An experienced reader writes: Um, I think we should all stop paying taxes now. I am going to withdraw my consent to be taxed by the Federal Government. Bank of America is exposed on Over-The-Counter forward contracts to the tune of $75 TRILLION, which is more than FIVE TIMES the total economic output of the United States in one year.
They are now moving contracts from a segregated trading division within the Bank Holding Company which operates under the venerable name "Merrill Lynch" to their retail banking division alongside their customer deposits in order to get these contracts under the umbrella of the FDIC.
It is known that Merrill Lynch had OTC exposure of $22 Trillion. So, in shifting these contracts from Merrill to Bank of America, they are making YOU, THE AMERICAN TAXPAYER the de facto guarantor of these contracts. Where does the FDIC get its money? From the United States Treasury. Bank of America just illegally dumped tens of TRILLIONS of dollars of OTC contracts on YOU.
There needs to be a tax strike. And I'm not joking. This has to end. “The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator. “We should have fairly tight restrictions on that.”
Ya think?
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You may have to be a financial executive to understand the whole ploy, but it is easy to understand that, according to published reports, the BOA is taking risking assets and placing them under protection of the FDIC, that's us.
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