October 16th, 2011

molly-braceforimpact

Arrested for trying to close bank accounts

Please continue to enjoy your police state: watch people getting arrested for trying to close their large-bank accounts. The best part is when NYC's Finest grab some extra people off the street - bank customers with Citibank chequebooks - and force them into the bank so they can be arrested for "trespassing."

Full story with video here.

The law they're going to start using very soon is the law against starting bank runs. It carries significant penalties. This, of course, is not the intent of the law; it was used to stop banks from instigating rumour campaigns that competing banks were insolvent, prompting runs on those competing banks, and driving them under.

But intent means nothing, so I'm thinking we'll be getting to that law soon.

(Disclosure: we had old Seafirst accounts that became Bank of America accounts when they moved in and took over. We closed those and moved to BECU several months ago.)