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News Link • Economy - Economics USA

BoA Dumps $75 Trillion In Derivatives On Taxpayers, Super Committee Looks Away

• opednews.com

It's real money, especially since "Bank of America Deathwatch" financial pundits have multiplied on the web and it has become a bit of a geek guessing game.  When will BoA finally tank?  And when it tanks, the question becomes, who will walk away with all their money, and who will be left holding the bag?  The deal just snuck through with the Federal Reserve's, and implicitly, Congress's approval insures Wall Street casino gambler's debts by moving them into accounts meant for penny-pinching grandmas.  

Citing Bloomberg, financial commentator Avery Goodman tells us:

"Even if we net out the notional value of the derivatives involved, down to the net potential obligation, the amount is so large that the United States could not hope to pay it off without a major dollar devaluation, if a major contingency actually occurred and a large part of the derivatives were triggered."

A bailout for one company's most irresponsible investors triggering a major dollar devaluation?  This is the kind of thing that starts revolutions. 

 

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