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Sleight of hand: BofA moves dodgy Merrill derivatives to bank

 
Feign
User ID: 1349792
United States
10/21/2011 10:17 AM
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Sleight of hand: BofA moves dodgy Merrill derivatives to bank
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."

[link to www.nypost.com]
Anonymous Coward
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10/21/2011 10:54 AM
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Re: Sleight of hand: BofA moves dodgy Merrill derivatives to bank
bump
Newbie
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10/21/2011 08:36 PM
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Re: Sleight of hand: BofA moves dodgy Merrill derivatives to bank
So what happens to customers of BofA that have credit card debt with them? Who does it pass on to?
Nickadeemus

User ID: 2632173
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10/21/2011 08:45 PM
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Re: Sleight of hand: BofA moves dodgy Merrill derivatives to bank
[link to www.zerohedge.com]

And on top of that just today they began the restucturing process within thier retail banking sector.

Wonder WTF they're up too...insolvency???

Nick®thinkin
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