Occupy Wall Street May Address Looting by Bank of America and Federal Reserve

Occupy Wall Street to Address Looting by Bank of America and Federal Reserve

Many people are furious that the Federal Reserve and Bank of America have initiated a coup to dump billions of dollars of losses on the American people (and see this).

Many are suggesting that the “Occupy” protesters rally to stop this robbery.

One of the top stories currently on Reddit (one of the top social media sites), is:

OWS and 99%: Please pay attention to this and stop it from happening (BofA and Fed socializing losses)

I understand that the Occupy protesters are, in fact, currently debating making a statement on this theft.

Currently, there are two competing draft statements. This one is from someone very savvy on understanding how the average American thinks:

A portion of the 53 trillion dollars of derivatives (yes that’s with a t; the entire global economy is only 65 trillion) transferred to Bank of America’s parent company from Merrill Lynch in 2008 has recently been transferred to Bank of America.

Derivatives contracts in a bank are paid before anyone else gets paid.

Therefore, these derivatives contracts would be paid before depositors receive their money. These people just cut in front of you.

It’s very simple. The reason that banks and trading houses were originally separated was to prevent this sort of thing. What’s really going to happen is that the government is going to end up bailing out the FDIC … so this will end up being a government bailout.

You’ll end up getting shafted, either by derivatives holders cutting in front of you or by your having to bail out the FDIC so it can bail out banks depositors. Either way, this is yet another instance of looting by the big banks and big government.

Just say no … don’t let this stand.

And this one is from two people who are experts on the technical issues involved:

We denounce Bank of America’s transfer of high risk derivatives to its federally insured accounts. This is yet another example of systemically dangerous institutions, big banks like BofA and JPM, once again attempting to shift potentially substantial losses onto the backs of hardworking Americans. The fact that the Federal Reserve supports this action demonstrates Ben Bernanke’s complicity and/or gross incompetence in supporting the Wall Street elite at the expense of tax paying citizens.

Updates as they develop …

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  • http://blogdredd.blogspot.com/ Dredd

    The 1% are the plunder barons, a derivative of the robber barons of old on steroids.

    Like their previous rep said, don’t misunderestimate me, because they are as stupid as they are criminally insane.

  • amicusbriefs

    US citizens are not responsible for any debts other than those incurred by themselves. Any legislation indemnifying bondholders and transferring Odious Debt to taxpayers is unconstitutional and unenforceable on its face. Any funds transferred to private, foreign individuals from American pockets by these foreign financial entities geographically located on American soil is treason. Since zero criminal prosecutions for these ultimately capital crimes are occurring, one can logically deduce that our Executive, Legislative and Judicial Branches of Government are all under foreign occupation. This indicates that US police forces are the enforcement branch of the occupying power(s). That is what we mean when we say we want our country back.

    • PAUL LEO FASO

      You are correct, however there is a remedy to your observations.
      Google this; CLASS ACTION LAWSUIT AGAINST THE FEDERAL RESERVE BANK

      Or try this below link to find out how to put a wooden stake into the heart of this beast.

      http://www.zerohedge.com/print/365866

  • James

    This was the plan in 2008 – 09. They wanted to make all the Brokerage firms and Investment Banks into Bank Holding Companies for just this reason. Obviously SIPC was in no position to cover any huge losses, so the firms had to be made into Bank Holding Companies and garner protection under FDIC. Because America knows and trusts FDIC and the government would be able to get the money from taxpayers later-on when the whole mess went up in smoke.

    They are just trying to move the final pieces into place without the masses seeing the total plan, doing it to us in increments.

  • http://www.mygold.co.nz Rich

    I hope these protests will lead to something good for the people involved. I hope it changes the system a bit but somehow I find it hard to believe unless more and more people get involved.

 

 

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