Taxpayer-Guaranteed Gambling
Taibibi has a very crisply written explanation of why you should leave Bank of America at once. You may not have heard, but recently Skank of America recently transferred trillions of its Merril Lynch gambling debts over to its FDIC-covered banking arm.
So the primary regulator of the banking industry is encouraging a functionally insolvent megabank to respond to a credit downgrade by pushing its most explosively risky holdings onto the laps of the taxpayer.
