America's five largest banks, which already have received $145 billion in taxpayer bailout dollars, still face potentially catastrophic losses from exotic investments if economic conditions substantially worsen, their latest financial reports show.I ought to stop reading shit like this, for there is really not a damned thing I can do about it. It's just depressing as all hell.
Citibank, Bank of America, HSBC Bank USA, Wells Fargo Bank and J.P. Morgan Chase reported that their "current" net loss risks from derivatives — insurance-like bets tied to a loan or other underlying asset — surged to $587 billion as of Dec. 31.
Which gets me back to this point: If these banks are "too big to fail," are they also too big to be allowed to exist?
That is a question I've been wondering. May as well just take 'em over - they're going to drag out the reports of how much shit they own that is worth, well shit, and continue to dribble out the 'news' that what is written in the books as to its 'value' is pure fiction. Cauterize or put a tourniquet at the source of massive bleeding, then we can start working on rehabbing the patient.
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