NEW TITLE: Bank of America poised for temporary shut-down. What about other banks?

Bruised by a year of financial catastrophe, some bank shareholders are out for revenge as the corporate annual meeting season approaches with Bank of America chairman and chief executive Kenneth Lewis a prominent target. Ken Lewis is keeping his job, well, more or less. Ken Lewis will no longer have his position as Chairman of the Board of Bank of America. Granted, this doesn't mean he'll worry about cash advances ever again; he's still CEO of Bank of America. He had come under fire from shareholders and the general public, largely from the acquisition of Merrill Lynch last year which left B of A holding the bag absorbing billions in Merrill Lynch's bad debt. Despite the controversy, the shareholder's meeting involved board elections, and not a single board member was ousted. Bank of America still got billions in installment loans from the government, under the stewardship of Ken Lewis.

http://www.infowars.com/?p=5052

Paul Joseph Watson
Prison Planet
Friday, October 3, 2008

A hoax Internet rumor that has been doing the rounds over the last few days posits that unless the House follows the Senate in approving the bailout bill tonight then all U.S. banks will be forced to close for one week. The scam is noteworthy because it echoes the fearmongering rhetoric being spewed by the White House, while the source of the claim leads back to an alleged FBI informant.

No surprise that we learn the source of the hoax is Hal Turner, who was exposed earlier this year as an alleged FBI informant posing as a white supremacist.

The fact that people are pulling their money out of the banks is undeniable, indeed, following the collapse of Lehman Brothers, even Yahoo.com carried a story admitting there was already a “slow motion run on banks”.

Experts such as Mark Patterson, chairman of private equity fund MattlinPatterson, have warned that 300 to 500 U.S. banks are set to fail over the next three years and as a result absorb all of the FDIC’s pool of funds.

The Federal Deposit Insurance Corp., which guarantees individual accounts up to $100,000, only has about $50 billion to “insure” about $1 trillion in assets across the nation’s financial institutions.

The reality of the danger of a run on the banks in a time of financial crisis is all too real, which makes unsubstantiated Internet hoaxes all the more irresponsible. Indeed, a Hong Kong man who posted an Internet rumor claiming that a financial institution would be shut down was arrested this week. Another man was arrested on Saturday for urging people to withdraw money from a local bank that he claimed was about to be shut down.

There’s a clear difference between warning people about how to secure their assets and outright scare mongering about runs on specific banks.

Originating from a so-called “alternative news website” that has routinely proven to be a peddler of disinformation in the past, the rumor states, “Reliable word that Bank of America branch managers just received a message via the U.S. Federal Reserve Wire system from the US Federal Reserve instructing them to “perhaps be ready for a one-week universal shut-down of the banking system”, including access to checking accounts, savings accounts, credit cards and ATM’s.”

“Additional word is that a silent run is taking place on many U.S. Banks with customers withdrawing huge amounts from all banks almost everyday,” the claim reads. “My source says that unless Congress comes through with a plan which will stop the silent run, Banks will be forced to close to stop the run.”

The most interesting aspect of the hoax is that it actually echoes rhetoric being used by the White House and the Federal Reserve in order to ram through the widely despised bailout bill, by using economic terrorism and the fear of total collapse of the financial system to get the message across, just as Bush, Bernanke and Paulson have been ferociously doing for the past two weeks.

No surprise therefore that we learn the source of the hoax is Hal Turner, who was exposed earlier this year as an alleged FBI informant posing as a white supremacist.

In January, hackers broke into Turner’s computer server and found e-mails between Turner and an FBI agent who was apparently Turner’s handler. Turner was providing information to the FBI agent about individuals who attended his neo-nazi rallies, along with a potential assassination plot against Senator Russ Feingold.

“Once again,” Turner wrote to the agent, “my fierce rhetoric has served to flush out a possible crazy.” Go to the link for the rest of the story.
http://www.infowars.com/?p=5052

They are great supporters of "the illegal alien invasion" so this may actually be good.

Oop, guess ya missed the boycott of The Bank of America.

So, let's start a bank run.

Let me ask this.. Does any one really think the managers are going to admit this?? if they did there would be even more panic as people would mass withdrawl their money

Alex did not provide any documentation othet than this has been linked to Hal Turner, a shady character who was linked with the FBI.

I usually respect Alex but without further facts, I can't take him at his word today.

I am off to buy whatever I can today for survival just in case my ATM and credit cards won't work very soon.

So their next move will be to scare people even more by shuting down banks. You should be stocked up already, here at DP people have been warning to be prepared. But don't do this out of fear, fear is for fools and a tool of tyrants, wisemen understand their games and are prepared.

What if the government was unable to sell more Treasury bills? What if China and Japan began to sell? Wouldn't the Treasury be forced to mint money? Then we would have a commodity backed currency, although copper isn't my idea of the best, it is still better than paper debt.
Seems to me that if we want to take power away from the elite who benefit from the Federal government, then people need to stop holding and investing in T-bills and put wealth in their own bank. An investment in T-bills empowers the elitists controlling the Federal government. Remember T-bills are just paper, just like FRNs. Withdrawling our investment is their biggest fear. Holding onto T-bills locks up dollars as they say. I suggest investing in something other than T-bills such as your local economy, food, supplies, silver and gold. These items stimulate our economy and the individual is empowered. But, what the hell do I know?
grant

is a Cartel member. They will absorb smaller banks, not fold.

Maybe thats why they trained the troops to be deployed in the US. Not in the streets in the city but to retain the banks while the federal government pulls all the assets out. I think the post on Argentenia said thats what the governement did there. They brought in the troops with amored cars and pull everything.

I sent this to a friend in Holland.

Hi, Here's another update. Thought you might like to know this. For the first time in my life I went to my bank and withdrew money "just in case." I heard about a rumored closing of all US banks for one week starting this week or next. So, I went to withdraw some money to cover a few weeks. The ATM wouldn't let me withdraw any money for the first time ever. I went into the bank and asked the teller what was going on. He checked my account and said I do have the money. I asked why the ATM wouldn't let me withdraw any and he said that it was likely that the ATM was out of cash due to an unexpected volume of withdrawals. I left with some relief knowing that I did get some money out and realizing that I'm not the only one thinking this. If money machines didn't exist we'd have long, visible lines of people withdrawing money in a panic. Went to the local Carpet Warehouse store that is going to install out hardwood floor and tile when we close on our house next Friday... maybe. Scott, the rep I work with and I started talking and he said that he works on commission and hasn't sold anything all month. He thinks the store may close. So, I'm wondering if our loan will go through and if it does will the store that is to lay out flooring still be there? See: http://www.dailypaul.com/node/66028 Found out that the last fiscal day of the year for the US was September 30th. The new one starts today. I wonder if that has any bearing on things.

I read that in a newsletter that I subscribe to. I believe it originated there. I will not say more than that, so don't ask.

It does not ring true. For one thing, I don't think B of A would do that, because they would know that word would get out. If needed, they could fax a sign to tape to the door, or simply let them use the "closed" sign that they surely have on the premises already. Furthermore, I do not think that a sign coming from a big company would say, "We cannot be open at this time." That sounds like something the pencil-necked geek would announce at the counter in the airline gate area. Instead it would simply read, "The bank is closed."

My Mortgage is with Countrywide and was just bought out by BofA. Will this be bad? I cannot get out of the mortgage. Yes, we are current, but I don't know if I can trust them?!

The only logic would be if $ collapse and they usher in amero. The strange thing is today there are reports of Amero going to China

http://www.ronpaulforums.com/showthread.php?t=160027&page=2

and all those we are inter-connected with throughout our precincts, conventions etc. and direct them to help plan this here on the Daily Paul Forum, we might have a pretty good chance of creating a citizens revolt with the idea of making our voices heard. I have no experience with this but for what its worth we may demand the following, while certainly allowing for other suggestions:

1) Overwhelming vote of no confidence in our leaders

2) We the people demand 'sound' money, not inflated fiat money

3) We demand our leaders uphold and obey our Constitution or they should be forcibly removed from office!

4) We will not take out 'infinite' loans in our great grandchildrens' names for the sake of criminal extortionists in our government!

5) We overwhelmingly nominate Dr. Ron Paul and all those elected leaders who support and understand Austrian Economics be immediately appointed to positions of Secretary of the Treasury as his advisers

People, we have to reach all those who have legal expertise on this so we can truly pull this off and learn a thing or two or three in the process!

This is what I sent out to my connections:

Let's put our heads together people and create a plan. Somebody on Daily Paul suggested the following if the Bailout passes the House on Friday. Go here:
http://www.dailypaul.com/node/65016#comment-693992

We need people who have some good knowledge of our bicameral system procedures for a citizens revolt! The ball is going to be in ALL our courts, 3.3million citizens across this country, less all those who wanted this mayhem.

If you have suggestions, guidance, ideas please bring this to the Daily Paul. Sign on as a member of the forum. We need a central place to plan.

Perhaps, those campaign leaders for Ron Paul in each State (they have the email addresses of all of us) can help with the dissemination of the best plan.

It's all up to us now. I say we need to maintain our moral, legal ground here and not lose our cool.

(Damn, I wish I studied law instead of Art! LOL)

I was upset when I received the info I did -- I would much prefer that it not be reality. Please keep convincing me it just a rumor! Thanks!

Join a freekin CREDIT UNION already... then BUY SILVER!!!!!!!!

Tim
GOLD

Thanks for the google link. There is a lot of stuff out there with the exact same wording re: Bank of America. And also same thing with Wells Fargo. Hmmmmmm

At least that's what some posters are saying. The first 2 Google hits are matches for the string I entered.

http://www.google.com/search?hl=en&q=Reliable+word+that+Bank...

-
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You could actually get charged / arrested for instigating banking runs. Two other bloggers have already been arrested for comments like these.

For example:
http://www.etaiwannews.com/etn/news_content.php?id=752883

I know that's in Hong Kong, but I wouldn't put it past the realm of possibility similar measures could be taken here, particularly the fear-mongering climate we are in.

I have NOT heard that banks are "folding" -- I am just getting indications from two sources I consider VERY reliable that there is a strong probability that they will "temporarily close".

Remember, this would not be the first time banks have been closed down due to orders from above!

How would this affect you and yours ?

I can't just pull out right now so I hope this is either exaggerated or a misunderstanding of some kind. Or possibly just a precautionary measure.

BofA is a solid bank. It would take a lot for them to fold, so anything that effects them would likely be a bank holiday or something that is across the board. Also, BofA, I believe is one of the "favored" banks.

Monday I went to Bank of the West, which is where my parents keep their retirement savings, to find out who owns them Turns out to be a huge French Bank called BNP Paribus. They assured me they were the fifth most stable bank in the world.

Then, in one of the post on Daily Paul, I found this quote: “"The interbank market has collapsed," said Hans Redeker, currency chief at BNP Paribas.

"We're now seeing a domino effect as the credit multiplier goes into reverse and forces banks to cut back lending to clients," he said.

Mr Redeker said the latest alarming twist is a move by banks to deposit €28bn in funds at the European Central Bank in a panic flight to safety. This has jammed the mechanism used by the authorities to shore up the financial system in a crisis.

"The ECB is no longer able to inject liquidity because the money is just coming back to them again. This is extremely serious. If monetary policy is no longer working, there is a risk that the whole system will blow up in days," he said.

Here is the link: http://www.gold-eagle.com/editorials_08/laird093008.html

Oh my goodness, this guy is the Currency Chief at BNP Paribus! Foks, he explained why the bailouts by the central banks won't work. They give the money to the other banks, and those banks turn around and deposit it at the central banks because that is the safest place for it. So there is still no giving credit to other banks, or customers. We're in deep doo doo.

So yes, I totally believe what we're reading in this post. By the way, the whole article (link above) is very good.