Nomi Prins: "Governments Throwing Money at Banks t
- uploaded: Nov 4, 2011
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Nomi Prins: "Governments Throwing Money at Banks to Gloss Over Ticking Time Bomb"
So how does what's going on across the pond in Europe, with Greece and the Eurozone affect Americans? Well, US banks are a great place to start. They've reportedly sold a lot of insurance against credit losses to holders of risky Eurozone debt -- the number went up from $80 billion to $518 billion in the first half of the year according to the Bank of International Settlements. And Bank of America has taxpayers behind more than %53 trillion in derivatives via the FDIC as their positions keep rising. We talk with Nomi Prins -- senior fellow at the think tank Demos, author of Black Tuesday, and former managing director of Goldman Sachs -- about how we got here, and where we're headed.
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