Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation…
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.
Friday, October 21, 2011
BofA tries to fuck us - again
From crooksandliars, BofA is trying to dump $74 trillion in derivatives into FDIC insured accounts. Think about that for a second... $74,000,000,000,000.00 in fraud, dumped into FDIC accounts so that the corporate controlled government will "insure" the loss.