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deepsouthdoug commented on the blog post The Next Bailout: BofA Moves Derivatives Into Insured Institution
“Where is the senate banking committee in this?”
Probably on a Bank of America junket in the South Seas………….
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deepsouthdoug commented on the blog post The Next Bailout: BofA Moves Derivatives Into Insured Institution
In a bankruptcy holders of derivatives would get first claim on ALL the bank’s assets. The law was changed in the 2005 ‘reform’. The insured depositors would have no assets to pick over. They would depend 100% on the broke FDIC. Want to place a bet on whether a Republican House will vote to approve a massive bailout of the FDIC if it happens in the next year?
