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Bloomberg: Bank of America Customers on Hook for Risky Derivatives?

Bank of America, 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.

The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren’t authorized to speak publicly.

Hmm...... Maybe it's time for me to close my Bank of America accounts!

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