Forum Post: Using Capitalism, Let's destroy Bank of America as a Demonstration of our Power
Posted 11 years ago on Nov. 1, 2011, 5:40 p.m. EST by BarneyRebel
This content is user submitted and not an official statement
My name is Duffy, and I am an activist participating at the Occupation in Austin, TX. What follows is a basic outline of a strategy, which if implemented, would demonstrate the full power of the Occupy Movement, and the 99%. We can fight money with money if we use sound tactics. We need not even break one law. Capitalism has given us all the rope we need.
The Occupy Movement should pursue a strategy in which allocated capital is used to "short sell" Bank of America. What this means, is that we will use money to basically make stock trades that "bet" that Bank of America's stock price will drop. Following the purchase of these trades, the Occupy movement should put the weight of its efforts into disrupting Bank of America's business activities. This should be done as follows.
Press releases should be released making it clear that all who support the Occupy Movement should pull their money out of Bank of America accounts. Further, the Occupy Movement should double it's efforts to help the general public move their money from Bank of America either to local credit unions, or out of the banking industry altogether for those willing.
Businesses and municipalities should be encouraged to move their money out of Bank of America. Even if they don't support the Occupy Movement, they should be made aware they keeping their money in Bank of America accounts will likely result in financial hardship when Bank of America does finally go under.
In relation to the above two points, the general population as well as businesses owners should be made aware not only of the crimes of Bank of America, but of their fiscal insolvency and exposure to derivatives risk, especially in relation to failing foreign nations and institutions. More clearly said, people need to realize that Bank of America is going down with or without our action, and it's smart to get out while they still can.
Regular protests, sit-ins, flash mobs, and other physical human activity should be applied to pre-occupy Bank of America staff. The more we bother them and disrupt them, the less time they have to work, the more frustrated their employees and customers will be, and the less money they will make.
Low level Bank of America employees should be assisted in finding employment elsewhere, either at local credit unions or banks, or in other similar industries. They can also be assisted with food donations, etc.
Our strategy should be made publicly and vociferously. If investors become wary of Bank of America's prospects in light of our activity, they will also begin selling Bank of America stock, as well as "short selling" it, placing put options against it, etc. This momentum will make the Bank of America collapse a self fulfilling prophecy.
If our strategy is public, rogue groups such as Anonymous can put their strength into disrupting Bank of America's business activity. The Occupy Movement need make no formal request of anonymous, or any other saboteurs, cyber and otherwise. Those who sympathize and are aware of our strategy will assist us at their own discretion and risk.
If our strategy is public, our enemies -- meaning those who throw the force of their efforts into supporting the status quo -- may attempt to "shore up," Bank of America. This is win win for us. If they attempt to financially backstop Bank of America to spite us, then we are getting them to waste their money (and thus power) by investing in a failing institution. If Bank of America collapses, they will lose money and power. If Bank of America doesn't collapse, their money is tied up in propping up an institution they otherwise would not have invested in, thus keeping their money from committing other harms.
If successful, the Occupy trading account will profit from the demise of Bank of America. Profits should be used partially towards assisting low level Bank of America employees who lose their jobs and then require help. They should also go towards shorting and attempting to destroy a second corporation that has demonstrated by its actions to be unscrupulous and downright dangerous to life. My personal vote would be Monsanto. But that's getting ahead of ourselves.
The requirements of this strategy are of course, large amounts of investment capital, a large P.R. campaign, the assistance of people who know how to set up and place trades, and the full backing of Occupy protestors everywhere. Capital can come from donations, large and small. P.R. will be free as the media will be forced to cover the activities of Occupiers who disrupt Bank of America business nationwide.
Again, all that is required is that we spook the markets. Once that happens, as did with Bear Stearns and Lehman Brothers, the herd will follow, moving all money away from those institutions, and collapsing them.
(NOTE: I understand that this strategy is not fleshed out in full detail here. My intention with this write up was to get the seed of an idea planted. Please spread this to all Occupy Movements worldwide, and to the alternative press, and blogosphere.)
And this will help my small Milwaukee business, which employs 60 people and holds a line of business credit through BOA, how? You inadvertently may harm many in the 99. If BOA called in my line of credit, my business would fold in a second.
I'm in a similar situation with my business as well. My credit and the ability to borrow money at any given time is the only way my business can expand or even stay afloat.
I more than understand.
Look at something like http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html - thanks to lax laws, Bank of America is shuffling around $75 trillion to get an eventual government bailout. While disinvesting in Bank of America may make you feel good, and can be justified on that basis alone, let's not imagine that they're going to tremble at the thought of losing OWS supporters' meager savings, nor at any short sale you can muster with the funds available to you. Don't compete at stock manipulation with someone who has that much money. Focus your efforts where they count - on reasoning and thinking and using the democratic system where 99% still theoretically have more votes than 1%.
I will state first that I work on "Wall Street".....and I dont smoke big fat cigars or drink champagne with breakfast. I put my pants on one leg at a time. You all really need to open your eyes and go out and get a job. Contribute to soceity instead of having your hand out. It is not a good habit to break once you get into it. You are all going to become burdens to society. That's okay I guess...the fat cats on Wall Street that you all rail against will foot the bill for the masses with the tax's we pay.
It's funny....we are the bad guys in your eyes. Open your eyes you mis-guided bunch of lemmings!!!
The financial industry is a burden on the planet. Sorry, numeric wizardry isn't helping anybody but those who participate in it. Financing the future on debt is definitely not helping anybody. And the outstanding amount of digits sitting on hard drives which people believe must be met with real world labor are now so outstanding, that we will have to raze the world to satisfy them. No thanks.
Let's tip over a major bank just because we can.
"If investors become wary of Bank of America's prospects in light of our activity, they will also begin selling Bank of America stock..." WAIT... You don't understand the mind-set of CURRENT stock holders. Anyone 'shorting' BofA will be amazed at the Stock Price's failure to go lower.
What you are proposing is a form of securities fraud known as "short and distort."
First, no it's not. It is a legitimate method of investing. It happens every day.
Second, if it were, it's not like there is anyone in this country who actually prosecutes for securities fraud, now is there?
First, yes it is, read about it and read what you are proposing. Same thing. It's like pump and dump in reverse.
Second, yes absolutely securities fraud is investigated and prosecuted. Do you read the papers?
Can we please stay within the realm of reality here?
If you have any criticism make sure that it is constructive as in it goes toward to making this event possible instead of discouraging it.
Your premise is wrong that there is nothing that is illegal in your posts.
What you advocate doing is highly illegal and the SEC would come after you in a big way.
You want to hurt a corporation legally? One of the biggest in the US that uses you every single day?
DROP FACEBOOK - close your account and urge everyone you know to do the same.
And if you don't have enough capital to move the market on a company that has a Market Cap of $64.86 BILLION dollars and the stock rises instead of falls, how do you plan to come up with the additional capital to close the position and cover your huge loss?
Wow, an actual response.
I would offer that nothing would be done on leverage, and no positions taken that couldn't be backed up by capital already on hand.
So you are talking about donations to build a pool of capital vs. "borrowing" capital to secure the margin account with the intent of returning it.