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Strategies & Market Trends : The coming US dollar crisis
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To: Real Man who wrote (56998)2/11/2015 1:45:27 PM
From: ggersh  Read Replies (2) of 71400
 
Back to what "hedge funds" hedge -vbg-


Bank Of America Used Government-Backed Funds For "Reckless, Extremely Levered" Tax Avoiding TradesSubmitted by Tyler Durden on 02/11/2015 - 11:37 A current Bank of America employee has made a number of whistleblower submissions to the U.S. Securities and Exchange Commission about the role played by the U.S. banking subsidiary in financing dividend-arbitrage trades: trades which used taxpayer-backed funds to allow hedge funds to avoid paying taxes.The employee’s submissions allege that Bank of America’s London-based Merrill LynchInternational unit has extended “extreme levels of BANA leverage” to fund “increasingly aggressive and reckless” tax-avoidance trades. The submissions said the practices risked causing the bank “serious financial and reputational damage.”
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