Sunday, May 13, 2012

'Bank Of America Abuses'

From TL In Exile:
The Bank of America is the country’s largest bank with assets of $2.3 trillion. This bank currently has $75 trillion in credit derivatives.

Here is a list of additional grievances:

This financial institution has been found guilty of laundering South American drug money in 2006 ($7.5 million settlement).
They received $20 billion in US Treasury support with an additional $118 billion government backstop to buy Merrill Lynch.
They failed to properly disclose employee bonuses and financial losses at Merrill Lynch before shareholders approved the merger of the companies: $150 million settlement with the SEC.
Bank of America Illegally Foreclosed on Active Service Members’ Homes. Settlement agreement was $20 million.
Their purchase of Countrywide resulted in a loss of $65 billion to stockholders.
They paid $335 million to settle Countrywide’s housing discrimination claims.
They paid $410 million to settle a class-action lawsuit affecting more than 13 million Bank of America customers who accused the bank of charging excessive overdraft fees for electronic transactions.
 Bank of America moved approximately$18 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. This transfers the risk from the bank to the taxpayers since the FDIC cannot cover this amount.
Their executives are major donors to the president’s reelection campaign.
The president will give his acceptance speech for the Democrat nomination for president at the Bank of America Stadium in Charlotte.
Warren Buffett injected $5 billion into Bank of America for special considerations for stock warrants and a 6% annual return for ten years. This bank's regular personal savings account pays 0.05% annually.
We propose the following actions to be taken immediately:
  1. Close out any personal or business accounts with Bank of America.
  2. If you are a business, do not accept their debit or credit cards for purchases.
  3. Sell your personal stock in this bank.
  4. If your retirement or mutual fund owns stock in this bank, request that they divest it from their portfolios.
  5. Help spread this effort in any manner that you can.
  6. Fill out the form at this link showing what actions you took based on this project.
I don't have any funds whatsoever in this den of thieves and if I did I would assuredly join in on this project.One point I would like to add though,don't just remove your money from BOA and then put it into another den of thieves,Mellon,Wells Fargo,etc. - all your doing is removing money from one beast and feeding another.Take your hard earned money and find a local state bank to do business with,feed your own community.

 Also,for those of us who believe elections don't really matter anymore -because their is not much difference between the 2 major parties -the Democrats and Republicans- and this will continue until if and when people like Ron Paul wrest control of the GOP from the neo- cons- I have often thought the best path for those of us who are liberty minded is to follow the Polish Solidarity movement as our  example and this boycott of BOA is a step in the right direction.


Here is a link to an updated list of those who are taking their business elsewhere from Bank of America at Free North Carolina.


Brock Townsend said...


Thanks for posting this, but we would appreciate it if you would list the signers. My site is always the first to be updated as of now and we have three new people today.

If you wish, I can add your name at the bottom. It is important we put names to this and we are continuing to push. Tom Baugh is going to send out a blast email later. We can't let this die with out doing all that is possible to keep it going and thanks.


Thomas Gann said...

Thank you for your comment,Brock.

I provided a link to your blog for those who want to see a an updated list of signers.

I would be a part of this,Brock,but I don't have a dime in BOA.My father banked with them for a little while in the 90's and got shafted by them through fraudlent accounting.I would bury my money in the back yard before I would bank with them.

republicanmother said...

I keep my money in a credit union and in a local community bank.
Unfortunately, you have almost no choice with your mortgage unless you want to pay more. They've got it rigged to where Wells Fargo or BoA will own your mortgage if you go FHA.

Thomas Gann said...

Thank you,republicanmother,for your comment.

Sadly to say you are right.

Brock Townsend said...

I would be a part of this,Brock,but I don't have a dime in BOA.

No problem, as you don't need to have an account there. In fact, two new categories were added yesterday at the bottom of the link. Anyone who would like to sign, please let me know,

Thomas Gann said...

Thank you,Brock.

You can sign me up then!