Bank of America puts US Taxpayers on the hook
Nov 11, 2011
Bank of America puts US Taxpayers on the hook to insure its $75 Trillion derivatives:
If Europe implodes - and there's little chance it will not - then Bank of America's derivative position will go to sub-zero and if the FDIC is insuring their losses, that will be the end of the FDIC which means every bank deposit in the US will be uninsured overnight after 70 plus years or so of "nothing can ever go wrong" protection.
Watch the short 3-1/2 minute video.