Do you have an account at Bank of America? If so, you may want consider the latest warning about the bank’s stability from Wikileaks’ Julian Assange. In a series of tweets this morning, Wikileaks warns that Bank of America may be unstable and that users should consider moving their money to another banking institution.
The warning from Wikileaks comes on the heels of Bank of America’s reported refusal to process payments for the web whistleblower, joining Paypal, Visa and Mastercard in making it more difficult for the organization to raise funds for day-to-day operations and legal defense.
According the the tweets posted on Saturday, account holders should start taking action against the banking behemoth:
# We ask that all people who love freedom close out their accounts at Bank of America.
about 14 hours ago via web
#Â Â Â Does your business do business with Bank of America? Our advise is to place your funds somewhere safer.
about 14 hours agoÂ via web
Following the release of some 250,000 pages of confidential and secret State Department documents in November, founder Julian Assange was interviewed by Forbes magazine and warned that sometime in the first quarter of 2011 his organization would release sensitive information on at least one, possibly two, major U.S. financial institutions.
It is not clear exactly what information Wikileaks possesses, but it has been rumored that one of the banks involved in the upcoming megaleak will include Bank of America. According to Assange the bank leak will, “give a true and representative insight into how banks behave at the executive level in a way that will stimulate investigations and reforms.”
We won’t know until the release happens – if it happens – how serious of an issue it will be for Bank of America, but based on today’s Twitter posts this reinforces the theory that BofA is the likely target and whatever Assange has on the company in terms of confidential documents and emails may be enough to seriously impact Bank of America’s business.
Will we see a run on the bank after the document release?
Our guess is that it is unlikely, as media and government will likely come to its rescue both financially and perceptively.
After all, a good number of the populace is aware the the entire banking system is insolvent, that the Spring 2009 bank stress tests were bogus, and that banks are holding billions upon billions in toxic assets (many of which have since been offloaded to the Federal Reserve), yet it continues to be business as usual.
The whole system is corrupt and it will take more than proof of wrongdoing to bring the whole thing down, as ridiculous as that sounds.
Then again, we could be wrong, and those who have their life savings at Bank of America may want to reconsider diversifying to a regional bank or two. Why take the risk when it’s so easy to play it safe?