You're worried that Bank of America is moving profitable derivatives contracts to the banking division? LOL!
I thought the FDIC only bailed out banks going out of business, not banks with trillions in profitable derivatives? Sounds like Ann is a bit confused.
Where does the FDIC get its money? From the United States Treasury.
The FDIC is funded by charging the insured banks.
A few years back my brokerage was audited by the regulatory bureaucrats
Maybe they know how confused you are?
And I’m not joking.
But you are a joke.
Greetings Toddsterpatriot:
Guess I’m just not very smart. So please, explain why this situation is a LOL matter.
Insurance for high risk investments was a cornerstone of the AIG business model. Now these high risk derivative products are insured by FDIC?
You assert the FDIC charged it’s member banks so much in insurance deposit fees, the FDIC can absorb a 20x the US GDP bank failure? If that is the case, kindly provide a source indicating how much in cash reserves the FDIC does have on hand. After the FDIC covering five years of bank failures.
Recently we purchased a $14K used truck which a credit union held title. The credit union, located in a major financial center, would not accept anything but hard cash for the title.
The major bank brand which our money was deposited did not have enough cash on hand at the main downtown headquarters to cover a $14K cash withdrawal. On a Monday afternoon. After the manager failed to convince the credit union manager to accept anything but cash; the manager directed me to various supermarkets and smaller branches where we could pick up cash, $2-4K at a time.
Again, a major bank brand, in a major financial sector city, on a Monday afternoon. A genuine laughing matter?
Cheers,
OLA