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April 9, 2012

Occupy's Plans to Take Down Bank of America

As part of a "Spring Preview" back in late February, about fifty protesters stood in the rain during a teach-in at Bryant Park to hear Rolling Stone's Matt Taibbi explain that if enough people pulled their money from Bank of America and stock prices dipped for more than a month, the bank would be "kaput." (In classic Taibbi fashion, he also compared BoA selling bad mortgages to a dealer selling oregano as weed).

Taibbi's lesson and companion Rolling Stone features about how Bank of America is only able to currently exist because of taxpayer bailout money ($45 billion in the initial bailout, plus trillions in emergency loans from the Federal Reserve), despite BoA being an admitted felon, resonated strongly with Occupy Wall Street activists.

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