Another Bank of America Outrage

If Occupy Wall Street is looking for yet more to get pissed off about, here's something. After its credit was downgraded last month, Bank of America secretly moved a large amount of risky loans to one of its commerical banking subsidiaries--and the Fed OKed it. The reason? This way, if the loans fail, the F.D.I.C. (and, by extension, U.S. taxpayers) will take the hit. Bloomberg View's Jonathan Weil hopes this revelation will lead Congress to start asking tough questions of a bank that has already received two rounds of bailout money: “Perhaps then we might find out why the Fed seems to believe it’s a good idea to let a huge bank-holding company avoid a blow to its capital by shifting more of its trading risks onto the retail crowd. Taxpayers deserve to know.”