Tag Archives: Bank of America

Occupy’s Plans to Take Down Bank of America | The Nation

10 Apr

Alternet’s Sarah Jaffe today posted an article about Occupy’s future plans to protest the bank, ranging from direct actions to Move Your Money efforts, all of which will focus on the need to break up Bank of America.

April 13 will be the “move your money relay,” entailing escorting people from Bank of America branches, where they’ll close their accounts, to community banks and local credit unions.

OWS activist Nelini Stamp told Alternet, “We want to make sure that people feel like that is a direct action unto itself. It’s not just ‘I’m just moving my money from here,’ but actually people are feeling empowered and knowledgeable about the choices that they’re making when they’re making their banking decisions.”

The week of April 16 will feature Occupy activists attempting to disrupt home foreclosure auctions.

via Occupy’s Plans to Take Down Bank of America | The Nation.

Bank of America: Too Crooked to Fail | Politics News | Rolling Stone

14 Mar

It’s been four years since the government, in the name of preventing a depression, saved this megabank from ruin by pumping $45 billion of taxpayer money into its arm. Since then, the Obama administration has looked the other way as the bank committed an astonishing variety of crimes – some elaborate and brilliant in their conception, some so crude that they’d be beneath your average street thug. Bank of America has systematically ripped off almost everyone with whom it has a significant business relationship, cheating investors, insurers, depositors, homeowners, shareholders, pensioners and taxpayers. It brought tens of thousands of Americans to foreclosure court using bogus, “robo-signed” evidence – a type of mass perjury that it helped pioneer. It hawked worthless mortgages to dozens of unions and state pension funds, draining them of hundreds of millions in value. And when it wasn’t ripping off workers and pensioners, it was helping to push insurance giants like AMBAC into bankruptcy by fraudulently inducing them to spend hundreds of millions insuring those same worthless mortgages.

But despite being the very definition of an unaccountable corporate villain, Bank of America is now bigger and more dangerous than ever. It controls more than 12 percent of America’s bank deposits (skirting a federal law designed to prohibit any firm from controlling more than 10 percent), as well as 17 percent of all American home mortgages. By looking the other way and rewarding the bank’s bad behavior with a massive government bailout, we actually allowed a huge financial company to not just grow so big that its collapse would imperil the whole economy, but to get away with any and all crimes it might commit. Too Big to Fail is one thing; it’s also far too corrupt to survive.

via Bank of America: Too Crooked to Fail | Politics News | Rolling Stone.