There are times when I'd like to share something with you but my Voice in the Garden site does not seem the appropriate place, thus, this blog.

There are experiences, thoughts, views... and for anyone lurking/waiting to pounce (as has occurred on several occasions), please do not attempt to turn what I post into a political statement. This is NOT a political site, but IS about occurrences, reality, and personal opinion concerning what I see in the world around me and my family. There are many excellent writers whose works "speak" to me, and I shall include some of them. At times it may be
something I think you would enjoy or simply whatever ails you (me).

Wednesday, October 19, 2011

Federal Reserve Now Backstopping $75 TRILLION of Bank of America Derivatives Trade

Bloomberg reports that Bank of America (BAC) has moved derivatives from its Merrill Lynch investment banking unit to its depository arm, which now has access to the Fed discount window and is protected by the FDIC. BAC did not get approval to do this, they just did it and now the American taxpayer is on the hook again.

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!

Did you know that the GDP of the entire world is $75 Trillion?

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