A MAJOR GLOBAL ECONOMIC TRANSFORMATION POWER GAME IS EMERGING FROM THE ASHES OF THE 2008 GLOBAL FINANCIAL CRISIS BETWEEN THE RICH AND THE EMERGING NATIONS TO SHARE THE GLOBAL EQUITY. THE FINANCIAL CRISIS IS OVER BUT THE ECONOMIC CRISIS IS NOT. AVOID BECOMING A COLLATERAL DAMAGE OF THE ECONOMIC ELITE. THE NEW FINANCIAL HEGEMONY OF THE NEW WORLD ORDER IS BEING STRUCTURED RIGHT NOW. EDUCATE YOUR SELF - EMPOWER YOUR SELF - TAKE ACTION AND RISE UP ABOVE YOUR SELF.
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Monday, March 5, 2012
Let Bank of America Fail - Matt Taibi
Message From Matt Taibi
There are two things every American needs to know about Bank of America:
The first is that it’s corrupt. This bank has systematically defrauded
almost everyone with whom it has a significant business relationship,
cheating investors, insurers, homeowners, shareholders, depositors, and
the state, leaving a massive trail of wiped-out retirees and
foreclosed-upon families in its wake. The second is that all of us, as
taxpayers, are keeping it propped up. In fact, without the continued
generosity of us taxpayers, and the extraordinary indulgence of our
regulators and elected officials, this company long ago would have been
swallowed up by scandal, mismanagement, prosecution and litigation, and
gone out of business.
But Bank of America hasn’t gone out of
business, for the simple reason that our government has decided to make
it the poster child for the “Too Big To Fail” concept. This gigantic
financial institution is the ultimate symbol of a new kind of corruption
at the highest levels of American society: a tendency to marry the
near-limitless power of the federal government with increasingly
concentrated, increasingly unaccountable private financial interests.
Bank of America is perhaps the biggest welfare dependent in American
history, with the $45 billion in bailout money and the $118 billion in
state guarantees it’s received since 2008. Since the crash of 2008, it’s
also borrowed billions if not trillions in emergency, near-zero
interest rate loans from the Federal Reserve. Bank of America represents
a company that is kept protected from the judgments of the free market,
and forces the state to expand to take on its debts. When did we make
it the job of the taxpayer to buy failed companies, and rescue companies
from their own bad decisions?
Bank of America has ruthlessly
preyed upon millions of homeowners, throwing them out on the street. The
firm sped struggling families to foreclosure court using perjured
affidavits with full knowledge of management. It is the very definition
of an unaccountable corporate villain. Companies like Bank of America
are a direct threat to national security, for many reasons. For one
thing, they drive smaller, more honest banks, but doesn’t have the
implicit support of the federal government, out of business.
This robs more deserving and ingenious entrepreneurs of scarce capital,
and also encourages more campaign contributions for politicians. Five
years from now, our government’s decision to avoid jailing Bank of
America executives for their roles in the vast robosigning program may
result in a situation where no court document of any kind can be
trusted. What will your defense be against a future lawsuit for a credit
card debt or a foreclosure, when your bank walks into court with a pile
of invented documents?
Bank of America and Chase and Wells
Fargo have been caught rigging the bids for financial services in dozens
of municipalities nationwide. Worse, these same banks have repeatedly
been let off the hook by regulators. This behavior, if left unchecked,
will ultimately mean that we will all have to pay more for our roads,
our traffic lights, our sewers, in fact all public services. And it’ll
be our fault, because we didn’t do anything about it now.
only way to prevent this kind of slide to total lawlessness is to break
this unhealthy relationship between bank and government. Allow Bank of
America, to sink or swim on its own, in the free market. Allow Failure
- – Matt Taibbi, February 29th, 2012, Occupy Wall Street.