Today as I was trying to show my boss a picture of my son on my cell phone, my Facebook account opened and he saw that I had "Liked" the OWS movement. He said, "You don't like that shit do you?" Not wanting to put myself or job in jeopardy, I told him I liked to follow the movement online. He ranted a bit about how many of the people that are part of the movement and they are unemployed and not trying to find work. He also said that his tax money is supporting their protests and he disagrees with that.
My boss is one of the co-founders of the company. He is worth multiple millions. He makes more in a day than I make in two weeks. His quarterly bonus check is more than I make in 10 years. He does very well. Part of my job is to manage not only the companies payroll, but also his money. He has a ton of accounts at Bank of America. He even has his own banker that handles them. He has a few million in an investment account, over a million in a savings account, and a checking account with over $350,000.
Today, he came in and asked me to help him close those accounts and move them to a small local bank. You see, he heard on the news that Bank of America had shifted its derivatives from uninsured Merrill Lynch to FDIC insured Bank of America. In other words, we the taxpayer would end up covering for Bank of America if these derivatives have issues. He doesn't like that idea at all. He said he had enough.
I made the call to his banker today and told him that we would be closing the accounts. He asked me to call him at another number, which I thought was very strange, but I did anyway. It turned out to be his personal cell phone number. The banker told me that he was turning in his resignation tomorrow. He said that the morale at Bank of America was awful because of the expected 30,000 layoffs that are looming. He is going with a small bank, but not the bank my boss has chosen.
I am just writing this because in my opinion, its very telling that Bank of America is pissing off not only the poor and middle class, but also the rich. They are also pissing off their employees. I have a feeling that Bank of America is in very bad shape. I just hope we the taxpayer don't have to bail them out again.
More good news - the company is also going to be moving their business accounts and retirement plan out of Bank of America. We're are talking about millions upon millions of dollars.
Remember that November 5th is Bank Transfer Day. Let's make it count.