Forum Post: Bank of America is FAILING, and you all will be stuck with the bill
Posted 11 years ago on Nov. 1, 2011, 6:23 p.m. EST by hchc
from Tampa, FL
This content is user submitted and not an official statement
And guess who you can thank for that?
Barrack Obama and the Democrat and Republican Congress.
We should all remove our money from the big banks on Nov 5th and close all of our bank accounts. Open a new account with a community bank or credit union and move to shut down the big banks.
How will occupy address this issue?
They dont have the capacity to, has they stand now. But at least they are forcing people to talk about fascism.
so where do YOU keep your money? under your mattress? at a Credit Union? Are you still a banker? are you unemployed perhaps? Is PNC, a regional bank and to be considered less predatory? Practical questions, that's all.
What does that have to do with shitty ass policies? NOthing...
That's called life strategies in these times of struggle.
No, thats you prying into my business. Life strategies would be YOU.
I couldn't care less about your business. Was not even talking to you. Chill, won't you?
Oh oops :)
After years of working in the banking industry, Nothing speaks louder to a bank as when customers move their money out.
Almost all banks pull a deposit/withdraw report every morning to monitor such transactions. As a branch manager, if I saw anything larger then a $10,000.00 withdraw, I was on the phone with the customer asking if everything was OK or is there anything I can do for them........kissing their butts
The banks are terrified of this!!!
The whole commercial banking industry and WALL Street would come to a halt if people moved their money to a tin can or C/U as they wouldn't have any money to lead and make interest on.
So you say O'no we can't do this because we won't be able to get any loans, Well they aren't lending us our money that WE helped them out with anyways, and OBTW most of the banks that took the bail-out didn't even need the $$$, however, they barrow it anyways because they in turn made money off of it because of it's low interest rate. They barrow low and lend HIGH.
Food for thought, when a customer comes in to open an annuity of $100,000.00 or more. The branch manager gets a $10,000.00 bonus right of the top before the money even gets a chance to earn any $$$ for the customer. Now the employees under a branch manager are paid peanuts and you should feel sorry for them, however the branch manager and up ARE NOT hurting for $$$ at all; regardless how much the banks cry. The crying banks do this so the general public feels sorry and agree to the banks terms.
Believe me, the banking institutions are making $$$ hand-over-fist!
They teach us in Banking 101 to get the customer involved in as many products as possible....Credit cards,bill pay, investments & CD's... etc because they have proven that the more products the customer have, the less likely they are to leave the bank because of the inconvenience of closing and moving everything!!!
So the next time your bank so kindly offers you a GR8 offer, it is to ensure that you stay even when you really want to leave!
I remember back in 2008 when people where coming in left & right to close their accounts, the bank was in a panic because the customers where asking for CASH instead of a bank check when they closed their accounts. Asking for cash will bring a bank down very fast because cash is here and now. Remember your money is tied up making money for them and when they have to pay physical cash instead of a check, that sends the bank into a tail-spin to pull CASH out of THEIR investments! It is the same as when you want cash from stocks you own. First you have to sell them ( an hope they market is having a good day) and wait for the money to hit your broker account, this all takes time, however the banks are required to give you YOUR $$$ the minute you ask for it; That is the LAW, so they may have to sell their investments at a lost to come up the CASH.
Now you see why I say this would cause them to go into a tail-spin!
Again, If you want banks to lessen to you, close your accounts and move your, and I repeat YOUR money to a tin can or a Credit Union......Banks biggest competitors. This is what happen during the recession of the 1920-30's that brought down the banks and the underlying reason the government came up with the FDIC!
A good example of how a company will lesson to it's customer is NetFlix. Many customers cancelled their account when NetFlix changed their billing. NetFlix's is doing a back-stroke now and wishing they never changed anything! Once again, greed got in the way, yet the customers prevailed!
March on troops and stay focused on a few subjects instead of a lot! That is what the right is saying about your organization....toooo many subjects making it seem disorganized!
Chase will be the next to fail. The Federal Reserve is backstopping $75 Trillion of Bank Of America’s derivatives trades and $79 Trillion of Chase derivatives... Yes that's $154 trillion that the American tax payers will be accountable for.
This isn't a Democrat or Republican thing. This is a corrupt government thing that is going to destroy this country. Better wake up before it's to late... Then again, it probably already is.
Can you imagine the whining that would ensue if the government just shaved off 10% from the top as a one-time tax and not just avoided new public debt over this but paid off all the old debt? Anyone who accuses OWS protesters of whining has never heard a Republican wailing and gnashing his teeth over his entitlements. (I mean seriously, if poor old people are supposed to take three straight cuts in Social Security because "there wasn't enough inflation to bother with", why not hit the bankers with a 10% surprise for a change?)
Well if BOA and Chase fail... A 10% tax hike wouldn't do much. A 1000% tax hike would not even cover the bill.
Could you explain? $150 trillion in assets sounds like it could bear 10% in tax, and provided it's not extremely undervalued there'd still be quite a bit left over for the people holding the assets...