Monday, October 31, 2011

Bank of America - up to no good.

Bank of America apparently just shifted a huge block of Merrill Lynch derivatives to a bank unit funded by federally insured deposits.   In other words, moral hazard reared its ugly head again and B of A took advantage of the Governments deposit insurance program to placate some counter-parties.  Nice work B of A.

In unrelated news, I've transferred all my bill pay stuff from my previously bankrupt bank to the local credit union.  I'll be closing my bank account this week.