kingoomieiii: impaler: $53 TRILLION? That doesn't seem right.

Yeah, that doesn't make any sense. Apparently BofA purchased North America and Europe, and needs to start making payments.

Bloomberg says trillion...

'The Normal Course'
Bank of America's holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades.

That compares with JPMorgan's deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm's $79 trillion of notional derivatives, the OCC data show.

The moves by Bank of America are part of "the normal course of dealings that we've had with counterparties since Merrill Lynch and BofA came together," Thompson said today.

kingoomieiii: Are they selling the same pretend accounting-bucks over and over again? Or could these banks really cover the debt five times over?

A little bit of both.

Banks hold A LOT of assets. But as we all know, some of those assets are realer than others.

How many is that in Brazillions?

I've had it. BoA account closes this week without fail.

I think it's time we all got on the imaginary money train and gave ourselves huge bonuses for our continued excellence at breathing. Just put it on the bank's tab, it's cool, they said so.

It's all the fault of regulations by the Dumborats. The government can't do anything. Therefore, vote Republican so that it can do less.

/that is what idiots actually believe
//and look what good that has done us for the past 30+ years

And... this is why I side with the smelly freaky hippies.

Is 55 trillion even a real number?

Anybody mentioned yet that the FDIC is not funded by tax revenues?
also this: "Part of bankruptcy "reform" placed derivatives traders right at the head of the line to be paid out by FDIC" doesn't quite sound right.

Dinobot: Can we shove hot iron spikes up these guys' dicks? I'd gladly pay 10,000 dollars for doing that to BoA's CEO.

That sounds good.

So how long until we just storm the building with pitchforks and torches? Because I've been investing in pitchfork and torch futures and I'm waiting on that baby to pay off.

Hippies. Jesus.
Can these idiots do anything right?
What a bunch of disorganized, ineffectual, dirty, pot smoking, trust fund babies.

kingoomieiii: domenad: I've had it. BoA account closes this week without fail.

Yeah, I'm already working on getting the hell out.

I never got in .. but it's okay ... I'm with Chase which is like saying well, I'm only being burned alive with hot brands instead of skewers ...

They're all crooks ... I'm about to just stuff my money in a mattress ... of course our mattress full of fiat cash will probably be worth a loaf of bread in the end.

SuperTramp: What would happen if every BoA depositor closed their checking/savings accounts?

A run on the bank? Look up the 1929 Stock Market Crash ...

adamgreeney: I'm curious as to how this wipes out MY FDIC insurance. If i have 50,000 deposoted at BOA and they go under, FDIC still covers that yes? BoA doesn't get to invest my money, lose it and fail, and then get paid by FDIC for my deposit right? I'm not clear on how this farks me personally.

Well with the record number of bank foreclosures in the last three years FDIC is teetering on the edge of insolvency. I'd say if this shiat goes bad FDIC will be wiped out and your 50K will be gone. If I were you I would close my BOA accounts and move all of your buisness to another bank.

SuperTramp: What would happen if every BoA depositor closed their checking/savings accounts?

BoA is more thank checkings/savings account.

Bank of America is purely corrupt. However, it follows government regulations. The problem in the banking industry is all of the financial products they're allowed to create, market, and make billions on while bilking the public - and, not coincidentally, buying off politicians with campaign cash.

Treating money as a commodity in and of itself is the root of the problem. Banks should be allowed to accept deposits, make loans, charge interest for loans and pay interest on deposits. Everything else they do is not too dissimilar to the shell game played by the con man on the street corner.

How about we simply make banks illegal except when it's the government running them? No more private banks.

So, if I am reading this correctly and BofA collapses, anyone with checking and savings accounts loses their money?

If so, I'd say it is about time for a run on a bank.

Protest here:

View Larger Map

zootsuit: So how long until we just storm the building with pitchforks and torches? Because I've been investing in pitchfork and torch futures and I'm waiting on that baby to pay off.

I have a small investment of 22oz beer bottles with rags and gasoline.

TrainingWheelsNeeded: So, if I am reading this correctly and BofA collapses, anyone with checking and savings accounts loses their money?

If so, I'd say it is about time for a run on a bank.

Then again, if you have Credit Card debt thru BofA, is that wiped out when they go under? If so, I have a cunning plan...

lucksi: How about we simply make banks illegal except when it's the government running them? No more private banks.

I'm down.

We'd have to start hanging Senators before this could happen, though.

Dinki: This is a $53 Trillion house of cards, built on lies, misinformation, and outright fraud. It is the ultimate roulette wheel gamble, and was created by the 'Captains of industry', the 'smartest men in the room'. The people that put these dirivatives together knew they were a world economy destroying time bomb - AND THEY DIDN'T CARE.

But I'm sure that our FARK Independents will be in here soon to tell us it's all the governments fault.

Clinton told them to do it.

Why does anyone bank with BOA anymore? They repeatedly prove themselves to be pure evil. Aren't there other options?

This in fact makes the best opportunity for the Occupy Wall Street crowd ever. Now that they've done this transfer and potentially endangered depositors funds the occupy Wall Street crowd simply needs to destabilize Bank of America. If they bring it to the brink of collapse the government will have to intervene and certainly afterwards they'll regulate the banks a little tighter....what's that? You say we tried this before?

it's called a bank run, and it wouldn't be allowed to happen.

The CDS swap market can be followed here:
http://www.dtcc.com/products/derivserv/data/index.php

I had to click through an I Agree button to get there so if that doesn't work start here:
http://www.dtcc.com/

What is interesting is how much people in this thread are surprised by the 53T number. You shouldn't be, this is what brought it all down. A previously relatively unknown financial market that dwarfs anything else on the planet that was allowed to grow relatively unchecked.