Forum Post: Picking a Target, Bank of America.
Posted 13 years ago on Nov. 2, 2011, 2:34 a.m. EST by SwiftJohn
(79)
This content is user submitted and not an official statement
The Issue:
As amply discussed by Matt Taibbi [1] and Yves Smith [2] Bank of America has deep seated economic problems due to mismanagement and sleazy loan practices. Most recently BofA was granted a free pass, even encouraged to shift several trillion dollars in toxic assets onto their FDIC-insured balance sheets. What this means is that they shifted a massive amount of debt that they cannot pay to a taxpayer-funded account so that, when it implodes, we will bail them out again.
The toxic assets in question are mortgages that are worth more than the value of the building, i.e. mortgages where the home owner is underwater. So, not only will we the taxpayer be bailing out BofA but the money will do nothing to help the struggling homeowners get out from under their debt. All that it will do is help the bank to continue its' practices.
The proposal:
I don't have any accounts with BofA. If I did I would pull them out because, FDIC or not, I don't trust the bank and don't want to reward their bad behavior with my business. I am, however urging everyone I know to do so and to tell everyone they know to do it to. Kind of like a chain-reaction. That is why I am also urging everyone on this board to do the same. Pull your money out and tell everyone else to pull their money out too.
I am not trying to start a run on the bank, just to slowly empty it out as it cannot be trusted to keep my money safe.
[1] http://www.rollingstone.com/politics/blogs/taibblog/another-weapon-for-ows-pull-your-money-out-of-b-of-a-20111028 [2] http://www.nakedcapitalism.com/2011/10/bank-of-america-deathwatch-moves-risky-derivatives-from-holding-company-to-taxpayer-backstopped-depositors.html
These people need something to do to continue the struggle when they get too tired or too cold & go home. Something they can do at home & see results from. Rotating boycotts(1mth or 1 qtr) starting w/ the worse offending corps.so we can see the results on their earnings, then swing the "barrel" over to the next one. Soon they will be trying to avoid being targeted. Whatchathink ???
Hmm, I think that would work. The key would be to pick one company, name them and make clear, in short terms, why they are targeted. Then do it nationwide. With Banks you can easily tell people to withdraw their money and in one day get attention. What do you do about other financial companies such as Goldman Sachs who don't have direct accounts?
BoA announced it was withdrawing the $5 debit fee that started people closing their accounts. So yes, it made a difference. Time to make more. Put your money in local credit unions.
Agreed. Many people have already done just that. Although it's too early to see if it will have much effect on a business that large I find it interesting BofA just decided to cancel that $5 charge on debit cards: http://technorati.com/business/finance/article/bank-of-america-cancels-new-5/ I also find it interesting the article never mentions OWS.