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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  
    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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  6. #6  
    Politically tired. Lanie's Avatar
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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.
    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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  7. #7  
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    Quote Originally Posted by Arroyo_Doble View Post
    Or an Occupy Wall Street.

    It is interesting how effectively the Media has ensured each hate the other.
    Did the media also ensure that the OWS crowd would hate Jews, bankers, capitalism, police cars, private property or anyone making more than they do?
    --Odysseus
    Sic Hacer Pace, Para Bellum.

    Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
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  8. #8  
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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?
    Maybe that's why my local B of A just put up bulletproof glass. Expecting a run on the bank perhaps?
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  9. #9  
    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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  10. #10  
    Senior Member Molon Labe's Avatar
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    Quote Originally Posted by Arroyo_Doble View Post
    Or an Occupy Wall Street.

    It is interesting how effectively the Media has ensured each hate the other.
    Your right the MSM is one of the biggest to blame.....But OWS isn't going after the media or the government or the bankers....they are going after speculators. The speculators don't produce anything...they just bet on the collapse. They are a creation of the rotten system.

    You want to end the speculation and destroy the crony system? Try Occupy Pennsylvania Avenue or the Capitol. Occupy the MSM media. Occupy the crony capitalists.

    The OWS movements biggest fail is that they don't attack the system that caused the problem, they call it "Capitalism" then demand more of what caused it in the first place. The government system that backs by force of law these imprudent practices..
    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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