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

George Washington's picture





 

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, about the size of the entire global economy) 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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Tue, 10/25/2011 - 00:52 | Link to Comment diesheepledie
diesheepledie's picture

WHAT HAPPENED!!! Is it starting to get cold outside? Time to go back to your warm free lunch borrowed underwater houses. Protesting in the cold is hard. Like being responsible is hard, and working is hard. See you in the spring losers.

Thu, 10/20/2011 - 13:22 | Link to Comment madmike117
madmike117's picture

I guess I support the general ideas OWS is protesting. How intricately linked the government and our financial institutions are is of great concern to me. However, the list demands that OWS has presented is pretty much a total 180 from what I would be asking for. Reading these comments it seems a lot of you guys are on board with a bunch of their communist shit ... I thought this was a conservative/libertarian leaning site?

Tue, 10/25/2011 - 00:56 | Link to Comment diesheepledie
diesheepledie's picture

Nah. There are a fair number of Libertarians. But also a lot of bitter losers willing to grasp at anything - socialism qualifies. Still a good site though with good analysis. But moron orcs do seem to gravitate. They will continue to do so until they are killed off. Filter +Ignore.

Thu, 10/20/2011 - 12:29 | Link to Comment Shizzmoney
Shizzmoney's picture

BOA, without telling anybody, upped their monthly checking fee from $11 to $15 this month....calling it "BOA Enhanced".

Unreal.  it's almost as if the banks WANT to completely run the tax code, including making up their own taxes.

OWS is the last non-violent resort, as voting (thanks to uber-lax campaign finance reform) has failed.

Guns and violence maybe the only answer to finally make the bankers stop extracting the people

Thu, 10/20/2011 - 13:29 | Link to Comment xcehn
xcehn's picture

You would really need lots of guns and violence to stand down the National Guard and U.S. troops.  Officially, rebellion is only cheered in the United States when it's overseas and furthers corporate interests.  Domestically, it's going to be brutally crushed.  Afterall, the banksters own the means of legalised violence, through the puppets they govern. The only real hope is the natural demise of the empire, and that's just a question of when.

Thu, 10/20/2011 - 11:43 | Link to Comment PulauHantu29
PulauHantu29's picture

Bonuses are my main gripe...second is Bailing Bondholders...all at our expense.

These are two issues EVERYONE except Wall Street Bankers and Brokers.

Thu, 10/20/2011 - 12:04 | Link to Comment DOT
DOT's picture

These thugs have been rewarded for their participation in a fraud.

When they should be escorted to the street by security, instead its $MILLIONS !

A CDS may be a useful risk management tool; a gun certainly is.

I think neither is appropriate in financial transactions.

Thu, 10/20/2011 - 11:42 | Link to Comment DOT
DOT's picture

From #occupy-madison :   Someone is talking Banks, CDOs, and CDSs Sunday.

 

I bet Saturday the site will be cleared of "trespassers".

Thu, 10/20/2011 - 19:35 | Link to Comment fallst
fallst's picture

1. What happened to the clearinghouse for all the CDS?

Too Much Sunlight?

2. There is not enough money in the World to clear these CDS, Everybody Knows.

3. They are cross covering Each Other with 50-1 Leverage on these illegal CDS.

4. These will be paid first? Impossible!

5. This could easily trigger a Run, Please Stop Now!

Please Stop This Madness! Please!

Here are some figures:

  • Derivatives held by Bank of America’s commercial banking arm before this shift: $53.2 trillion
  • Total derivatives held by all units of Bank of America: $74.8 trillion
  • Total deposits in Bank of America’s commercial banking arm backed by FDIC insurance: $1.04 trillion
  • Amount of FDIC’s deposit insurance fund: $3.9 billion.

http://dailyreckoning.com/government-bailouts-by-design/

 

Thu, 10/20/2011 - 10:05 | Link to Comment chunga
chunga's picture

On deck...be prepared for another hose-down by TBTF.

So you scooped up a foreclosed home because some deadbeat couldn't pay? Guess what...chances are good you bought yourself a bill of goods. The seller in most cases held no legal right to sell therefore you too got screwed by TBTF. This is like Ibanez II.

Bevilaqua v. Rodriguez

Summary of the decision by Greg Lemelson of Amvona Houston, we've got a problem - Bevilacqua

On Oct. 18th, 2011 the Massachusetts Supreme Judicial Court handed down their decision in the FRANCIS J. BEVILACQUA, THIRD vs. PABLO RODRIGUEZ – and in a moment, essentially made foreclosure sales in the commonwealth over the last five years wholly void. However, some of the more polite headlines, undoubtedly in the interest of not causing wide spread panic simply put it "SJC puts foreclosure sales in doubt" or "Buyer Can't Sue After Bad Foreclosure Sale"

In essence, the ruling upheld that those who had purchased foreclosure properties that had been illegally foreclosed upon (which is virtually all foreclosure sales in the last five years), did not in fact have title to those properties.

Given the fact that more than two-thirds of all real estate transactions in the last five years have also been foreclosed properties, this creates a small problem.

The Massachusetts SJC is one of the most respected high courts in the country, other supreme courts look to these decisions for guidance, and would find it difficult to rule any other way in their own states. It is a precedent. It's an important precedent.

Here are the key components of the Bevilacqua case:

1. In holding that Bevilacqua could not make "something from nothing" (bring an action or even have standing to bring an action, when he had a title worth nothing) the lower land court applied and upheld long-standing principles of conveyance.

2. A foreclosure conducted by a non-mortgagee (which includes basically all of them over the last five years, including the landmark Ibanez case) is wholly void and passes no title to a subsequent transferee (purchasers of foreclosures will be especially pleased to learn of this)

3. Where (as in Bevilacqua) a non-mortgagee records a post-foreclosure assignment, any subsequent transferee has record notice that the foreclosure is simply void.

4. A wholly void foreclosure deed passes no title even to a supposed "bona fide purchaser"

5. The Grantee of an invalid (wholly void) foreclosure deed does not have record title, nor does any person claiming under a wholly void deed, and the decision of the lower land court properly dismissed Bevilacqua's petition.

6. The land court correctly reasoned that the remedy available to Bevilacqua was not against the wrongly foreclosed homeowner but rather against the wrongly foreclosing bank and/or perhaps the servicer (depending on who actually conducted the foreclosure)

2. A foreclosure conducted by a non-mortgagee (which includes basically all of them over the last five years, including the landmark Ibanez case) is wholly void and passes no title to a subsequent transferee (purchasers of foreclosures will be especially pleased to learn of this)

3. Where (as in Bevilacqua) a non-mortgagee records a post-foreclosure assignment, any subsequent transferee has record notice that the foreclosure is simply void.

4. A wholly void foreclosure deed passes no title even to a supposed "bona fide purchaser"

5. The Grantee of an invalid (wholly void) foreclosure deed does not have record title, nor does any person claiming under a wholly void deed, and the decision of the lower land court properly dismissed Bevilacqua's petition.

6. The land court correctly reasoned that the remedy available to Bevilacqua was not against the wrongly foreclosed homeowner but rather against the wrongly foreclosing bank and/or perhaps the servicer (depending on who actually conducted the foreclosure)

Eat your peas...

Thu, 10/20/2011 - 10:48 | Link to Comment CPL
CPL's picture

Holy fuck!

This also effects the commericial as well.  So basically any building built and dumped in 2008/2009 is a debt/death trap.

 

Time to look at SRS for the last stock trade I'll ever make.

Thu, 10/20/2011 - 11:22 | Link to Comment chunga
chunga's picture

Yup. So everybody that has been shouting "DEADBEAT" is gonna have an opportunity to see how well their "moral contract" works out...lol. Because that will be all they have.

Thu, 10/20/2011 - 08:36 | Link to Comment SheepDog-One
SheepDog-One's picture

Theyre depending on the OWS to stop the FED from looting trillions? Hey I wish it were so, but give me a break.

Thu, 10/20/2011 - 08:40 | Link to Comment MFL8240
MFL8240's picture

Where is our congress who was elected to protect the American people?

Thu, 10/20/2011 - 12:34 | Link to Comment Widowmaker
Widowmaker's picture

Congress incorporated in 2001 and responsibilities are now outsourced overseas.

I tried getting a hold of them but I couldn't get through their phone tree without a valid credit card. 

They also changed their number for the no-fraud-left-behind bailout hotline.

No pay, no play.

 

Thu, 10/20/2011 - 10:50 | Link to Comment Boxed Merlot
Boxed Merlot's picture

Where is our congress who was elected to protect the American people?...

 

There are no "American people", we are "citizens" and "taxpayers".  "People" are sovereign and therefore illegal entities in "the land of the free".

Thu, 10/20/2011 - 09:56 | Link to Comment djcando
djcando's picture

They should be promising to indict, and prosecute to the fullest extent, the fiduciary neglect of those elected officials who are supposed to be representing the best interests of our country and its citizens.  Go to Congress and be heard!

Thu, 10/20/2011 - 08:45 | Link to Comment diesheepledie
diesheepledie's picture

What OWS should be protesting. The fact that they aren't makes the whole thing suspect.

Thu, 10/20/2011 - 11:03 | Link to Comment CPL
CPL's picture

It's on the very long list of things to tackle.

 

diesheepdie if you want to change the situation become anonymous and create a project with a project plan then post it on the OP board.  Then people either pick up the load with you or they don't.

 

However you'll run into the exact same problem I did.  It is nearly impossible to describe the situation to joe six pack without going straight out into left field (and getting a baleful stare) or simplifying the message too much that there is no context behind it.

 

If you can figure that one out, I'll lend a hand to that cause the moment it's posted.  I'm dead serious about that btw.  no joking.  OWS has it's own steam now and the operational stuff is good so I am up for another OP.  There is far too much left wing twaddle in the protests right now for my tastes so some balance must be struck with Financial conservative like ourselves to put some of the fiscal infrastructure issues into focus. 

 

Well, at least address them clearly, the Tea Party people that are in the OWS are incredibly dumb and come off as total fucking idiots considering that it started as a valid movement before it was devoured whole by the retard segment of the republican party.

 

What really needs attention are the conservative issues along with the social issues.  Cannot have one without the other.

Thu, 10/20/2011 - 08:30 | Link to Comment Ponzi Unit
Ponzi Unit's picture

Sure, Wall Street waylayed, parlayed and filleted the financial sector, but what is the ultimate driver of these demos, this desperate collective sense of drowning? Debt slavery induced by the Rothschild banking model. David Rockefeller is too old to be crowned emperor, but he may live to realize his dream of a one-world monetary system.

Thu, 10/20/2011 - 07:41 | Link to Comment dcb
dcb's picture

I consider this to be the most important news item in many months. it won't see the front pages, but it is an important and tellling as geithner givinb goldman 100 cents on the dollr for the aig positions. this and that are just another two reasons why these people need to be in jail

Thu, 10/20/2011 - 07:40 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Anyone have a bead on the fair value of the derivatives?  That's what's important.  If it's large enough (any number followed by "trillions" will do), then how the losses are allocated may be secondary. 

There are two issues at work here: (1) the "fairness" of how the losses are allocated and (2) whether the losses are large enough (and concentrated enough in tenor) to trigger a cascading insolvency event.  As a general matter, the protesters are pounding on #1, while preppers are planning around #2.

Thu, 10/20/2011 - 06:47 | Link to Comment xcehn
xcehn's picture

We are in DEEP DEEP SHIT. That's what the headlines on every newspaper worldwide should be screaming. China will be the catalyst that ignites the chain reaction. And they all fall down. Zerohedge should be the official web page of OWS.

"...when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure."

http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-...

Thu, 10/20/2011 - 06:20 | Link to Comment Sathington Willougby
Sathington Willougby's picture

Fuck You BOA

Fuck You Federal Reserve Chairman Herman "Get a job/Let them eat pizza" Keynes.

Fuck You blackout media

Fuck You political machinery

FUCK YOU THIEVES

Thu, 10/20/2011 - 06:45 | Link to Comment D-Man
D-Man's picture

Started the process to all my banking with a credit union and fire BOA. Don't know whey I waited so long.

Thu, 10/20/2011 - 06:34 | Link to Comment TSA gropee
TSA gropee's picture

Not one to mince words are ya?

Thu, 10/20/2011 - 05:32 | Link to Comment SilverSavant
SilverSavant's picture

 

 

It is so nice to see that more and more people are awaking to the fact that our whole federal government is in fact a criminal organization.   They are traitors, thieves and by result murderers and we need to bring them to punishment.   The courts will never do this.  If it happens, it will need to be vigilante justice.   For the most part, if we start at the top and starting lopping off heads, then new courts may allow us to part out the rest of the criminals, so that they can at least start to pay their debt to society.  Anyone who believes that we can work with the system to effect change is severely intelligence challenged.   That point was past long ago.   Now we are really fighting for our lives.   The beauty of OWS, is that all of those people are suddenly getting educated.   Support your family, support your children, support you world, by starting at the top and euthanizing the owners of the Fed and then their main lackeys in the Fed Gov.   If you don't step up today, then the powers that be will euthanize our leaders.    If we leave those who have all the power and wealth alive to react to our start, then they will finish----us.   Please do all you can to awaken your neighbors, family and friends.   We have the opportunity and the timing on our side right now, but that window can close.

Thu, 10/20/2011 - 08:07 | Link to Comment mayhem_korner
mayhem_korner's picture

Anyone who believes that we can work with the system to effect change is severely intelligence challenged.

 

As long as you believe that, you will be on the servant side of the equation.  It's interesting how you anarchists are only interested in eliminating what you perceive is the problem.  That attitude 300 years ago would have resulted in mass graves under King George II, and the current US of A would still be 96% forested.

Thu, 10/20/2011 - 08:36 | Link to Comment Bartanist
Bartanist's picture

That attitude 300 years ago would have resulted in mass graves under King George II, and the current US of A would still be 96% forested.

Interesting, yet completely unsupportable claims.

IMO, if the monarchy could have been eliminated at that time or the City of London destroyed the whole of the western world would be better off today (how is that for an unsupportable claim). People do not want anarchy. People do not want forced equality. However, people want equal protection under the law from king on down to serf and they want a "fair" society.

The people who want the status quo want to deny fairness and equal protection under the law to the 99%. They want to maintain a society of "clubby elitist" privilege. People claiming that people must submit to the clubby elitists to be considered relevant just don't get it... and their denial of the facts of the situation will lead to a state of anarchy.

Thu, 10/20/2011 - 09:01 | Link to Comment mayhem_korner
mayhem_korner's picture

The so-called "99%" is a figment of your collective imaginations.  The only binding tie of the 99% is their relative share of wealth (which I'm not passing judgment about).  Beyond that, there is no cohesion, and thus no message other than to redistribute and land on some spot called "fair." 

Anarchists are those who value the state of change more than a destination.  What plagues the OWS crowd is that THERE IS NO DIRECTION, NO CLEAR VISION OF WHAT THE OUTCOME SHOULD BE.  Thus, it is a collection of anarchists.

Good luck.

Thu, 10/20/2011 - 10:51 | Link to Comment toady
toady's picture

THERE IS NO DIRECTION, NO CLEAR VISION...

Isn't the tea party the same?

The only obvious thing about the tea party is that it is the 'party of NO'

I was so hung-up on wanting a plan, a direction, a platform, a leader, with the tea party that I could never get 'on board'.

The '99%' will by definition need to be scattered, multi-cause group, from seniors saying 'don't touch my SS' to teens saying 'kill SS'.

This time around I'll settle for a lack of direction.

Thu, 10/20/2011 - 11:12 | Link to Comment mayhem_korner
mayhem_korner's picture

You just reminded me that INABILITY TO ARTICULATE is in the mix, too.  :D

Thu, 10/20/2011 - 05:11 | Link to Comment Lady Heather...UNCLE
Lady Heather...UNCLE's picture

....from New Zealand...THANK YOU GW!!!!

Thu, 10/20/2011 - 03:14 | Link to Comment bjennings
bjennings's picture

I just wanted to thank Mr. George Washington for keeping OWS on the front burner.  Also, from the article of the same subject posted yesterday on ZeroHedge I tried to post a link to OWS website to suggest they might want to be aware but couldn't do it.  Glad someone did.

Thu, 10/20/2011 - 00:56 | Link to Comment BernankeHasHemo...
BernankeHasHemorrhoids's picture

Can we just fucking kill Bernanke and the 535 members of congress along with the president and the cabinet? They're criminals who deserve to die, the whole lot of them. Ok, I'll give Ron Paul and Rand Paul a pass. The rest of them - to the guillotine!!!!!!!

Thu, 10/20/2011 - 08:04 | Link to Comment mayhem_korner
mayhem_korner's picture

Can we just ******** kill Bernanke and the 535 members of congress along with the president and the cabinet?

 

OK, gut check time here.  Should we kill the folks that elected them, or the ones that didn't vote at all and allowed them to be elected? 

Rephrase: with what/who would you replace these folks?  Eliminating the perceived problem and solving it are two different things.

Thu, 10/20/2011 - 06:16 | Link to Comment onthesquare
onthesquare's picture

With all the comments about taking justice into your own hands, I am reminded about "Tale of Two Cities" and "Dr. Shivago".  Alex Guiness sits as a revolutionary authourity and decides who is to be taken out and shot and who will work for the new republic. 

History repeating.

Thu, 10/20/2011 - 11:30 | Link to Comment DOT
DOT's picture

Alec Guiness 2012 !

Thu, 10/20/2011 - 01:36 | Link to Comment dolly madison
dolly madison's picture

There are a few other good ones like Sanders and Kusinich.  They might believe differently than you, but they do not appear to be corrupt.

Thu, 10/20/2011 - 08:22 | Link to Comment Cheyenne
Cheyenne's picture

Anyone who kicks the shit out of Tim Geithner gets a pass. I speak of... Marcy Kaptur.

http://www.youtube.com/watch?v=zOZTXqtph3E

Thu, 10/20/2011 - 07:59 | Link to Comment mayhem_korner
mayhem_korner's picture

To believe Bernie Sanders is not corrupt is to be highly deceived.  I know the VT political landscape well and know Sanders very well.  And I've had some very specific business run-ins with him.  He is not the "for the little guy" person he claims to be.  He's a fraud looking after his own (largely financial) interests. 

Thu, 10/20/2011 - 11:39 | Link to Comment earleflorida
earleflorida's picture

i live and own in vermont - all my summers, and hard winters, spent there  - all my life - it is in my blood - an inbred makeup only the indigenous can appreciate, one with nature, the people, the freedom to be,... the live and let live attitude, and as we - all the people see bernie putting about town in his saab waving to all -  conversing with all on moments notice - let us not forget that he is beyond honest - so please fool yourself if you must, but do not slander an innocent man - spread your flatlander trash in the appropriate cesspool on k-st.!

now - as far as moynihan is concerned, he is bought and paid for,...useless pos!

Thu, 10/20/2011 - 12:20 | Link to Comment mayhem_korner
mayhem_korner's picture

You miss the mark calling me a flatlander, my friend.  When I say I am close to VT politics, I would wager it is much, much closer than you. 

Sanders does not subscribe to your live and let live ideal.  The good people from Lake Willoughby to Marie's Italian Bistro in Brattleboro to Sugar Ridge in Danville to the Community church in Chittenden are not being represented by Mr. Sanders.  It's a shame you (and they) are too blind to see that, Mr. Woodchuck, sir.

Thu, 10/20/2011 - 14:11 | Link to Comment earleflorida
earleflorida's picture

i break bread at my local uu - 

woodstock @ base killington -

live next door to calvin -

and yes, you speak with fork tongues`- that of a flatlander on the hudson -

you probably are of the belief that it was ronny that exposed the fed through the foia -

if not for senator sanders,... an independent mind you, you'd have zero

your a cross-dressing veryorker my friend as all that play both sides of the political aisle  

Thu, 10/20/2011 - 14:56 | Link to Comment mayhem_korner
mayhem_korner's picture

Wrong again.  No one in their right mind would confuse me for a New Yorker.  Ever.

BTW, most REAL Vermonters don't consider Killington part of the state.  So you know.

Thu, 10/20/2011 - 15:42 | Link to Comment 11b40
11b40's picture

Well, I have never been to Vermont, and will probably never go there.  I do, however, appreciate Mr. Sanders presence in the Senate, and his willingness to speak about things that others shy away from.  He seems to be head and shoulders above most of the other pricks we have in Congress.  Independent, Socialist, or whatever you want to call him, he has balls and intelligence, and he often speaks truth to power.  If there were a few hundred more like him, we might have a fighting chance of turning this around without violence....'might' being the operative word.

Thu, 10/20/2011 - 01:03 | Link to Comment akak
akak's picture

I would certainly not stand in your way.

Thu, 10/20/2011 - 02:04 | Link to Comment Michael
Michael's picture

That covers about 10% of the people on the "Must Die List".

Thu, 10/20/2011 - 00:27 | Link to Comment bankruptcylawyer
bankruptcylawyer's picture

hahaha ,

first draft is from an expert on the issue of communicating to human beings in plain english . second draft is from some idiot lawyers or bankers.

i vote first draft!

Wed, 10/19/2011 - 23:49 | Link to Comment lasvegaspersona
lasvegaspersona's picture

I suspect OWS is so far along that we will never get real numbers about who they are. OWS will be diefined by the media not by the peolpe there. Right now it seems that "kinda like the Tea Party folks but more open minded about sex (that one from NPR this AM) or " just mad about the banks" are being pushed. We will not ever hear from the MSM about connections to the Dems or BIG Labor.

Too bad.....Nonsense about the Tea Party aside, the combo does have potential.This will not happen as long as the aforementioned connections are prominent.

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