The size of the "Shadow Banking" system must be huge. More off-balance sheet problems for financial conglomerates.

In an unusual move, banks such as Citigroup, JPMorgan Chase and Bank of America have come to the rescue of the off-balance-sheet vehicles that help them to fund credit card loans.

Issuers typically sell their credit card loans to trusts which in turn sell bonds to investors. The banks retain a small interest and manage the trust.

There limits to the amount of liquidity and leverage an economy can absorb but "Too Big" conglomerates don't care because the need the fees and returns to survive. I digress.

The problem for the financial conglomerates is that these off-balance sheet trusts are starting to lose money fast. Any cushion or reserves are being eaten up by mounting credit card defaults.