Can Occupy Supporters Profit From Wall Street?

By Meghna Chakrabarti
Oct 27, 2011, 3:50 PM
5 Comments

A sign is posted in a garden where protesters from Occupy Boston have set up camp.(AP Photo/Charles Krupa)

We’re talking about a provocative new question surfacing around the Occupy Wall Street movement: Can you support the movement while at the same time profit from Wall Street?

It’s an idea people are starting to bat around a bit. Van Jones drove right to the point Thursday at the Occupy Boston encampment in Dewey Square. Jones is a fellow at the Center for American Progress, and a former green jobs advisor to President Barack Obama. This morning, he asked Occupy Boston protestors the question: Is this movement the 99 percent against the 1 percent, or the 99 percent for the 100 percent?

So, we’re going to talk about just that today with two Boston investors who say they support Occupy Wall Street. Do you buy it? Can you support the Occupy Wall Street movement, but at the same time profit from Wall Street? Is there room in the current model of American market capitalism to reduce the record income inequality the nation is experiencing? Or is the system set up as a zero-sum game? What would you change?

Guests:

Robert Zevin, chairman, Zevin Asset Management
Amy Domini, founder and CEO, Domini Social Investments

Kathy

Is this a serious question or just a way that the far right attacks OWS? It’s about fairness and an even playing field for all Americans. This is not a class war. Stop listening to the right wing loonies.
Sebb

They only call it class warfare when we fight back.
Geoff D

The caller from Natick raised a very serious issue which the two guests unfortunately ignored. How can BoA place crappy paper from its portfolio under FDIC protection without the press being all over it?

Matt Tiabbi knows. He said on Oct 21 “Bank of America is shifting a huge collection of Merrill Lynch derivatives contracts
onto its own federally-insured balance sheet. This move of risky
instruments off the uninsured Merrill balance sheet onto the commercial
bank’s balance sheet was done to prevent Bank of America’s creditors
from attacking the firm with collateral calls and other sorties.
Essentially, an irresponsible debtor, B of A, is keeping a loan shark
from breaking his legs by getting his rich parents to co-sign his loan.
The parents in this metaphor would be the FDIC.”Read more: http://www.rollingstone.com/politics/blogs/taibblog/occupy-wall-street-washington-still-doesnt-get-it-20111021#ixzz1c0zrEeA7Once again, the taxpayers go on the hook. According to the story, broken by Bloomberg but little mentioned elsewhere, the Fed winked and gave its nod of approval. It’s almost enough to make me a Ron Paul supporter.
Meghna Chakrabarti

Correction to something I said on the show. I misstated the total value of Vanguard’s 500 Index fund. I said it was $52 billion. It’s actual current value is $92 billion. Fidelity’s Contrafund is $52 billion.
Geoff D

Sebb, that’s a terrific meme. Can I use it?

Hosts Meghna Chakrabarti and Anthony Brooks introduce us to newsmakers, big thinkers and artists and bring us stories of relevance to Bostonians here and around the region. Live every weekday at 3.

Listen: Weekdays, 3 p.m. on 90.9 FM
Live Call-In: (800) 423-TALK
Listener Voicemail: (617) 353-1137

UNDERWRITING

Why Have Kids?

Can Occupy Supporters Profit From Wall Street?