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A crew of some of my favorite occupiers makes a home of a Bank of America lobby with a couch, a coffee table, a rug and a potted plant. "Bank of America took our homes so we though we'd move in here!"
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. It is a giant, raging hurricane of theft and fraud, spinning its way through America and 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 that hurricane raging. Bank of America is not just a private company that systematically steals from American citizens: it’s a de facto ward of the state that depends heavily upon public support to stay in business. 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. It would have been liquidated and its component parts sold off, perhaps into a series of smaller regional businesses that would have more respect for the law, and be more responsive to their customers.
More here from Matt Taibbi.
To join the March 15th day of action, meet at 3 p.m. EST at Pumphouse Park, World Financial Center Waterfront, 123/ACE to Chambers, 45/JZ to Fulton, NR to Cortlandt.
P.S.: Bring furniture.