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Sleight of hand: BofA moves dodgy Merrill derivatives to bank
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EXCERPT FROM NY POST: "A plan by beleaguered Bank of America to foist trillions of dollars of funky Merrill Lynch derivatives onto its depositors is raising eyebrows on Wall Street.
The rarely used move will likely save the bank millions of dollars in collateral but could put depositors’ cash behind the eight ball.
The move also brought to light fissures between the nation’s top banking regulators, the Federal Deposit Insurance Corp. and the Federal Reserve, in the wake of new regulations meant to curb the free-wheeling habits that fostered the worst crisis in a generation back in 2008."
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link to www.nypost.com
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