Thread: Peaceful protest against the banksters

We have no problem with this thread.
However, I'm sorry to be a wet blanket but the action you suggest won't work.
People will not respond to this kind of call to protest. We know. We ave been involved in it before. At best you get a few dozen people - if you are lucky, who make long expensive journeys - normally down to London - and noting comes of it.
Believe me.

The only thing that makes a difference is to come onto this site and to encourage people to sue their banks again and again and again.
This gets money back into people's pockets. It is intensely satisfying to force your bank to respond to you and to treat you like an ordinary person.
It generates good press so that there is lots of publicity which the banks don't like at all.
It creates pressure on the banks and it disrupts their normal activity. It is the only thing which eventually forces the regulatory authorities to take the action as it shows up their failure to take proper action and eventually embarasses them into trying to play catchup with the general public.
This Website started the National Bank Charges Campaign after discussions on a small Yahoo email group called BankChargesHell.
Had we not started the ball rolling, the banks would not have paid out almost threequarters of a million pounds to their customers and the bank would not then have eventually asked the OFT to take them to court.

The OFT would have continued to do more or less nothing. The FSA continues to do nothing to enforce the regulatory powers which they now have. And for the banks it would have been business as usual.In fact in a way the banks are returning to business as usual.
If you really want to make a stand, then make it here with us.
Every person you encourage to take direct legal action against their bank and who obtains a victory is worth 10 protest meetings.

Take a look at

www.wikileak.com

This is how to destroy - we, the caggers have the power.

Also, suppose we ALL started threads on Twitter, FaceBook and the others calling for ALL banks to be nationalised....

Go here, READ AND JOIN

http://www.bendyson.com/Easy-Solution-T ... Crisis.pdf

It has to happen, it must happen. This global mess started in this country,
could we not start the ball rolling to reverse that?

charlie

Originally Posted by diddydicky

oh yes great- lets nationalise all the banks- george orwell would be proud of that

Err i think i prefer to deal with greedy capitalist bankers that you very much

I think you will find RBS .. Natwest is about 80% owned by the government already!

sorry make that 84%
"The bank, which is 84% owned by the taxpayer"
and.....
"Govenment approves £1.3Bbn RBS bonuses"
http://www.financemarkets.co.uk/2010...n-rbs-bonuses/

nice to know that it is money well spent, considering....

credit card interest rates at new high....
http://news.bbc.co.uk/1/hi/business/8517738.stm

and that is with the BoE rate at record low!!!!

Nice for the banksters eh..............

These posts are from The Market Ticker, and for US banks, but I would not be surprised if the rest of the world's banks were also allowed to mark to myth instead of reality in order to keep the pretence up that all is well, but in the meantime the ordinary person suffers and has to pay massive interest rates and is hammered
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All You Need To Know About Bank Balance-Sheet Fraud - The Market Ticker

All You Need To Know About Bank Balance-Sheet Fraud

I am constantly amused by those people who claim there is some vast "conspiracy" in this country when it comes to banks, balance sheets, and fraudulent lending and accounting.
There is no conspiracy.
It is, in fact, "in your face" fraud.
The FDIC does us the courtesy of explaining it virtually every Friday night, right on their web page.





I am simply going to take last night's bank closures, which numbered four. One of them has no "deposit insurance fund" estimated loss available, because they didn't find someone to take the assets - they're just mailing checks. But the other three do.

• Waterford Bank, Germantown MD: $155.6 million in assets, $156.4 in insured deposits. They were "underwater" by $800,000, right? Wrong: Estimated loss, $51 million. That is, the assets of $155.6 million were overvalued by approximately 30% at the time of seizure.
• Bank of Illinois, Normal IL: $211.7 million in assets, $198.5 million in deposits. They were "underwater" by $13.2 million (which is why they were seized), right? Wrong: Estimated loss $53.7 million. That is, the the assets of $211.7 million were overvalued by more than 25% at the time of seizure.
• Sun American Bank, Boca Raton FL: $535.7 million in assets (so they claimed anyway), $443.5 million in total deposits. Heh, why did you seize them - they have more assets than liabilities? Oh wait: Estimated loss: $103.8 million, so the actual assets are worth $443.5 - $103.8, or $339.7 million. That is, the assets of $535.7 million were overvalued by a whopping 37% at the time of seizure.

This isn't new, by the way. In August of 2009 I went through Colonial Bank's failure based on BB&T's presentation to its shareholders on the "merger" - and gift it was given by the FDIC. It too showed that Colonial had been carrying assets on their books at a ridiculous 37% above where BB&T ultimately marked them as a whole.
Folks, your bank is being assessed deposit insurance premiums to pay for these losses. You are paying these losses through increased fees and interest expense on your credit cards and all other manner of borrowing.
You are paying for outrageous, pernicious and endemic balance sheet fraud.
There is no conspiracy. It is right under your nose. One of these three banks, based on their balance sheet, wasn't even underwater - it was "to the good" by nearly $100 million dollars.
The balance sheet was a flat, bald-faced lie.
You want to sit for this?
Why should you?
Now let's ask the inconvenient question:

Are the big banks - specifically, Citibank, Bank of America, Wells Fargo and JP Morgan - all similarly overvaluing their assets?

Why should we believe they are not? You can go through more than a year's worth of FDIC bank seizure information and in essentially every single case you will find that overvaluations of somewhere from 20-50% have in fact occurred, yet not one indictment for book-cooking has issued.
So let's be generous and assume that the "big banks" are over-valuing their assets by 25% - the lower end of the range of what the FDIC says is, through actual experience, what's going on, and add it all up.
Bank of America shows $2.25 trillion in assets.
Citibank shows $1.89 trillion in assets.
JP Morgan/Chase shows $2.04 trillion in assets.
And Wells Fargo shows $1.31 trillion in assets.
This totals $7.49 trillion smackers.
The FDIC's experience with seizing banks thus far suggests quite strongly that all four of these entities are lying about these valuations, and that were they to be seized the loss embedded in them (and for which you, the taxpayer would be responsible) is somewhere between $1.49 and $2.99 trillion dollars.
Incidentally, neither the FDIC or Treasury happens to have either $1.49 or $2.99 trillion laying around, and it is highly questionable if they could raise it, should that become necessary.
Now of course neither you or I can prove this is correct. However, we can look at the FDIC's own published bank closing statements, and derive from them a pattern stretching back more than a year now that has disclosed that in essentially each and every case the banks in question have overvalued their assets by anywhere from 20-40%, and that as of the day of the seizure such an overvaluation was in fact a continuing and ongoing practice.
Back in the beginning of 2009 we had people argue that "mark to market" was invalid - that in fact the market-based pricing losses that were being claimed were ridiculous and would never happen. One of the claimants was the Federal Home Loan Bank of Seattle, which said that the $300 million in mark-to-market losses would not actually happen - that the real loss was only going to be $12 million dollars.
FHLB Seattle recently filed suit against the bundlers of this trash, claiming, surprise-surprise, that the real loss is not $12 million, not $300 million, but $311 million - on that bundle of trash alone. In all they are seeking $2 billion in damages.





We have now learned, a year into this "experiment" with mark-to-model promulgated at gunpoint by Congress that:

1. The banks indeed have been lying about asset valuation and the proof comes in the form of the FDIC seizures, which in essentially case have documented massive and outrageous overvaluation of assets on bank balance sheets.
2. The claimed "mark to model" losses, which were tiny compared to the market-price losses, were in fact fictions, to the point that the poster child of the "mark to model" argument is now suing the purveyors of the instruments supposedly not to be marked to the market for losses that exceed what the market-based loss was back in March of 2009.

If you wish to argue that the economy and banking system are recovering their health, you must deal with this. If indeed large bank balance sheets are concealing a deficiency of somewhere between $1.5 and $3 trillion in losses not only will the economy and lending environment not recover it can't as the large banks all know the truth.
I believe this is why those very same banks are hoarding cash. I believe they know that at some point in the future - a point not under their control - the truth may come out and if it does an instantaneous run would occur - not just on their bank, but on all banks. Such an event could be defended against only with a huge cash hoard - a hoard that, if they lend out said cash, would not be available to them.
The Federal Reserve knows this too. I believe this is why there is nearly $1 trillion of "excess reserves" sitting at The Fed, up from nearly zero prior to the crisis - it is these large banks' "backstop" against a potential run should the truth of their balance sheets reach public conscience.
The political and regulatory bottom line is simple: As I have repeatedly maintained for nearly three years, we now have the facts from our own government agencies, most particularly the FDIC: The banks have been and still are cooking their books in a manner that intentionally overstates their asset valuations - an act that is exactly identical to that which brought down ENRON.
Something to think about on this fine weekend.




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ADMISSION By FDIC: Massive Balance Sheet FRAUD - The Market Ticker
<B>ADMISSION By FDIC: Massive Balance Sheet FRAUD

Remember this Ticker from a few days ago?

I am constantly amused by those people who claim there is some vast "conspiracy" in this country when it comes to banks, balance sheets, and fraudulent lending and accounting.
There is no conspiracy.
It is, in fact, "in your face" fraud.

Well, one of the people on the forum emailed The FDIC to ask about what I had alleged. This was their response:

That’s the value the bank had them on their books on their year-end financials, but the true value is much less. It is similar to someone in Las Vegas saying that their house is worth $300,000 because that’s what they paid for it three years ago, but the reality is, if they had to sell it in today’s market, they’d only get $250,000 for it. The FDIC has to sell assets in today’s market.

--db

Or tomorrow's market.
The simple fact of the matter is that there it is, right in front of you.
A raw admission that the banks are carrying these loans at dramatically above their actual value.
Yes, this means that essentially all balance sheets must now be considered fraudulent, and thus the valuations assigned by the market to them are also fraudulent.
Extending this to the stock market as a whole you now have a market that is intentionally overvalued as a direct and proximate consequence of fraud, permitted and endorsed by the government, of somewhere between 25-40%.
Now you know why the market rallied off the SPX 666 lows to where it is now. 1139 (where we are now) * .60 (a 40% haircut) = 683.40, or awfully close to that 666 bottom.
Of course this "valuation" expressed in the market can only be maintained for as long as the fraud is. If the ability to maintain that fraud is lost for any reason then values will instantly collapse back to reflect reality.

diddydicky
I would suggest that this is not the case regarding protection.. it is a fos, FSA sort of soooooothe the people into thinking they have protection type protection ... and look at the FOS threads to find out what junk it is! as for the FSA......

interest rates are close to zero, and there is no real benefit from having money saved in ANY bank
It is NOT safe because the banks do not have enough money to pay you if too many people want their money out
The goverments do NOT have enough money to honour any protection
For example the FDIC is the US which is supposed to protect savings.... is broke... it has no money, it is trying to get banks to pay up fees from the next few years so it can stop gap current and increasing bank failures

If the bank pays you little for your money

TAKE IT OUT OF THE BANK, the governments cannot "protect" anything, it is a con because they have no money

look at all the money the Fed in trying to raise over the next year in the US......

IF you are lucky enough to have any savings, get it out of a bank as soon as you can, they are all broke and relying on the broke goverments to keep the [problem] going so people won't panic
I will get more data for you and confirm this