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bad advice...,
2011-10-19 02:22:40
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even the liberal new republic ...,
2011-10-19 14:54:08
bofa leads #OWS teach-in:
Bank of America won't let you close your account if you walk in with a sign protesting its plan to make you pay for their toxic investments. This is why we need to restore Glass-Steagall's separation of investment and commercial banking. This is why we need to democratize the Federal Reserve, which is dominated by the banks, riddled with conflicts of interest, and the "regulator" that would have BofA flush us into its septic tank:
Bank of America Corp. (BAC) ... 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.
:: posted by buermann @ 2011-10-19 14:25:15 CST |
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