This is just the tip of the iceberg. Couple this issue with the fact that billionaires are bailing out of consumer stock and banks – get your money out now! Remember: “First come – first served.”
Whether or not you are represented by an attorney understanding the legal system is an asset. The more you learn, the less likely you are to be taken advantage of or scammed. Knowledge is power!
HAT TIP TO NAKED CAPITALISM, LINK BELOW. THIS COULD BE WORSE THAN REPEAL OF GLASS-STEAGEL.
Each Bank Has All the Money in the World
OK, I get it the numbers ARE staggering, but both BOA and Chase say they own in $75 trillion in derivatives. And their auditors have undertaken no steps to put a value on that. But just taking these two banks together without all the other banks, we are talking $150 TRILLION. That is more than twice the amount of all the money in the world. And now they are about to get assurance in the form of legislation that would guarantee them payment on all credit default swaps and synthetic derivatives — through Federal bailout!!!
Go to Yves Smith’s site and send the letter he suggests. It is critical that this be stopped. And by the way, those derivatives are all credit derivatives which means they…
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