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| Permalink View Article Stats BofA Said to Split Regulators Over Moving Merrill Derivatives to Bank Unit Quicklink submitted by Darren Wolfe (Add your own quicklinks easily with the OpEdNews Quick Link Browser bookmark) |
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US taxpayers now insuring trillions of dollars worth of derivatives. 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. Bank of America's holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades. |
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