William Black Blasts B of A and FED over UnHoly Bailout

William K. Black, famous for accusing 5 U.S. Senators taking favors from S & L's in exchange for cash contributions and other perks during the  S & L crisis in the 80's is blasting the FED for approving Bank of America's transfer of toxic derivatives from it's Merrill Lynch subsidiary to the federally insured Bank of America. Bloomberg's story on BoA's dumping derivatives on U.S. taxpayers.That our regulators could let something like this happen is appalling and gives you an idea of the extent that our slimy bankers will go to to screw the public. Just wait until you get the bill!
Bank of America has moved $ 53 trillion of toxic derivatives to it's banking side that is FDIC insured. What does that mean?  Well, they are hoping to have the American taxpayer cover their losses. To give you an idea of how staggering $ 53 trillion dollars of debt is, consider this, this is $ 17 trillion
dollars more than the total value of all of the stocks issued across the world!


Mr. Black's thoughts about Bank of America here:

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