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.
No comments:
Post a Comment