Boycott Wall Street

Occupy Wall Street has many complaints.  One is crony capitalism, which includes bank bailouts.  And, while protesting is capturing national attention, it won’t have an effect on corporate behavior because there are no actual consequences to companies.  But, if OWS, and America for that matter, really want to change corporate behavior, the solution is actually quite easy; boycott companies whose behavior you do not support.

If you do not like Bank of America, then close your bank account and move to a local bank.  If you do not like Morgan Stanley, then close your brokerage account and move it to one of the many brokerages that did not receive a bailout.  For Goldman Sachs, since they do not really work with retail customers, it is a little less direct.  You have to boycott Goldman Sach’s customers.  Boycott Groupon because they hired Goldman Sachs to lead their IPO.  Or, boycott Hewlett-Packard because they recently hired Goldman Sachs as an M&A advisor.  If Americans boycott companies that hire the banks, then I guarantee the banks’ behavior will change.  Instead of thinking Washington D.C. will regulate the behavior of the banks, Americans should take control of their destiny and regulate the banks themselves by withholding the one thing to which all banks respond, revenues.

While banks tend to be the focus of OWS, many non-financial companies thrive on government contracts.  For example, Jeffrey Immelt, General Electric’s CEO, heads President Obama’s jobs council.  The council has made recommendations on how to jump start the economy.  Two of the recommendations are high speed rail and wind power.  And, surprise, surprise, GE is a supplier to the rail and wind power industries.  So, if you do not approve of crony capitalism, simply boycott GE’s products.  There are plenty of companies that do not pander to Washington D.C. for assistance.