Yes with a T..... BofA Said to Split Regulators Over Moving Merrill Derivatives to Bank Unit http://www.bloomberg.com/news/2011-...-moving-merrill-derivatives-to-bank-unit.html ... The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren’t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn’t believe regulatory approval is needed, said people with knowledge of its position. Three years after taxpayers rescued some of the biggest U.S. lenders, regulators are grappling with how to protect FDIC- insured bank accounts from risks generated by investment-banking operations. Bank of America, which got a $45 billion bailout during the financial crisis, had $1.04 trillion in deposits as of midyear, ranking it second among U.S. firms. .. Bank of America’s holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades.
Does the CEO golf with Obama by chance? Just kidding...we know that stuff never goes on. Raise debit card fees to $50. Let the free market rule!
One of the comments on the article makes my torch-and-pitchfork parts tingle. I admit to not understanding this protecting bankers from their gambling losses isue but I really like this comment on the above article: Kenhi 2 days ago Collapse We don't need to get petty or mean with each other. We all have ideas and good points. These are the steps I would taks but I'm open to other ideas. I think the founding fathers would want the laws enforced even if they would not have passed them. Reinstate Glass-stegal Seize the bankrupt banks and their investment banks. Use a weekend bankruptcy court to cancel all the bogus debt. and dervatives. Recapitalize them with taxpayer money. Go through the books and look to see how many hookers and drug dealers got money from these crooks. Give the Hookers and dealers imunity in exchange for testimony. Put corrupt executives in Jail and keep them there with no Bail. Have a seperate trial for each felony. Make sure they understand that their third felony conviction means life in prison with no parole. Those we cannot get convictions on we can let the Chinese extradite them for pissing away some of china's money. Sit back and watch what China does to them. Develop a plan to break up each bank into 30 smaller local banks for different regions and purposes Execute the plan. Sell stock in the new clean banks slowly over a five year period with 70 percent going to repay the american people and 30 percent to strengthen the banks.