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.
