What If You Owned Bank of America? We Teamed Up With The Yes Men to Find Out What You’d Do

Written by Amanda Starbuck

Topics: Coal, Finance

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Your BoA ad - AppalachiaYesterday morning, Bank of America announced that it was turning over a new leaf, rebranding itself as “Your Bank of America” and seeking the American public’s input on how it could become a bank that responds to real people. Or so it seemed.

You know what they say: If it seems too good to be true….

It’s time for us to come clean: Bank of America did NOT decide to rebrand itself “Your Bank of America.” Nope, YourBofA.com was the brainchild of RAN and our creative pals The Yes Men.

We felt it was time to create a platform where you, and thousands of people just like you, could tell Bank of America exactly what a bank of the people — your bank — should be doing with your money.

We know the site got BoA’s attention, even going so far as to have our site blacklisted by Google. Let’s make sure we take advantage of this moment to tell the bank what we think. If you have a problem with BoA being the top financier of the U.S. coal industry or being responsible for the most home foreclosures in the country or not paying its taxes, now is the time to let the company know.

Go to YourBofA.com and submit your recommendations for how BoA can actually serve people instead of seeking profits at any cost. The site has a handy tool to create new BoA ads, so you can help continue to re-brand the bank, plus a place to write ideas for the bank and a system for voting on other people’s ideas.

Based on BoA’s earnings, there is a good chance the bank will be asking the government for another taxpayer-funded bailout in the near future. The way I see it, if BoA is bailed out by our taxes then it is essentially our bank.

So I wonder: If you owned Bank of America, how would you ensure it truly was a bank of the people, a bank of and for America?

Let’s make sure Bank of America hears what we have to say.

2 Comments For This Post I'd Love to Hear Yours!

  1. Maurice Rose says:

    The banks are all phoney baloney. The whole banking system, especially interest rates, are a complete fraud. Here is a system I’ve thought up.

    Imagine if we created “Collective Bank Accounts”. Imagine if 25,000 people each deposited “$1.00″ into a collective bank account, a CBA. There would be a due date for deposits, everyone would have to deposit their money before January 1st, for example. It would be like bookings for a plane, once all 25,000 openings were full, the account would be closed. Other accounts could be opened. 10 million people could create 400 separate accounts.

    Now, I don’t know about investments or the rate at which an investment of $25,000 would double, but if, hypothetically, you could double your money, on the stock market, with the help of an accountant, every day for one week, you would end up with a considerable amount of money by Friday (it would be effectively a 4-day week, with the first day of the week, Monday, always being the day of the initial deposit every week). Here is how it works:

    -25,000 people deposit $1.00 each into a collective bank account on the first Monday in January.

    -If, and I mean if, the money were able to be doubled the next day, Tuesday, you would have $50,000.

    -So by the end of the week, Friday, you would end up with $400,000. Divided by 25,000 people that’s $16.00 each.

    -Now, imagine if you rounded the money down. Each person has “$10.00″ deposited into a savings account (that you wouldn’t touch till the end of year at least), and the $6.00 goes back into the CBA.

    – 6 x 25000 = $150,000

    -If we started the process every Monday, by Friday you would now have $2,400,000. Divide this amount again by 25000 people, each person receives $96.00.

    -Round it off again. Deposit $90.00 into each persons savings account, and place the $6.00 back into the CBA.

    -Again, this is presuming that one were able to double a base investment of $25,000 or $150,000 every single day, with careful investing of course.

    -With there being 52 weeks in a year, with each person receiving $90,00 a week, you would end up with $4,680 a year. Multiply that by 20 years and you end up with each person accruing $93,600. A person who starts working at age 16, within 30 years they would have $140,400 (this is assuming one didn’t touch the money in the special savings account for 20 or 30 years).

    You wouldn’t have much of work force if people could retire by the time they were 36 or 46 years old. Got to keep peoples poor in order to keep them having to “work” for a living not being able to retire until they were in their 50′s mid 60′s. With all the money the “banks” have, why are interest rates so low when, for example, a million dollars makes thousands of dollars of interest an hour, tens of thousands of dollars in interest a day? If 25000 people placed $1.00 in “two” collective bank accounts, you end with $187,200 over 20 years, or $280,800 over 30 years. If a parent deposited $1.00 in their child’s account on the day they were born, their child could “retire” by the time they were 30 years old if my system or formula were sound. Don’t people at the New York Stock Exchange double $25,000 every day? Are there any flaws in here that anyone can see?

  2. Robert says:

    Post that on YourBOfA.com. It looks like a pretty sound formula to me.

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