Bank Of America Dumps $75 Trillion In Derivatives On U.S. Taxpayers With Federal Approval

http://seekingalpha.com/article/301260-bank-of-america-dumps-75-trillion-in-derivatives-on-u-s-taxpayers-with-federal-approval ^

[Oatka]

Meanwhile, the taxpayers and dollar denominated savers will be fleeced again.

"Fleeced"? How about "Raped, drawn and quartered and the remains burned to an ash"?

I'll warrant a lot of these derivatives bet (and I used that term advisedly) against the Eurobonds failing, and we all know how that's going to turn out.

[Oatka]

On second thought, maybe we don’t have to worry. No doubt there are derivatives that bet that these derivatives will fail.

Tongue only slightly in cheek.

[bgill]

Is there that much money in the entire world?..........

There isn't. It's all play money and figments of someone's sick imagination. The money in your wallet may not even be worth the paper it's printed on in a few short years. Remember the value of Confederate dollars after the CW. One day it's all going to collapse be it war or self implosion of the financial system. The triggers have already been set and we're seeing that now. It's only a matter of time before the whole thing blows up in their faces. And of course, the US taxpayer is going to be stuck holding the bag.

[Buckeye McFrog]

Socialize the losses (and convince the general public each time that the concept of free markets is a crock).

Very, very bad.

[Soothesayer9]

And here I was worried about paying off my student loans.

The entire game is rigged, from top to bottom.

[Pagey]

BTTT!!!

[ridesthemiles]

I don’t think this is about Foreclosures or real estate.

I think is is about the gambling aspect of derivatives.

[Kozak]

What’s the difference? 140 t, 200 t, might as well be a quintillion or septillion. It’s all Pixies and Fairie Dust. It will NEVER be repayed. It’s just a question WHEN not IF the entire rotten structure goes down.

[RckyRaCoCo]

Whoever allowed the bankster gangsters to be joined at the hip to the equally corrupt federal gov.(that prints fiat money...with the taxpayer holding the bag)...should rot in hell.

Together what they do is equivalent to me taking stacks of $100 bills(printed from my Lexmark)and buying property and other investments with it(throw in some charity gifts to hide the smell of course).

If I do it, and get caught, I go to jail(gov. calls THAT counterfeiting)....unless I've got political friends...then I simply share my ill-gotten-gains with them and we simply enjoy our wine and prostitutes...with the taxpayer(AKA suckers)stuck with the tab.

What Bernie Madoff did was romper room stuff compared to the evil %$#@ that has yet to hit the fan.

These scumbags need to be exposed....drained of all their wealth(their families be damned)...then hung.

[stevie_d_64]

What comes after a “trillion”???

“quadrillion”???

then

“pentillion”???

Geesh...

[Kozak]

Is there that much money in the entire world?..........

No, but the Fed could fix that with the push of a button and a few electrons.
They don’t need to actually print it like the Weimar central bank did....

[Kozak]

What comes after a trillion?

The Apocalypse.....

[liberalh8ter]

Sorry, I thought this was in relation to BOA’s Countrywide blunder.

[trisham]

Imagine life without Free Republic..

I can't imagine it either. :)

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[katiedidit1]

and we are supposed to trust them with our money? everything they touch is mishandled. Need a complete overhaul and soon

[stevie_d_64]

Good answer...But why does it have to be the end??? ;-)

I would have preferred we storm the Bastile and throw every single one of the goobers out onto the street, but thats just me...

[wildbill]

And Obama’s reaction to the current state of housing and foreclosures announced today is:

Create more bad mortgages by forcing banks and mortgage companies to take or re-write more bad loans.

We don’t have a mad King; we have a mad Emperor. Next he will be appointing an ass (Paul Krugman) to be Senator.

[WPaCon]

Bank of America contributes to Planned Parenthood.

So do JP Morgan Chase and Wells Fargo.

[Roninf5-1]

The Globalist Banksters do not believe in the free market, free enterprise, or any type of freedom for that matter. They support corporatism: using their power of government they've bought to privatize profits and socialize losses.

[giotto]

There is ZERO chance the net obligation is anything like that

Why? During the housing boom, trades were leveraged 100 to one in many cases, all based on the assumption that the boom would continue. When it crashed, those leveraged assets set off a chain reaction which amounted to the financial equivalent of an atom bomb. A huge percentage of the trades were done by computers, and this reckless orgy went on for years with no regulations or oversight. The true extent of the losses is yet to be known, but I've heard that the total debt worldwide is more than 1.5 quadrillion.