BOSTON–(ENEWSPF)–October 21, 2011. Occupy Boston learned this week that Bank of Americaâs holding company (BAC) has moved troubled derivatives from its subsidiary, Merrill Lynch, to Bank of America, which is insured by the FDIC and, ultimately, the US Treasury. Bloomberg News reports that BAC moved the troubled derivatives after having its credit rating downgraded last month. This downgrade was due to its relentless acquisition of failing companies like Countrywide Financial and Merrill Lynch. both of which have massive, hidden losses, and which will now to be borne by the 99 percent.
