I did an interview for New York magazine's website which came out Wednesday and it has caused a bit of a storm because in it I said that I had moved my money from Goldman Sachs and advised people to do the same and to visit moveyourmoney.info.
I found out above the Move Your Money campaign via the Huffington Post and indeed they too have covered the story.
But what I find really interesting and a good indicator that the campaign is working is that a couple of hours after the NY mag piece went online I received an email from Goldman Sachs saying they had read the piece and reminding me of the amount of cash I had made whilst my money was with them, despite the financial crash. This of course just reminds me of why I moved my money in the first place. It was not so much the fact that I lost a lot of money when the financial crash happened. I did, so did a lot of people. And of course, before then and since, I made money with Goldman Sachs. But the reason I moved my money was that I felt it was the only way I could demonstrate to them that I did not approve of them, that I felt they were out of touch and indeed today they just proved that again.
Continuing to give huge bonuses to their employees who had contributed to the system that ultimately lost so much money for their investors and brought us to the brink of financial ruin is not acceptable to me. The fact that the only time they ever communicated with me about the existence of the crash and the loss of my investments was as a response to me telling them I was moving my money is not acceptable to me.
Arrogance and greed is not acceptable to me, but combined with a lack of remorse and an utter disregard for the sentiments of the outside world it transcends even that and needs to be dealt with in the only way that could possibly have any real effect, practically as well as metaphorically: I moved my money.
And PS, this from a reader via Ask Alan:
Regarding Goldman Sachs, the only reason they have made money over the past 18 months, is because they received payouts on all their AIG claims. And guess who bailed out AIG and paid those claims? US tax payers.
Now Goldman Sachs has reclassified bank license, so it can borrow money from the Fed at zero percent, and buy treasury bonds at 4.5%, and pocket the profits. And who is lending at zero percent? Only the Fed / US Tax payers.
GS would be bankrupt without the US Taxpayers!!!
And PPS, why doesn't someone go to itsasickness.com and start a Move Your Money group?
Rob Johnson: Help Take the Move Your Money Campaign to the Next Level
How come you never felt the necessity to consult/consider my requirements before?
Well, as long as you were doing what we wanted, there wasn’t any need.
It's the sound of systemic corporate greed.
It's the sound of Mitch McConnell getting his.
It's the ghost of ENRON yet to come.
Cut to Steve Miller's "Take the money and run."
However, the too big to fail banks got their bank bailouts & it vanished into thin air like some type of accounting black hole. You may have to reprise your role as Angus 'The Hole' McDuff to get to the bottom of this.
1) You could act in a small video on YouTube.
2) You could direct a small troupe of actors protesting in, say, Times Square.
3) You could produce a Public Service Announcement.
4) You could write an article for HuffPo.
E Pleb Neesta
GODISNOWHERE
Blessed are the cheese makers.
I'll tell you where: If "move your money" succeeds too well (conversely as it may seem to you sir) they will just make EVEN MORE money, because they'll pick up even more zero percent free "money" the Fed and from Taxpayers. They'd just go back to Obama and inform him that they require another bailout and that they'll send someone by the Treasury the next day to pick it up! How would you like that, hmm?
And what would people think of Obama after YOU forced him to bailout GS AGAIN? This would hurt the Democrats and Obama entirely too much, and that's why I insist that everyone keep his money in Goldman Sachs... No, scratch that!!! If you are reading this and you don't bank with GS RIGHT NOW, then move your money TO them today! That will surely decrease their reliance on the Fed's discount window and INCREASE the time that they put off informing Obama that they require another bailout.. AT LEAST until after 2012 maybe. If you are a true Democrat, that is what you would do! If you support Obama then show it by supporting Wall Street!
I used to have a retirement account, but given what I was reading at the time, I decided that it was in MY best interest to just close it, and spend it. Kept me afloat during a time of no employment, so it did serve a gainful purpose. But, I won't be doing that again. Leave the tax shelter games to someone else, there. Lots of promises, but how much honest substance to all of that stuff? Not enough to entice me to participate anymore. Let the schooled speculators make their millions or whatever, and good riddance as far as I'm concerned.
...let Goldman Sachs be the 'SUCKERS' this time as everybody jumps their sinking ship.
However let's not forget that only a true ultra-strict Glass-Steagall standard can seperate our precious banking system from these fraudsters on Wall Street.
I moved my money earlier.
Maybe the Republicans will let us rein in these banks a little.
Good arrangement and owrks for me - the bank doesn't get the use of most of my money and since I am a senior and have my SS check direct-depositied, I get free services, too.
Now that you moved your money, and since it was at Goldman it would have to be substantial, where did you go?
Did you move it to one regional bank on the list, to several banks on the list? Among several regional banks in different regions of the country? Did you put 100% in the Screen Actors Guild Credit Union? The Bank of Hooterville? Your mattress?
Or did you leave Goldman for Merrill Lynch - I mean Bank of America?
Please, don't just tell us you moved it! Let's have a blueprint, so we can do it too. Where is someone with significant assets going to go to and maintain the principles we are discussing here?
Please, without giving away confidential data, tell us the ending to this story.
Not just, "I moved my money" ---- Fade to Black.
Everyone lives happily ever after.
Mr. Cumming, being a public figure, has to be careful whom he endorses. He does, however, give you the link to the organization that will help you do the same.
With a little research you can find the best bank for yourself. I'm sure after the crash your local newspaper did a story on bank health. That's how I found my information.