By moving toxic assets, i.e. derivatives, into a FDIC insured subsidiary, gives BoA's Merrill derivative holdings indirect access to the Federal Reserve discount window and also if the bank fails where the derivatives are now located, the FDIC is required to pay depositors through their insurance guarantee. It appears from Bloomberg's report that $53 trillion of BoA's derivatives are being tied into depositors*, which implies the Federal Reserve and the U.S. taxpayer have the potential to be on the hook.This latest bankster crime against the US public is being reported on numerous websites.
in the time remaining, to help us understand how the man-made system of capitalism will lead to the extinction of our human species, and so many others.
Wednesday, October 19, 2011
Bank of America's Socialize the Risk and Reap the Reward Business Model
Click here to access article by Robert Oak from The Economic Populist.