“more than 519 municipalities that face 990 million euros in derivatives losses”
As the quote indicates, its a big problem, and Bank of America is not the only bank involved. But they are a big player, and actively using derivatives to ‘rip customer’s faces off’ as they saying goes.??Why does this happen? Bank of America just announced they will be paying, on average, a $400,000 bonus per employee for this year past. Any fines or penalties that are incurred from offenses are treated as a cost of doing business.
Continue reading Italy Seizes Bank of America Assets In Derivatives Fraud Probe