Proposal: Whenever possible Official Statements and Change of Process proposals will be posted on occupySTL.org>Forum>General Discussion a week prior to being proposed. This does not apply to time sensitive press releases. This will allow for careful consideration, discussion, feedback, and friendly amendments not only at GA, but prior to GA as well.
If you do not have access to a computer, you can ask someone to post it for you. The Forum is a public space to which everyone has access. If you have difficulty registering to use this space, email media@occupystl.org for assistance.
Emergencies, should they occur, will be handled on a case by case basis by the General Assembly.
Second Consensus Reached
Background/Outreach Information:
There is a national coordinated effort by Occupy Wall Street, Matt Taibbi (reporter from the Rolling Stone), and a large number of affinity organizations, such as Public Citizens, Push Back Network, SEIU, Action Network and various environmental groups to take down Bank of America (BOA). This is also known as the 99% Spring.
Matt has researched this thoroughly and has provided the framework for the take down. Much of his research was based on analyzing the collapse of Bear Sterns and Goldman Sachs. In the case of Bear Sterns, they were out of business within an hour after a rumor circulated that they couldn’t secure any more loans. In the case of Goldman Sachs, an expose by Taibbi resulted in them being down graded from “buy” status to “neutral” and they lost 13% of their stock price which led to them going out of business. BOA is on a similar precipice of collapse right now. Public pressure will push them right over that cliff.
BOA’s credit rating stands at one notch above junk bonds. Their stock was selling at between $5 and $8 a share. If the stock stays at $5 for more than 30 days, BOA will go into a death spin. Right now creditors are beginning to pull out and more are certain to follow.
BOA bundled huge pools of mortgages and ultimately sold them to investors. They signed a Pooling and Servicing Agreement (PSA) which was poorly written and now requires BOA to buy back these bundles.
Two of BOA’s biggest customers were Freddie Mac and Fannie Mae who are demanding BOA buy back these bundled securities. But, BOA has slowed down the rate of repurchasing. In order to make up for their losses Freddie and Fannie will go to the treasury to recoup their losses.
There currently is a ton of law suits against BOA regarding repurchasing, which can be googled for more info.
In the mean time BOA is fraudulently reporting that buying back these bundled securities will cost them between $8-11 billion. Independent analysts say it is more likely to be 2 to 3 times that amount.
Because BOA took the tax payer bail out money and gave it to shareholders and executive bonuses, they are cash strapped. They are planning to reinstitute the fee that the public suppressed a few months ago. Depending on which state you live in, BOA will be charging you an additional $6 to $25 a month more on your statement.
BOA is going into free fall and is sensitive to public pressure. If protests can be seen as pushing BOA over the edge, this would cause a radical shift on Wall Street which has never felt accountable to anyone. Protests will also have a chilling effect on politicians as public sentiment does not support the “bail out the banks that are too big fail” mentality.
March 15 and April 15 will be national days to protest BOA. On May 15 there will be an action at BOA’s annual stockholders meeting. Occupiers and allies will each buy a share of stock to attend this meeting to ask questions regarding BOA’s economic instability and fraudulent behavior.
Proposal: OSTL endorse this by doing mass outreach and education on this subject.
Ask OMW to do an action at BOA on March 15 as there is currently a 4:00-5:00pm opening in their schedule. If this is not possible, I will ask them if I can provide outreach information to pass out.
OSTL do an action on April 15 and May 15.
These actions to be passed through GA once they are developed.
Who will this impact?: Outreach, action, and media working groups.
What will be the outcome?: Pressure brought to bear on BOA will cause it’s collapse. Pressure will also be brought to have BOA broken up into smaller entities and prevent it from being bought by another “too big to fail” bank, such as JP Morgan. The Dodd/Frank bill requires that a “Funeral Plan” be developed for how to proceed when a “too big to fail” bank goes under. Public pressure will be exerted to have BOA broken down into smaller entities.
This is a concrete long term strategy that can create a domino effect in the banking industry and on Wall Street. If we take down one bank, we could take down another. We’ve shifted the conversation in America, now we can begin to shift reality.
Consensus Reached






