Fed Now Backstopping $75T of BAC Derivatives Trades
Fuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuck. This is bad stuff.
Speechless, once again.
I cannot understand how they get away with this stuff...
I hate to even think it, but nothing will be fixed unless blood flows. I don't like it, I don't even like thinking about it...but it's fact. So many will lose everything. So sad.
Yup, it's too bad that BAC is giving us $75 trillion in derivatives exposure... and so sad that the US banks ALREADY GAVE US OVER $100 TRILLION in derivatives exposure (ahem, I digress, forgive me). We are but poor pawns in the game of Central Banking Chess.
Oh, forget it. Read this, and withdraw your savings on MONDAY:
If you live near any of these protests, it would be VERY USEFUL to notify them of this BAC action. An informed mob?...that would be a change! Draft a short description of the BAC derivatives move, make 100 copies and distribute them and ask others to do so as well. By mid-week we'll see some interesting media coverage...
I don't even know what to say.. I knew they were flushing it.. I had no idea that it was 75 TRILLION DOLLARS!! All I have to say is this: It better go south really quick.. I'm trying to live a life and raise a family and these mother fuckers are seriously fucking with me (by "me", I mean "us"). Rationality, logical reasoning and calmness are three things that I am finding harder to muster after reading stuff like this.
I saw this as well. This actually goes against assets and makes both JP Morgan and Bank of America banks technically insolvent (as if we didn't know that already) The markets are completely primed for the plugs to be pulled.
When I was on Wall Street (30 years ago), we had crooks. You betcha. But we also had regulators who did their jobs and caught the crooks. So many in this country believe, naively, that regulators still catch crooks.
What they don't get is that there are NO regulators anymore with the power to take on these glacial banks. Professor William Black is on youtube back in MAY of 2011 talking about this derivatives mess that has been shifted over to taxpayers, and he was met with resounding silence.
There are plenty of posters out there on message boards who say, "Only a small percentage of these derivatives are risky." That's not the point, is it. It wouldn't take much more than 1% of 150 trillion (that, by the way, has priority settlement from FDIC over and before you, US depositor, at least according to some sources I've read) to hit and you would not get a penny from your so-called $250k of insured deposits. But the real point is that this is CRIMINAL and needs to be EXPOSED. I agree with the posters above; let's make some decent signs that address THIS problem and spread them around the Occupiers.
Looks like they were able to move the Credit Default Swaps just in time . Show of hands how many think we are screwed again?