Email

Dear Occupy Wall Street: Will You Stand with Me?

8 | By Shah Gilani

Dear Occupy Wall Street Demonstrators,

Let me start by saying that I applaud your initiative. Grassroots protests are the essence of democracy. And as we’ve seen with the Tea Party movement and the Arab Spring, nonviolent protests are a powerful way to effect meaningful change.

Yet even though I’m 100% behind you in spirit, I can’t fully support your cause.

Don’t get me wrong, I want to join you. But I can’t – not yet, anyway.

And the reason why I can’t support your ultimate goals is a simple one: I don’t know what they are.

So how about this? I’m going to tell you what I stand for. I’m going to tell you what my goals are. And if you agree, then we can stand together. And i f you agree with me, I won’t wait another minute before joining you whenever and wherever I’m needed.

So here it goes.

The reason I’m already leaning towards your side is that the fountainhead of your disgust seems to be “Wall Street.”

Now, I don’t know what Wall Street means to you. But to me, it means all the crony capitalists and market manipulators whose calculators and spreadsheets say the present value of their self-serving greed is worth discounting all of America’s future.

That’s the Wall Street that I’m committed to fighting – the Wall Street that’s littered with greed and corruption.

But to me, the “Wall Street” we’re fighting against is not synonymous with capitalists. The enemy we share doesn’t include the entrepreneurs and self-starters that have built this country up brick by brick.

So if you think socialism is better than capitalism, you can count me out. If you think that redistributing earned income from hard working Americans to support lazy, self-indulgent, able-bodied crybabies is fair, count me out. If you think that making a lot of money, fairly and honestly, is un-American, count me out. And, if you’re thinking about violence or destroying other people’s property, count me out.

But if you’re mad that Wall Street money has bought our Congress; if you’re mad that there’s an oligarchy of banker puppeteers pulling the strings of the U.S. Federal Reserve; if you’re mad that Wall Street is hell-bent on toying with the stock market and turning the screws on fixed-income investors, parents, and retirees to expand their profit margins; and, if you are mad that “too-big-to-fail” banks can wreck the economy and get bailed out, only to become bigger bullies while tens of millions of Americans lose their homes, jobs, and retirement savings, then I am solidly with you.

And, if you’re with me, we agree that we need to tear down Wall Street to rebuild Main Street!

That’s where we stand, hopefully united.

Now let me offer up a list – a manifesto, if you will – that you may or may not choose to adopt. But remember, I’m not trying to hijack your movement. I just want to offer some vision and clarity.

So these are the goals I’d like for us all, as fed-up Americans, to undertake:

  1. Break up too-big-to-fail banks so they aren’t threatening our financial system .
  2. Investigate failed banks for fraud, and indict and incarcerate guilty parties.
  3. Scale banker bonuses progressively with long-vesting stock options.
  4. Legislate pay claw-back provisions and criminal statutes for bad banker behavior.
  5. Eliminate volatility-inducing high-frequency-trading and ETF program arbitrage.
  6. Make all derivatives exchange traded, highly margined, and transparent.
  7. Limit credit default swaps to two times the value of at-risk underlying credits.
  8. Mandate exhaustive studies of the potential market impact of newly created financial products.
  9. Create simple, effective, light-touch regulations with heavy criminal penalties .
  10. Cap Wall Street’s political contributions and make them transparent.
  11. Audit the Federal Reserve and limit its lending to domestic banking institutions.
  12. Give the Consumer Protection Finance Bureau (CPFB) criminal indictment powers, including over the Federal Reserve.
  13. Make Wall Street answer to the needs of Main Street, not the other way around.

Please don’t get me wrong. It’s not that there aren’t plenty of other things in the United States that need fixing. I think we’d all agree we need to simplify and “fairify” the tax code, if not throw it out altogether. But, your movement is Occupy Wall Street, so let’s stick to that.

There’s one last thing. I’m certain that with thousands of supporters you’ll find a broad spectrum of ideas and beliefs. That we may be united in belief does not necessarily mean we are all alike .

Take me, for example. In some ways, I am a “Wall Street” guy, and in other ways I am one of the 99% you claim to represent. I want an opportunity to make a good living, honestly and fairly. But, like all of you, like all of America, I am sick and tired of the powerful, moneyed oligarchy that runs America profiteering off the backs of hardworking Americans.

That’s why we need strong, transparent, and fair capital markets and honest, smart leaders. The two are not incompatible.

So what I’m saying is that I’m ready to join your revolution, if you’re ready to accept a Wall Street insider who’s determined to restore the system’s integrity – not destroy it.

And that’s why you’re going to hear more from me every week, as I call Wall Street’s biggest players onto the carpet. And I can promise you this: Some of the indictments I make are going to shock you.

Shah Gilani

8 Responses to Dear Occupy Wall Street: Will You Stand with Me?

  1. Dan Iezzi says:

    I am always willing to listen to the truth over a lie especially when a person’s financial future depends on it.

  2. jim thomas says:

    Mr Gilani poses an interesting question….

    It seems a great many people are clear on what they dont want but few have any reasonable ideas when it comes to conjouring rational alternatives and to begin tearing down without due discrimination is to throw the baby out with the bathwater. An intelligent movement should have some idea of where it is going.

    So a call for ‘basic honesty before all else’ makes perfect sense as it is the fundamental building block of any positive society as without honesty we are hardpressed to live with ourselves let alone with others.

    Honesty is of the individual and all idealogies and systems are second to it, so, since we are wired with the potential, we should best set about doing something to invoke it bacause as long as we do not exercise honesty we are simply wasting our humanity by setting limits on our intelligence.

    Dishonesty can be very clever but it is does not make for intelligence and without bringing a fine sensitive intelligence to bear ‘fairification’ will be a hard one to nail down.

  3. Rick Campos says:

    Why are there not more “Men” of Shah Gilani’s character and honesty “Stepping Up and Speaking Out” at what’s happening to our Beloved Country??? God Bless You Shah Gilani !

  4. MIKE AVILLION says:

    YES THE FINAANCIAL SYSTEM IS SO CORRUPT IT CAN’T BE FIXED. AA LIARS & THEVES IN CHARGE OF SO CALLED PROTECTION GOV’Y AGENCIES STARTING FROM WHITE HOUSE ON DOWN. MIKE AVILLION

    • Alessandra says:

      After rdiaeng the Occupy Wall Street list of demand I have concluded that they are parasites. Therefore, they are to be referred to from this day foreword as ?The Flea Party? or ?Flea Baggers? if you prefer.

  5. D. Ralis says:

    When a group of angry men and women confronted finance dealers in front of Wall Street, it marked the beginning of an end of predatory fiscal regime and the start of a new thinking about free financial market. As a consequence, the big-bazouka capitalism knocking people in the teeth is no longer taken for granted, for it is now the rejection of inequality as well as the banking and corporate greed thatÅ› on trial. Spreading to all corners of the plane, the Oppose Wall Street movement indeed marks the genesis of a repudiation of a fin. system whose only goal has been to play to its own gallery.
    Put differently, the OWS movement has expressed a clear disagreement with the inquality and social injustice, concrecizing thus a feeling that up to now laid dormant. A such, it was a step that inspired millions across the world. Simultaneouly, the OWS protest altered citizen’s perception of their government as well as their true place in the society. It is in that sense, therefore, that the movement provides a calibrated answer to state-sanctioned economic inequality, a condition owing its existence to the society-dividing capitalism and autocratic corporation.
    Though to some the OWS thing is but a small treat, it nonetheless turns out that a mere 20.000 of its participants succeeded in having thinned the edges of the capitalistic fabric. A still little but a significant segment of the once strong middle class became vocal at last, making those in power to sit and finally take notice.

Leave a Reply

Your email address will not be published. Required fields are marked *