Big Banks Buying European Debt?

Why would American Banks be lining up to deliver more money to Europe in the next few weeks?  Aside from the possibility of an 8% return on Italian bonds?  Well, what if they've been given a wink and a nod that there losses will again be covered by the Federal Reserve's emergency lending programs.  So, 8% or free loans that they can use to buy 3% US Government debt then convert back to cash on the secondary markets.  Line forms at Wall & Broad.  No pushing Mr. Dimon.