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?