Taxpayers on hook for banks 303 trillion dollars of derivatives


BUNKERVILLE | God, Guns and Guts Comrades!

Strange isn’t it. Barely a word out of the media as to the atrocities that are being committed by this ludicrous budget bill just passed. Even Fox news has chosen to ignore any exploration as to how much we have been hosed. Drudge for some reason is more concerned with Sony. I jumped up and down about millions of current retirees at risk for losing their pensions. Congress’ backroom pension-cutting deal is even worse than expected. How would you feel about losing your Social Security? Here we go:

Courtesy of the Cronybus(sic) last-minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street’s blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as a result of the swaps push-out provision, after incorporating explicit Citigroup language that allows financial institutions to trade certain financial derivatives from subsidiaries that are…

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