Comment: FDIC on hook for $1 trillion

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FDIC on hook for $1 trillion

Because of this deal, which was blessed by Benny, the FDIC would be on the hook for $1 trillion in deposits IF the bank were to go under due to the derivatives implosion.

Yes, the European banks are a big problem because they are insured by US banks. If they start going under it will bring down the big banks here. I certainly won't lose any sleep over that, but it would ruin Benny and Timmy's christmas.

This is important.. Bank of America MADE NO MONEY this quarter. It was all accounting gimmicks, revaluing their debt, unloading reserves, etc. Same deal with the other large banks (JPM, Citi, etc.) They are making no real money and all are on life-support!!

Plan accordingly.