...And we thought moving our slave wages to our local credit union was going to save us! ...This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn't get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to "give relief" to the bank holding company, which is under heavy pressure. .. http://www.sott.net/articles/show/236509-Holy-Bailout-Federal-Reserve-Now-Backstopping-75-Trillion-Of-Bank-Of-America-s-Derivatives-Trades
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