Zombie Does Occupy Wall Street
Not quite what I was hoping for but photojournalist Zombie did take a crack at the Occupy Wall Street movement. It looks like there wasn't a big turnout for OWS in San Francisco, at least compared to Fleet Week, so she focused instead on a comparison between the two events and asks which event really represents the 99%?
The essay spans three pages so don't neglect the link to the next page at the bottom of each entry.
Labels: Occupy Wall Street
posted by Fred Mangels @ 7:55 AM
2 comments
2 Comments:
Fred, you have more in common with all of the people depicted in those photos than you do billionaires. Those people are, we are, the 99%.
Here's another zombie.
"FDIC To Cover Potential Losses on $75 Trillion Bank of America Derivative Bets"
…Something significant has happened that most don't know about, Fred. It barely made a ripple in the news-- but should put a shiver down every taxpayer’s spine in relation to Wall Street:
“Potential losses on Bank of America’s massive $75 trillion book of risky derivative contracts has just been dumped onto the FDIC by the Federal Reserve.”
Here’s the short story: Bank of America has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits-- leaving taxpayers on the hook should things go sour. The two regulators, the Federal Reserve and the Federal Deposit Insurance Corp., disagree over the transfers. The Federal Reserve said it favors moving the derivatives. The FDIC, which would have to pay off depositors in the event of a bank failure, is objecting. Bank of America is saying it doesn’t need regulatory approval. There are no losses yet, but analysts feel the company may be preparing for bankruptcy. Fred, Bank of America's stock has been tanking for awhile. It has $1.04 trillion in deposits.
Bloomberg has one of the first reports which is a bit confusing due to its detours and turns.
A more understandable report is here at the Problem Bank List site.
Reuter's also has a report. This is a good example of why so much anger is directed towards Wall Street, Fred.
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