"In a regulatory filing with the Securities and Exchange Commission, the bank said it has some exposure to collateralized debt obligations _ complex financial instruments that combine slices of different kinds of risk. CDOs are often partly backed by subprime mortgages, or loans given to customers with poor credit history."-AP
TRANSLATION: I guess the great financial geniuses at The Bank of America who came up with the plan to give credit cards and sub prime mortgage loans to illegal immigrants may not have had such a great business idea after all. What's next? Listen to this guy:
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