VaYank5150
Gold Member
It was exactly that nanny state which forced them to buy up the bad debt that resulted in that bailout.I think your buddies over at Bank of America might disagree with you. That same nanny state saved their asses from bankruptcy. Just sayin'.
Nice fail.
So, it had nothing to do with BoA's greed in trading CDSs?
Indeed, commercial banks are among the most active in this market, with the top 25 banks holding more than $13 trillion in credit default swaps where they acted as either the insured or insurer at the end of the third quarter of 2007, according to the Comptroller of the Currency, a federal banking regulator. JP Morgan Chase, Citibank, Bank of America and Wachovia were ranked among the top four most active, it said.
Read more: Credit Default Swaps: The Next Crisis? - TIME