Bank of America moves $75 trillion in liability onto US tax payers

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<p>[Bank</a> Of America Dumps $75 Trillion In Derivatives On U.S. Taxpayers With Federal Approval - Seeking Alpha](<a href=“http://seekingalpha.com/article/301260-bank-of-america-dumps-75-trillion-in-derivatives-on-u-s-taxpayers-with-federal-approval]Bank”>http://seekingalpha.com/article/301260-bank-of-america-dumps-75-trillion-in-derivatives-on-u-s-taxpayers-with-federal-approval)</p>

<p>THis is exactly why we need more protests across the country for financial reform and reinstatement of Glass Steagall. </p>

<p>Wall Street is prepping up their investments yet another tax payer bailout when things go south.</p>

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<p>I like this article…</p>

<p>I would like to know how much of the $75 trillion in derivatives are at risk.</p>

<p>And how did Merrill get such a large position?</p>

<p>And on a related subject…is the Greece default a triggering event in the CDS market or not?</p>

<p>If it isn’t and cds were hedged against Greek Notes…owners of both cds and Greek notes lose twice. Not much of a hedge…</p>

<p>This could affect bond markets around the world. If you can’t hedge bond market risk…the bond market is going to shrink. (which,
eventually, may be a good thing).</p>

<p>There is so much government involvement in these
markets…the pressure by financial firms on governments must be intense…is a 50% haircut in Greek notes really market driven? Why not
a 40% haircut? Or a 60% haircut?</p>

<p>Wall Steet is the number one welfare queen. The most socialist industry around.</p>

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<p>Don’t miss Friedman’s column in the NYT today about Citibank.</p>

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<p>Great editorial.</p>

<p>I like the idea that these protests are as much about justice as anything else.</p>

<p>Friedman needs to add one more solution…throw these crooks in jail…</p>

<p>Fraud is not a criminal offense?</p>

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<p>No wonder Timmy G was recently all over Europe clamoring for a EU bailout. He’s just trying to delay the amount of time before the EU fails and US tax payers will be on the hook for the absolutely massive losses US banks will face on their European derivative gamblings.</p>