Evading Downgrade, BofA Moves Trillions in Deriatives to Retail Bank Over Objections of FDIC

Depositors now potentially at risk. As far as the Fed is concerned, its extension of an emergency "section 23A" exemption makes this A-OK. Its hard to tell from the article whether about $20 trillion or $50 trillion were moved to the retail bank, but either way, BofA's $1 trillion in deposits are overwhelmingly dwarfed.