Posts tagged Bank of America
Posts tagged Bank of America
Mitt Romney to WBTV in Charlotte, N.C., discussing the protests at Bank of America.
Oh, we young people don’t understand “real jobs” and “what banks do,” yeah?
I argue we do. There’s a lot of us working two and three minimum wage jobs, going to school, graduating, barely surviving, or some combination of the above.
We’re consistently screwed by people like you, Mitt, who gambled with our parents’ retirement, who ensured most of us can never retire, who foreclosed on our families, who laid us off in the name of savings, who pissed away bailouts in executive bonuses and back slaps, as you grin in your expensive suits and tell us repeatedly that we DON’T GET how it works, as you reach into our back pockets for yet another checking account usage fee because we can’t keep a minimum balance, let me tell you…
WE GET IT.
We are fully proletarianized, working ourselves to the bone, paying the same tax rate as you, and praying to whatever is sacred that we do not get sick or injured because we are one paycheck or missed unemployment check away from completed ruin, while you and your cronies line up for another spin at the roulette wheel, your wallets fat from the products of our intellectual and physical labor.
FUCK YOU and your patronizing condescension. Fuck you with the all the fucks my exhausted self has left to give.
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Here’s a handy chart explaining why you should move your money, particularly if you didn’t today. The lobbying totals are for 2011, the political contributions are for the 2010 cycle, and the percentage for Republicans and Democrats are how much each party’s politicians received from the 2010 cycle contribution. The lobbying figures for 2010 were not available; however, the debate over financial reform has intensified this year, so I would imagine quite a bit has gone to lobbying. Also, 2011 is not an election year.
I included the ever-vilified Koch Industries in the chart to show how little they spend as opposed to all various banking corporations combined. Also, Koch Industries lobbies for and against the same bills as the large banks. They play for the same team. Check it out at Open Secrets.
This stems from opposition that I’ve seen to the move your money movement on Twitter, Facebook, etc. that basically states credit unions donated $4 million to Congress last year, so why bother?
Well, adding in lobbying for 2011 and contributions for 2010 together, it’s a grand total of $6,179,817. That’s significantly less than the $38,162,642 spent by the banking industry.
So who do you trust?
Over at DailyKos, user marvinborg recounts how he was handing out flyers about moving money at a local Bank of America branch. Soon after he arrived there, the branch’s manager came out and started to suggest marvinborg worked for a credit union or that he was unemployed and should “get a job.” Before long, two police officers arrived, after being called by the Bank of America.
One of the officers asked marvinborg if he was trespassing. He responded that he has simply been handing out flyers on the sidewalk. One of the officers then turned to the bank manager and amazingly scolded him for calling the police over an act of free speech, even telling him that he should move out of the country if he objects to the first amendment:
OFFICER: He has the right to speak and the right to hand out flyers. Unless he blocks you or causes a disturbance, he has the right to be here – please don’t call the police again if he is not bothering you. If you don’t like free speech you should move to another country.
Right on. We need more of this, please.
The epitome of heartlessness:
What the Costumes Reveal
By JOE NOCERA Published: October 28, 2011
On Friday, the law firm of Steven J. Baum threw a Halloween party. The firm, which is located near Buffalo, is what is commonly referred to as a “foreclosure mill” firm, meaning it represents banks and mortgage servicers as they attempt to foreclose on homeowners and evict them from their homes.
Steven J. Baum is, in fact, the largest such firm in New York; it represents virtually all the giant mortgage lenders, including Citigroup, JPMorgan Chase, Bank of America and Wells Fargo. The party is the firm’s big annual bash. Employees wear Halloween costumes to the office, where they party until around noon, and then return to work, still in costume.
I can’t tell you how people dressed for this year’s party, but I can tell you about last year’s. That’s because a former employee of Steven J. Baum recently sent me snapshots of last year’s party.
This is one photo from the party. Here’s the columnist’s description:
Let me describe a few of the photos. In one, two Baum employees are dressed like homeless people. One is holding a bottle of liquor. The other has a sign around her neck that reads: “3rd party squatter. I lost my home and I was never served.” My source said that “I was never served” is meant to mock “the typical excuse” of the homeowner trying to evade a foreclosure proceeding.
Here are agents of the 1% mocking what the 99% are going through. Is this not class warfare? Why is it only class warfare when we call this out? When we suggest that maybe people losing their homes right and left is unconscionable, it’s somehow class warfare waged by the 99%. This kind of mockery goes on, Wall St. continues unregulated, and WE’RE the ones waging war. I beg to differ.
(Source: The New York Times)
This is quite frightening (emphasis from the source):
This story from Bloomberg just hit the wires this morning. Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.
This means that the investment bank’s European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn’t get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to “give relief” to the bank holding company, which is under heavy pressure.
This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.
What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.
This is a recipe for Armageddon. Bernanke is absolutely insane. No wonder Geithner has been hopping all over Europe begging and cajoling leaders to put together a massive bailout of troubled banks. His worst nightmare is Eurozone bank defaults leading to the collapse of the large U.S. banks who have been happily selling default insurance on European banks since the crisis began.
It’s interesting we never hear anything about this in the US media. Why Occupy Wall Street? Here’s a good reason. hope Europe does not implode, but the latest news isn’t positive.
This exchange made my night.
U.S. to sue banks over mortgages: This oughta be fun. The list includes a over a dozen names, such as Bank of America, Goldman Sachs and JPMorgan Chase. “The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors,” the article says, “failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.”
Big freaking news.
God, the cynic in me is thinking, “Yeah, this’ll go nowhere…” but the idealist in me is screaming, “FUCK YEAH!”
Let’s see what happens here. If it doesn’t go anywhere, you can always sharpen the pitchforks and fire up the torches, no?