Is Bank of America Headed for the Glue Factory?

In recent months Bank of America has been moving assets and laying off workers. (photo: alertsec.com)

Mike Whitney, CounterPunch
Whitney begins: "Why is Bank of America moving derivatives from Merrill Lynch to an insured subsidiary? Is it because the derivatives could blow up at any time leaving Merrill with gigantic, unsustainable losses? If that's the case, then it would make perfect sense to shift them into a depository institution that's covered by the FDIC. That way, the taxpayers would wind up paying for the damage and no one would be the wiser."
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