From:   David DeGraw <David@AmpedStatus.com>
Sent time:   Wednesday, October 19, 2011 12:37:23 PM
To:   september17@googlegroups.com
Subject:   Re: [september17discuss] Bank of America and JP Morgan Shifting Losses Onto US Taxpayers
 

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

BofA and the Fed are colluding to move subpar derivatives from the investment arm Merill Lynch to the FDIC insured bank arm. This will ultimately put the US tax-payer on the hook again! This is exactly the kind of 'socialization of losses' that the OWS and 99% have been protesting against. Let's highlight this as a current example of the corporate/banking malfeasance and a Fed suffering from 'regulatory capture'. This is exactly what Dodd-Frank and previously Glass-Steagall were designed to prevent. It will be a good show of strength if OWS and 99% can highlight this and succeed in preventing it. From small but significant victories shall be achieved great ends.

edit: Here is the link that has been submitted previously in reddit http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html

source link: 

http://www.reddit.com/r/politics/comments/lhcvo/ows_and_99_please_pay_attention_to_this_and_stop/


On 10/19/2011 10:53 AM, David DeGraw wrote:
Interesting point, i like it.  i ran this by some banking industry / financial professionals who fully support our efforts.  they expressed some concerns that if we come off saying "trillions" we might expose ourselves to credibility attacks due to the fact that no one really knows how much liability they are pushing off into taxpayer backstopped accounts.  but again, you point is valid, interesting if we could force them to disclose an amount smaller than what we are saying, but will prove that it is still an absurd amount.

anyhow, here's the statement that honest bankers gave their support to - btw, i know "honest bankers" sounds like an oxymoron, but there are some and they hate the "too big to fail" banks that are using corrupt practices to run them out of business.
"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."


  


On 10/19/2011 12:09 AM, Jon Good wrote:
We can go with "trillions of dollars in derivatives".  Or we can say "75 trillion", and if they say "no, it's only 37 trillion", then we can be like "ooooohhhh yeah! we just got you to disclose that shit!"



On Tue, Oct 18, 2011 at 10:43 PM, David DeGraw <David@ampedstatus.com> wrote:
that would be great, but we don't know the exact total amount, it's kept a secret, which is a scandal within itself.

"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."




On 10/18/2011 9:58 PM, jemcgloin@verizon.net wrote:
Does anyone think it is possible for the GA to agree something short and sweet like, "We denounce Bank of America's transfer of $76trillion in derivatives to its Federally insured accounts."  
If we said it, it would be widely disseminated, instead of swept under the rug.  And its not a demand.
 
 
On 10/18/11, David DeGraw<David@AmpedStatus.com> wrote:
suggest we make a statement similar to this one at BofA and Fed banklocations in mass actions ASAP:

something like: "This is yet another example of systemically dangerousinstitutions, big banks like BofA and JPM, once again attempting toshift billions in losses onto the backs of hardworking Americans.  Thefact that the Federal Reserve supports this action demonstrates BenBernanke's complicity and/or gross incompetence in supporting the WallStreet elite at the expense of tax paying citizens.  We will not allowthis transfer of risk to be placed upon the backs of our fellowAmerican citizens."

we come out strong against this and we will put all the big banks onnotice, any more attempts to transfer losses onto the public will bemet w/ direct action.


On 10/18/2011 6:34 PM, Martin Kaminer wrote:
Too big to fail . . . 

On Tue, Oct 18, 2011 at 6:25 PM, DavidDeGraw <David@ampedstatus.com>wrote:
the news below has been spreading around several email groups today. BofA and JPM are shifting potentially HUGE EU-related losses onto UStaxpayers.  A very scandalous / ominous move, to say the least:

HOLYBAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank OfAmerica's Derivatives Trades

http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html

we should take action against this. any ideas?







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