Buoyed by one-time gains from accounting changes and the sale of assets, Bank of America reported a $6.23 billion profit for the third-quarter
What were those accounting changes and sale of assets? It appears Bank of America moved Merrill Lynch derivatives to a FDIC insured subsidiary. Bloomberg:
Bank of America Corp. (BAC), 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. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn’t believe regulatory approval is needed, said people with knowledge of its position.
Now that corporations have managed to get their glorified offshore outsourcing and tax haven bad trade deals, they are after the next thing, paying no taxes on profits made overseas. It's not enough multinationals made sure patents squeeze out the lone inventor and turned intellectual property into a glorified multinational shell game, they want more. Up next is their corporate tax holiday, complete with up is down lobbyist talking points, all to get yet another corporate giveaway through Congress.
David Cay Johnston calls the propaganda Orwellian:
Political tax talk is becoming Orwellian: Secrecy is Democracy. Auditors Reduce Collections. Tax Cheats Will Be Caught With Fewer Auditors.
Occupy Wall Street has gone global. Protests are breaking out in Tokyo, Sydney, the Philippines, Taiwan and London. Reuters is reporting riots in Rome. Of course Greece has been protesting for years now, so why riots are suddenly news is anyone's guess.
Another Sad Day for American Labor. Rhetoric, campaigns, protests and op-eds, all promising to listen to the American people and most of all create jobs. In the streets there are millions of voices demanding an economy for Americans, U.S. workers and what does Congress do? Why pass more glorified offshore outsourcing and corporate tax haven deals under the guise of NAFTA like trade agreements. I kid you not. Congress passed trade treaties with South Korea, Panama and Columbia.
Multinational corporations are one trick ponies when it comes to their agenda. By hell or high water they want to offshore outsource jobs and have controlled, unlimited migration per their globalization agenda.
It should be no surprise when putting these same greedy bastards in the White House who outsource, they publish a faux job creation agenda. Such is the case of the latest report.
Instead of hire America, buy American or a manufacturing policy, we get these multinational's typical labor arbitraging agenda wish list. The corruption is so bad, literally corporate lobbyists' economic and statistical fiction is used in this report. Probably the most debunked economic fiction spinner of them all, the NFAP, is used. The NFAP is also these very multinational's personal white paper spin machine.
Guess what folks, labor arbitraging U.S. professionals does not create jobs, it loses jobs. The statistics show it and anyone with a 2nd grade education would know this to be true. You fire people, that is a job loss, not a job gain as this jobs agenda report tries to claim.
Economic policy in the United States and Europe has failed, and people are suffering.
Economic policy failed for three reasons:
Policymakers focused on enabling off-shoring corporations to move middle class jobs, and the consumer demand, tax base, GDP, and careers associated with the jobs, to foreign countries, such as China and India, where labor is inexpensive.
Policymakers permitted financial deregulation that unleashed fraud and debt leverage on a scale previously unimaginable.
Policymakers responded to the resulting financial crisis by imposing austerity on the population and running the printing press in order to bail out banks and prevent nny losses to the banks regardless of the cost to national economies and innocent parties.
We know bad trade deals have cost millions of American jobs. We have a jobs crisis with no growth in site. So, why in God's name would Congress pass more of the same? The South Korean trade deal has been analyzed to lose 159,000 jobs. The Panama trade agreement creates corporate tax havens that will be completely out of reach by the United States. Add in the Columbia trade deal and we've lost 214,000 jobs.
The U.S. Congress Joint Economic Committee held a hearing, aptly titled, Manufacturing in the USA: How U.S. Trade Policy Offshores Jobs. The title says it all, eh? Unfortunately the actual hearing didn't have the right economists who would show amply with statistics and facts, the overall hearing title is oh so true.
Contained within is the obligatory other side of multinational corporations, and the real agenda of this hearing is some token retraining for U.S. workers who will lose their jobs as a result of these bad trade deals.
Bank of America just made 
Now that corporations have managed to get their glorified 
Multinational corporations are one trick ponies when it comes to their agenda. By hell or high water they want to offshore outsource jobs and have controlled, unlimited migration per their globalization agenda. 
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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