A recent blog post by Rolling Stone’s Matt Taibbi on new troubles at Bank of America led me to this recent footage of the reporter, in New York City’s Bryant Park, explaining, in simple English, how the derivatives traders at Bank of America had essentially sold oregano to the people of America, telling them that it was high-quality weed… Here’s the footage.
Matt Taibbi on Bank of America
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Gothamist has more:
Read more:
http://gothamist.com/2012/02/29/matt_taibbi_blasts_bank_of_america.php
Maybe he’d like the bank more if it didn’t have “America” in its name.
Credit union loving communist.
Here’s the REAL clincher on this BofA business, from Matt’s “Too Crooked to Fail” article in Rolling Stone (3/14/12)
http://www.rollingstone.com/politics/news/bank-of-america-too-crooked-to-fail-20120314
~ GROK this —- 55 trillion. Are you kidding?
”All the government bailouts succeeded in doing was to make the bank even more prone to catastrophic failure – and now that catastrophe might finally be at hand. Bank of America’s share price has plunged into the single digits, and the bank faces battles in courtrooms all over America to avoid paying back the hundreds of billions it stole from everyone in sight. Its credit rating, already downgraded to a few rungs above junk status, could plummet with the next bad analyst report, causing a frenzied rush to the exits by creditors, investors and stockholders – an institutional run on the bank.
They’re in deep trouble, but they won’t die, because our current president, like the last one, apparently believes it’s better to project a false image of financial soundness than to allow one of our oligarchic banks to collapse under the weight of its own corruption. Last year, the Federal Reserve allowed Bank of America to move a huge portfolio of dangerous bets into a side of the company that happens to be FDIC-insured, putting all of us on the hook for as much as $55 trillion in irresponsible gambles. Then, in February, the Justice Department’s so-called foreclosure settlement, which will supposedly provide $26 billion in relief for ripped-off homeowners, actually rewarded the bank with a legal waiver that will allow it to escape untold billions in lawsuits.”