Bank Transfer Day: November 5, 2011

Bank Transfer Day and an interview podcast with the founder, Kristen Christian. She’s with Los Angeles Federal Credit Union, which is open to any Los Angeles resident. They have walk-in branches or you can open an account via their website. Or there’s PerkStreet.com, online banking.

And if you’re with Bank of America, well, here’s what they just did:

“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…

“Bank of America’s holding company — the parent of both the retail bank and the Merrill Lynch securities unit — held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades.”
The Federal Reserve and Bank of America Initiate a Coup to Dump Billions of Dollars of Losses on the American Taxpayer, The Big Picture, October 18, 2011

This means taxpayers are on the hook if Bank of America’s $75 TRILLION in derivatives goes bad. Does this freak anybody else out? Bank of America is just evil.

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