Huffington Post targets big banks
A blog post urges clients of BofA and others to move deposits to community banks and credit unions to protest what the blog calls are turn to risky practices by the big banks.
By E. Scott Reckard There can be few institutions more despised as 2010 begins than big U.S. banks, but what can the average person do about it?
The answer, according to author and Huffington Post website co-founder Arianna Huffington: Withdraw your money.
In a widely read blog pos this week, Huffington and former Senate Banking Committee chief economist Rob Johnson try to stir up a popular revolt by encouraging bank customers to yank their deposits from Bank of America, Wells Fargo Bank, Chase and Citibank and move them to community banks and credit unions.
FOR THE RECORD:
Big banks: An article in Friday's Business section about Arianna Huffington's call for a boycott of big banks attributed a response from the industry to the Business Round table. The group that responded was the Financial Services Round table. —
The broadside complains that the big banks, after being propped up by taxpayer money and government guarantees, have returned to the high-risk activities that torpedoed the economy in the first place,while cutting back on lending to businesses and spending hundreds of millions of dollars to water down proposed restrictions on their operations.
"The government policy of protecting the Too Big and Politically Connected to Fail is badly hurting the small banks, which are having a much harder time competing in the financial marketplace," write Huffington and Johnson, who is also a former managing director at hedge fund operator Soros Fund Management. "
read full article here
By E. Scott Reckard There can be few institutions more despised as 2010 begins than big U.S. banks, but what can the average person do about it?
The answer, according to author and Huffington Post website co-founder Arianna Huffington: Withdraw your money.
In a widely read blog pos this week, Huffington and former Senate Banking Committee chief economist Rob Johnson try to stir up a popular revolt by encouraging bank customers to yank their deposits from Bank of America, Wells Fargo Bank, Chase and Citibank and move them to community banks and credit unions.
FOR THE RECORD:
Big banks: An article in Friday's Business section about Arianna Huffington's call for a boycott of big banks attributed a response from the industry to the Business Round table. The group that responded was the Financial Services Round table. —
The broadside complains that the big banks, after being propped up by taxpayer money and government guarantees, have returned to the high-risk activities that torpedoed the economy in the first place,while cutting back on lending to businesses and spending hundreds of millions of dollars to water down proposed restrictions on their operations.
"The government policy of protecting the Too Big and Politically Connected to Fail is badly hurting the small banks, which are having a much harder time competing in the financial marketplace," write Huffington and Johnson, who is also a former managing director at hedge fund operator Soros Fund Management. "
read full article here
Posted by Knucklz at January 2, 2010 10:53 PM 
Categories: Government, Use Cash Only, Conspiracy
Tags: revolution depression economy repression government
Categories: Government, Use Cash Only, Conspiracy
Tags: revolution depression economy repression government
i beat her to the punch, and in fact thought of launching a campaign more than six months ago. oh well, that's what i get for being under-capitalized.
anyway, here's my post from 12/1
http://watertreading.blogspot.com/2009/12/plastic-people.html
where i wrote:
This is why I will never bank with a major bank again, and every single American should withdraw right now and go with your local community bank or credit union (pending due diligence, of course).
If a group with a head of steam would call for that, it'd be a real sea change, revolutionary in spirit if not action, and it'd be something I could throw my lot in with. In fact, as of earlier this year, I already have, withdrawing from one of the majors and depositing in my credit union.
Reply to this