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porno jew · 10-20-2011, 05:59 PM

actual story:

http://www.bloomberg.com/news/2011-1...bank-unit.html

Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation.

The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren?t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn?t believe regulatory approval is needed, said people with knowledge of its position.

10-20-2011, 05:59 PM
porno jew Too lazy to set a custom title Industry Role: Join Date: Nov 2006 Posts: 10,166	actual story: http://www.bloomberg.com/news/2011-1...bank-unit.html Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation. The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren?t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn?t believe regulatory approval is needed, said people with knowledge of its position.