HOLY BAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank Of America's Der

[Unified Serenity]

HOLY BAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank Of America's Derivatives Trades (http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html)

"This story from Bloomberg just hit the wires this morning. Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.

This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn't get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to "give relief" to the bank holding company, which is under heavy pressure.

This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.

What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

This is a recipe for Armageddon. Bernanke is absolutely insane. No wonder Geithner has been hopping all over Europe begging and cajoling leaders to put together a massive bailout of troubled banks. His worst nightmare is Eurozone bank defaults leading to the collapse of the large U.S. banks who have been happily selling default insurance on European banks since the crisis began."

I am on the verge of tears reading this, not because I am afraid, but because I really feel their evil and complete lack of regard for those of us holding the bag. We have got to do something, and you know what? I think they are banking on it, pun intended.

I am very sad over this.

[13th Warrior]

You could march in the streets in protest or sit here, whine and do nothing...








Just poking a stick at ya! 9^)

[Pete]

Come on USA, It's time to say no! If ever you needed proof of the fact that the rats are leaving the sinking ship it is this moment. Monday 24th Oct could well be the Big Short. IT'S TIME TO SHOUT FOUL!!!

[Unified Serenity]

I feel like they are pushing us to riot, and they have done outrageous things and we have not gone over the edge which has left them, tptb, scratching their heads wondering what it's going to take to cause us to lose our collective minds that they've now put us on the hook for 75 trillion saying, "NOW WHAT ARE YOU GOING TO DO?" We have to do something NOW, but I feel like we are being herded into mayhem and that's just what they expect from us peons.

[13th Warrior]

I feel like they are pushing us to riot, and they have done outrageous things and we have not gone over the edge which has left them, tptb, scratching their heads wondering what it's going to take to cause us to lose our collective minds that they've now put us on the hook for 75 trillion saying, "NOW WHAT ARE YOU GOING TO DO?" We have to do something NOW, but I feel like we are being herded into mayhem and that's just what they expect from us peons.

Anything in this clip sound familiar?

...you could substitute "Pirate" for "Terrorist" if that helps?

-yO2hgnuqu8

As G.I. Joe says "and knowing is half the battle"

[Calz]

Sooner the better ... something new and wonderful cannot come about until the old is flushed away ...

T-3Iq3XQkAw

[Seikou-Kishi]

Let's not forget where the financial crisis started when we're blaming Europe. Economic unity without fiscal unity may be inherently defective, but the Eurozone, corrupt and anti-democratic though it is, wasn't the originator of this mess.

[Calz]

Let's not forget where the financial crisis started when we're blaming Europe. Economic unity without fiscal unity may be inherently defective, but the Eurozone, corrupt and anti-democratic though it is, wasn't the originator of this mess.

There are no countries to be "blamed".

The rabbit hole goes way deeper than that.

[Seikou-Kishi]

Let's not forget where the financial crisis started when we're blaming Europe. Economic unity without fiscal unity may be inherently defective, but the Eurozone, corrupt and anti-democratic though it is, wasn't the originator of this mess.

There are no countries to be "blamed".

The rabbit hole goes way deeper than that.

I didn't hear "we're all in it together" when an imminent European implosion was being blamed for US Tax hikes :P

[Calz]

The whole system is an illusion ... the sooner that is understood and spread around the world the better the chances of some positive results from all the "revolution" going on.

[13th Warrior]

Unified Serenity,

Here is a song that you might be able to relate to?

Z87ltstOZp4

You can keep on waiting for the world to change or "close the distance; and be the change you want to see".

[crested-duck]

These are exciting times to be alive(incarnated). We all chose to be here now for the greatest show on earth. It's now or never for action and reaction. I personally think there are better days coming in the not so far-off future . But sadly there will most likely be blood in the streets before it's all over. The Elite are finished and running scared now, they know the game is over and they will be hunted down and destroyed. Lock and load everyone , we are now officially at war with corrupt government & eliteists, now is the right time to support each other and win this battle. It's not going to be pitchforks and shovels this time around. The number of armed and pissed off civilians and honorably discharged soldiers (myself included) here in the USA outnumbers the police and military (still stationed here), I am positive we will win this fight. I highly suspect the FEMA soldiers will kick down my doors in the middle of the night soon to take me out of this battle. I will not go peacefully- will you?

[nearing]

Humpty Dumpty had a great fall.
And all the King's horses and all the King's men couldn't put Humpty back together again.

(and of course, it's October, always October)

[Unified Serenity]

Thanks for all the words and positive energy. I for one would close a BofA account if I had one. We need to push for a stoppage of this abuse NOW. One voice without party ties.

[Anchor]

The 99% wont fail, The 1% will.

[spiritguide]

All of this hype is just about worthless paper even the paper from the fed they think their using for a backstop. All should calm down and laugh at them shooting themselves in the foot. The funds sucked out of our economy is all in offshore banks. If the banksters think they can scare us they will keep pulling like BS. A one week general strike with all persons staying home and enjoying their family and neighbors will show this government where the power really is. It will work only if everyone does so. We don't need to be in the streets we just need to stay home and not let them suck our energies for a week. Shut everything down work and schools and help each other at the local level to withstand the week. If the police, banksters and thieves in government work, then they will be doing it in a lonesome world. Can we get arrested for staying home?

[fifi]

Withdraw money from the bank while you can.


A bank revolt appears to be underway, people withdrawing money from big banks and, in some cases, getting arrested. Here are several videos on the movement. It’s interesting that, if you try to view these videos or any others on the same topic from Youtube, most of them will not play due to “invalid parameters.” There are too many for which this happens to think it could be an accident.

http://stevebeckow.com/2011/10/bank-revolt-underway-focused-on-nov-5-2011/

[Phoenix]

HOLY BAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank Of America's Derivatives Trades (http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html)

"This story from Bloomberg just hit the wires this morning. Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.

This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn't get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to "give relief" to the bank holding company, which is under heavy pressure.

This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.

What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

This is a recipe for Armageddon. Bernanke is absolutely insane. No wonder Geithner has been hopping all over Europe begging and cajoling leaders to put together a massive bailout of troubled banks. His worst nightmare is Eurozone bank defaults leading to the collapse of the large U.S. banks who have been happily selling default insurance on European banks since the crisis began."

I am on the verge of tears reading this, not because I am afraid, but because I really feel their evil and complete lack of regard for those of us holding the bag. We have got to do something, and you know what? I think they are banking on it, pun intended.

I am very sad over this.

Now, more than ever, we need everyone, we need you Unified Serenity, to be strong, to not shrink inside your bed, but to go out and inform the masses. Continue your passion for justice and all that is moral, and help those in need who don't understand the magnitude of the situation. And most importantly, offer solutions to our seemingly insurmountable opposition. Stay Strong. Much Love...

-Phoenix

[Pete]

I like the idea of non compliance, you want a riot well fight amongst yourselves, because actually we want the crash as much as you do. Go on run off to south America and hide yourself in your rat hole, we the 99 do not accept or agree to the future you offer us, the sooner you go the sooner we can re-build, you will not be missed.

You know it would almost be comical to leave them down the holes with all their riches, it makes a very poetic end to a pointless existence.

[JoshERTW]

Just watched inside job. Great summary of the road so far - I've been telling my friends that "The Revolution is coming" since before 2007... I'm surprised it took this long but I'm absolutely positive that it's here this time. As soon as the big rallying cry for general strike goes out, I'm there.

[sygh]

I feel like they are pushing us to riot, and they have done outrageous things and we have not gone over the edge which has left them, tptb, scratching their heads wondering what it's going to take to cause us to lose our collective minds that they've now put us on the hook for 75 trillion saying, "NOW WHAT ARE YOU GOING TO DO?" We have to do something NOW, but I feel like we are being herded into mayhem and that's just what they expect from us peons.

Yes, that's pretty much it, and it is sad, isn't it. Sometimes, I think they are stalling for time but this move was done to protect those banks being investigated in Europe. Now connecting us through the FDIC... again???? the apex of such fianacial weaving spearheaded back in 2008, and now, it's being repeated? Not again. On who's authority? Was there an explanation for this action?

If the U.S. and world riots continue to grow, it's also possible/probable we won't have a Presidential election either.

[nottelling]

Just watched inside job. Great summary of the road so far - I've been telling my friends that "The Revolution is coming" since before 2007... I'm surprised it took this long but I'm absolutely positive that it's here this time. As soon as the big rallying cry for general strike goes out, I'm there.

@Josh - most folks (me included) are pretty forgiving and we trust "them" to do the right thing. However, when they finally prove once and for all that "they" can't be trusted...

WHEN the global economy falls into depression shortly there'll be no naive 1920s population looking desperately to our leaders for a "new deal". The 2011/2012 population will be looking for retribution - worldwide. Sad that it has to go that far, but those who have eyes to see are finally starting to realise we've been robbed (and robbed, and robbed, and robbed, etc...). "They" are almost out of options now and We have plenty of options left.

God help them.

[sygh]

Just watched inside job. Great summary of the road so far - I've been telling my friends that "The Revolution is coming" since before 2007... I'm surprised it took this long but I'm absolutely positive that it's here this time. As soon as the big rallying cry for general strike goes out, I'm there.

Yup, saw it coming a long time ago. People of the earth... let the World Wide Work Force Unite! It's the W.W.W.F.U!

[Unified Serenity]

Has anyone seen this mentioned in their news? I listen to morning talk radio and afternoon drive time, and there was no mention of this. I suggest that if they are intending to send us over the edge and use OWS people as fodder then it will get picked up quickly by the major media. If it is not picked up, then they were trying to get the last cash out of the people whom they believe are stupid. It will be interesting to see how this plays out.

[Calz]

This one is good:

3pByFm_fYwo

[ViralSpiral]

KTlight posted this earlier.


RnLnRo_TQds


"On Oct 12, 2011 PACT held a bank accountability press conference to announce mounting divestments and to call on CA Attorney General Kamala Harris to take strong action to hold banks accountable for their unethical and illegal practices that have caused and prolonged the economic crisis.

San Jose churches, organizations and residents are divesting millions of dollars from big banks due to their unethical policies and practices. Most Holy Trinity Catholic Church is moving all of its accounts out of Bank of America. The City of San Jose has moved money out of B of A following its social responsibility investment policy. PACT is divesting from Wells Fargo. Community members are moving their money to follow their values - closing their accounts with big, national banks that caused the economic crisis and have taken no responsibility or action to be part of the solution."

"What an amazing step in the right direction for the people of our communities.
chucksguitarshop 3 days ago"

[spiritguide]

Now we truly see ethics and morals openly join the drive. This is more fundamental than politics it is about what is really in our hearts. Love is the glue that binds and truly a bond that will not falter. Let's not suffer the results of not loving.

:peace:

PS. In the true spirit of this world wide journey love to all of you!

[nearing]

Has anyone seen this mentioned in their news? I listen to morning talk radio and afternoon drive time, and there was no mention of this. I suggest that if they are intending to send us over the edge and use OWS people as fodder then it will get picked up quickly by the major media. If it is not picked up, then they were trying to get the last cash out of the people whom they believe are stupid. It will be interesting to see how this plays out.

How convenient that Gaddhafi was killed at this moment. "Hey, look over here at this hand while I stick my other hand right in your great great grandkids' paycheck."

Bread and circus.

[crested-duck]

If you absolutely cannot close your account for your monthly pension to be automatically deposited-Just go to the bank on the day it's deposited and remove all but 1 dollar and leave it open with a 1dollar balance. If you want to really piss them off leave $.01 and keep it open, but do not forget to smile at the bank teller and police while you are there!

[laughs-last]

it's not 'real' money hasn't been real for years, wait not sure if it was even real then. Paul kennedy wrote a book called the rise and fall of the great powers in the 80's, everyone in washington had a copy, so the story goes. The main crux of the book was that economic over spending and the over extension of military power in too many places, caused the down fall of all the empires since the spanish onwards; I guess them noobs in washington should have read the book rather than playing golf hey. I suppose they were just repeating old college habits that they just carried a book around to look intelligent while daddy bought off the principle; what a waste of education, I guess we have to be thankful that they were not nerds like us lol. Now there is a point if nerds did empire this kinda stuff would not happen :P viva predictable arrogant muppets (not the nice henson types). I digress, i always digress, I would represent this side of the spiral arm for digressing, however i'm not much of a team player and The Galactic Federation hasn't forgiven me for hazing the Pangoo's festival that happens once every 5000 years............ they only have 4000 or so years to the next one, honestly some people have no sense of humour :P

ONE LOVE, BIG HUGZ and GIGANTIC TOLIET ROLLS :jester:

[PathWalker]

Let go of fear, and regain your freedom.
We measure and are measured with money and possession.

Our survival is not on money or wealth. It is the daily intake of foods (material), shelter and ideas (spiritual).
Try some other measure scales.
when you are awakened, you need no scale at all.

¤=[Post Update]=¤

I am impatient. Anticipating the financial implosion. That is unavoidable.
My wealth is attached to commodities, especially precious metals.

[13th Warrior]

Let go of fear, and regain your freedom.
We measure and are measured with money and possession.

Our survival is not on money or wealth. It is the daily intake of foods (material), shelter and ideas (spiritual).
Try some other measure scales.
when you are awakened, you need no scale at all.

¤=[Post Update]=¤

I am impatient. Anticipating the financial implosion. That is unavoidable.
My wealth is attached to commodities, especially precious metals.

Hello PathWalker,

I am obliged to point out your hypocrisy (sorry;it's in my job description):


We measure and are measured with money and possession.


My wealth is attached to commodities, especially precious metals.