HOUSE ROBBING BANK OF "AMERICA" TRANSFERS 75 TRILLION IN DERIVATIVES TO BANK UNIT; WE'RE ON THE HOOK WHEN THEY GO BAD

Europe will collapse because the Greek People are NOT going to be forced out onto the streets and starve.  When Europe collapses, 75 trillion in derivatives betting on the European markets will turn to shit-and with this move, the US Government through the FDIC will assume Bank of "America" derivatives.

Which means the US Government will have more than enough shit to feed us foot long shit subs for the rest of our lives... theoretically.

I say theoretically because it's not going to down like that in America.  The collapse is going to take them down before they can fully enslave us, no matter how many ex-war on terror psychopathic soldiers sign up to be cops, how many perverts they can turn into TSA 'agents', how many guns the BATF can steal from Americans and trade them to drug cartels for drugs to supply their protected snitch drug dealers in the ghettos.

Snips of articles below.  It's not going down like that.

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This story from Bloomberg just hit the wires this morning.  Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.

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.

This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input.  You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.

What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan.  Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html

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.
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.

http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html