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  1. #1 Bank Of America "Screw You Taxpayers" 
    Senior Member Molon Labe's Avatar
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    Once again the plans are in the works for government and the banks to give a big "up yours" to the American Taxpayer.


    highlights:

    Bank of America Deathwatch: Moves Risky Derivatives from Holding Company to Taxpayer-Backstopped Depository


    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…
    Remember the effect of the 2005 bankruptcy law revisions: derivatives counterparties are first in line, they get to grab assets first and leave everyone else to scramble for crumbs. So this move amounts to a direct transfer from derivatives counterparties of Merrill to the taxpayer, via the FDIC,
    This move paves the way for another TARP-style shakedown of taxpayers, this time to save depositors
    Bank customer initiates a swap position with Bank. In doing so they intentionally accept the credit risk of the institution they trade with.

    Later they get antsy about perhaps not getting paid. Bank then shifts that risk to a place where people who deposited their money and had no part of this transaction wind up backstopping it.

    This effectively makes the depositor the “guarantor” of the swap ex-post-facto.

    That the regulators are allowing this is an outrage.

    If you’re a Bank of America customer and continue to be one you deserve whatever you get down the line, whether it comes in the form of higher fees and costs assessed upon you or something worse.
    Basically BOA is in serious shat...and they are taking their riskiest financial contracts and getting the FDIC to back it with a guarantee. So instead of these deriviatives being losses, the good ol boys at BOA get guaranteed money if they flop.

    And people wonder why there is a tea party?
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  2. #2  
    Senior Member Molon Labe's Avatar
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    Wow...another huge screwing of the American middle class by our federal behemoth is taking place again and either no one has an opinion on it or no one cares. :(

    I know guys like lacarnut understands this. What says the rest of you? Have so many been lulled into believing that the banks are our capitalist buddies?

    It's all over the place again today.

    http://problembanklist.com/fdic-to-c...ive-bets-0419/
    Gun Control: The theory that a woman found dead in an alley, raped and strangled with her panty hose, is somehow morally superior to a woman explaining to police how her attacker got that fatal bullet wound - Unknown


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  3. #3  
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    Drug abusers in the middle stage never ask money from their parents for drugs. They ask for money to pay their rent or bills. They use their own money for the drugs, and ask for mom's money for rent.
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  4. #4  
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    Quote Originally Posted by Novaheart View Post
    Drug abusers in the middle stage never ask money from their parents for drugs. They ask for money to pay their rent or bills. They use their own money for the drugs, and ask for mom's money for rent.
    Another one of your idiot posts. However, it could reflect on your own personal experiences.
    Last edited by lacarnut; 10-20-2011 at 02:06 PM.
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  5. #5  
    Quote Originally Posted by Novaheart View Post
    Drug abusers in the middle stage never ask money from their parents for drugs. They ask for money to pay their rent or bills. They use their own money for the drugs, and ask for mom's money for rent.
    That actually made better sense than all the other arguments I've heard against bailouts. the idea of not helping the banks worry me though because I fear massive jobloss.
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  6. #6  
    Senior Member Molon Labe's Avatar
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    Quote Originally Posted by Lanie View Post
    That actually made better sense than all the other arguments I've heard against bailouts. the idea of not helping the banks worry me though because I fear massive jobloss.
    Like we don't have that already.

    These bastards need to go the way of the Dodo. If we had let these institutions fail, there would have been an immediate pain...but someone would come along and pick up the liquid assets who knew what to do with them. In the short run there would have been trouble....but best guess estimates is two to 3 years.

    But with what we're doing now we are looking at a decade of this mess.

    If you are practicing imprudent business practices and have bet on the wrong horse, you don't get to take the middle class and the unborns future and pay off your gambling debts. That's not the way the free market works.
    Gun Control: The theory that a woman found dead in an alley, raped and strangled with her panty hose, is somehow morally superior to a woman explaining to police how her attacker got that fatal bullet wound - Unknown


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  7. #7  
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    Quote Originally Posted by Lanie View Post
    That actually made better sense than all the other arguments I've heard against bailouts. the idea of not helping the banks worry me though because I fear massive jobloss.
    If you fear massive job loss as you state, you will have no problem voting for O Blah Blah's opponent. O Blah Blah and his party are THE job loss insurers of the last 100 years.
    Education without values, as useful as it is, seems rather to make man a more clever devil.
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  8. #8  
    Quote Originally Posted by Molon Labe View Post
    Wow...another huge screwing of the American middle class by our federal behemoth is taking place again and either no one has an opinion on it or no one cares. :(

    I know guys like lacarnut understands this. What says the rest of you? Have so many been lulled into believing that the banks are our capitalist buddies?

    It's all over the place again today.

    http://problembanklist.com/fdic-to-c...ive-bets-0419/
    The FDIC is funded by contributions from banks and thrift institutions and does not receive money from Congressional appropriatrions.

    http://www.fdic.gov/about/learn/symbol/
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  9. #9  
    Senior Member Molon Labe's Avatar
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    Quote Originally Posted by Hansel View Post
    The FDIC is funded by contributions from banks and thrift institutions and does not receive money from Congressional appropriatrions.

    http://www.fdic.gov/about/learn/symbol/
    lol...What do you call the bailouts then? That was one huge Federal Reserve and Congressional Appropriation.

    And if those banks are making their money through crony practices? How is that Capitalism?

    Are you saying your all for this?

    Um....this is what led to the 2008 crash paving the way for the TARP mess....which was regulators not doing thieir jobs properly, because they were in bed with the banks who were engaging in massive speculation through derivatives trading. That's crony Capitalism friend.

    But don't listen to me....I'll let some much smarter speak.

    "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." -- Thomas Jefferson, U.S. President
    "History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance." -- James Madison
    "Give me control of a nation's money and I care not who makes it's laws."-- Mayer Amschel Bauer Rothschild
    Gun Control: The theory that a woman found dead in an alley, raped and strangled with her panty hose, is somehow morally superior to a woman explaining to police how her attacker got that fatal bullet wound - Unknown


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  10. #10  
    Senior Member Arroyo_Doble's Avatar
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    Quote Originally Posted by Molon Labe View Post
    Basically BOA is in serious shat...and they are taking their riskiest financial contracts and getting the FDIC to back it with a guarantee. So instead of these deriviatives being losses, the good ol boys at BOA get guaranteed money if they flop.

    And people wonder why there is a tea party?
    Or an Occupy Wall Street.

    It is interesting how effectively the Media has ensured each hate the other.
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