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This story from Bloomberg just hit the wires this morning.  Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC. What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan.  Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

Led by the Nobel Women's Initiative, His Holiness the 14th Dalai Lama and Archbishop Desmond Tutu, along with seven other Nobel laureates, have written and sent President Obama a letter, urging him to reject the proposed Keystone XL tar sands pipeline. -- CW/RSN

‎"Six countries that Barack H. Obama has waged waragainst in his 26 months in office. (To anyone who disputes that dropping bombs on a populated land is an act of war, I would ask what they think of the Japanese bombing of Pearl Harbor.) America'sfirst black president now invades Africa. Is there anyone left who still thinks that Barack Obama is some kind of improvement over George W. Bush?"