mortgages or endangered assets. My guess is that BofA is just playing the split between Fed Policy and FDIC policy and taking advantage of the internal feuding.. I'd be surprised if FDIC would EVER really protect those internal corporate assets.

 

[Avorysuds]

How can all this be after Obama saved America so many times....


Someone the O-Sign at the sky! We need to be saved again because the last time... I'll just end it there.