Bank of America, wtf?

Bank of America transferred a lot of derivatives from its Merill Lynch unit to a subsidiary flush with insured deposits almost a month ago. This should encourage people to switch to credit unions:

“The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator. “We should have fairly tight restrictions on that.”

Read the story on Bloomberg. Take a look at what folks are saying.