This is not to spread alarm or panic among our readers, but the so-called "recovery" cannot be labeled as such when there are still so many bank failures, as reported in the Washington Post, which says that this is at least an improvement over 2010, when 139 banks failed by October.
Before It's News has issued an advisory that the bank to watch (being one of the world's largest) is Bank of America.
"We’ve received numerous emails from readers regarding this most recent development with Bank of America, and we’re seeing the report from Washington’s Blog spreading like wildfire across alternative media like The Daily Crux and The Intel Hub. Why? Because this is big news. Really big. One of the oldest banking institutions in America is now on the brink of total insolvency. The only way to for them to be saved at this point is to take billions of dollars in losses and force those losses to be covered by the U.S. taxpayer or innocent account holders. If you’re an account holder, it might be time to reconsider your allegiance, because in the near future you may be dealing with the FDIC instead of a BofA customer service representative.
"Bloomberg reports that Bank of America is dumping derivatives onto a subsidiary which is insured by the government – i.e. taxpayers...."