12/7/2014: This was in a news letter from a long time reliable source. It is worthy of double checking. I am checking as a matter of due diligence. I want to be prudent, not naïve about what has come to my attention from the G-20 meeting.
“At the conclusion, a fairly bland statement was issued outlining the G-20 policy discussions and commitments. What was buried in the details was that the US government agreed that the derivatives exposure by major US banks (such as JPMorgan Chase, Citicorp,Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley) would get first claim on the bank’s assets before any Federal Deposit Insurance Corporation coverage or pension assets would be protected. What this means is that if any of these banks run into financial trouble, customer bank accounts—including those for pension plans—will have their balances seized to pay off any liabilities that the banks owe on derivatives.”