Your humble blogger is quoted at some length in this Playboy article (yes, article, remember the classic male wink and nod about buying Playboy for its articles) along with Bill Black. This piece was heralded in the New York Times. An excerpt:
On the night of March 10, 2010 an otherwise anonymous American financial writer working under the name of Eddie “Edmundo” Braverman sat at his computer and took a sip of rum. He was about to take the biggest risk of his life.
On his screen was an article he had written for WallStreetOasis.com, an investment-banking website. This article set forth a plan for how consumers could destroy one of America’s four largest banks. Customers would deliver a series of escalating threats against Wells Fargo, Bank of America, JPMorgan Chase and Citibank, demanding policy changes. The threats would culminate in a series of flash-mob bank runs that targeted one of the banks.
Eddie was hardly alone in believing today’s finance industry rested on accounting fraud and government complacency. While perhaps naive in its assumptions and overreaching in its goals, Eddie’s plan held promise: ordinary people taking control of an industry that was out of control. If Eddie’s plan was followed and his identity revealed, he could be held legally accountable for unleashing the destructive power of the mob. He took another sip and reviewed his plan one more time.
Here’s how Eddie would destroy your bank. And how you can help him do it.
The article continues here.
Reader query: what do you make of the Braverman plan? Do you think it would succeed in a narrow sense, as in could he get the needed following and support? And if it did, what impact do you think it would have?