Taxpayers to Back $53 Trillion in Bank of America Derivatives

October 19, 2011   |   Tags: , , ,

So what if Bank of America received $45 billion in bailouts a few years ago. What have we done for them lately?

Bank of America has shifted about $53 trillion to it‘s FDIC insured retail bank. As the FDIC has $1 trillion to work with, this means that Joe taxpayer is on the hook if things go wrong.

Not to worry: Bank of America still has plenty of funding to donate to Mitt Romney ($63,700) and Barack Obama ($24,212), according to Incidentally, these candidates are the top 2 recipients of BOA donations.

The Federal Reserve has backed the move.

As Bank of America has refused comment, I’ll speculate. The bankers rigged the game in their favor and are still losing – so they’ll just steal points (money) from us to win! Enough voters will remain ignorant and another Federal Reserve tool will be elected. Anyone have any kool-aid?

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