To: major-pelham
>> There is ZERO chance the net obligation is anything like that.
What if the net obligation is only five percent of $75 trillion?
That’s still three trillion seven-hundred-fifty billion dollars of taxpayer exposure. Two full years of Obama-esque deficits.
Is that acceptable?
If you don’t like five percent as the number, then what number do you prefer?
*Whatever* the risk level of this crapola, I should think that BAC shareholders and bondholders ought to be on the hook — not depositors and the taxpayer by way of the FDIC.
23 posted on
10/24/2011 8:41:20 AM PDT by
Nervous Tick
(Trust in God, but row away from the rocks!)
To: Nervous Tick
I think the net obligation is actually around 5% from some of the articles I'm reading, which is still a massive amount that the FDIC couldn't possibly insure. Between BoA and JP Morgan, I read that they have over 125 Trillion in derivatives and there's around $700 Trillion globally. Most of these are insurance, interest driven, or things that will not implode, but even if the listed number of 5% could go toxic that would kill off what's left of the global economy.
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