Bill Black: BAC, has directed troubled financial derivatives from its Merrill Lynch subsidiary to federally insured bank Bank of America making private risk public
They moved trillions of bad derivatives from Merrill Lynch to Bank of America, thus making this toxic slop insured by the federal government. They did this with the direct help of Fed who ignored established rules even as FDIC protested. This is stomach-turning crony capitalism and simply shows yet again that the Fed is the enemy of the 99%.
“None of this would have been legal but for the repeal of Glass-Steagall,” which was done on a bipartisan basis during the Clinton Administration.
I’m not so sure on the bi-partisan aspect of that quote. The repeal vote, as I recall only had a few democrats, which were the “blue dog” Dems of their time.