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Tag: Bank Of America


America’s Most Hated Banks

In a list of major banks reviled by Americans in order of volume of complaints, Bank of America takes first place, followed by Wells Fargo, JPMorgan Chase and Citibank.

Posted on Aug 1, 2014 READ MORE



JStone / Shutterstock.com

L.A. Sues America’s Biggest Bank Alleging Predatory Lending

On Friday, the city of Los Angeles filed a lawsuit against JPMorgan Chase accusing it of pushing minority borrowers to take on risky home loans that would ultimately cost the city at least $1.7 billion in lost revenue and maintenance.

Posted on Jun 2, 2014 READ MORE



The Global Banking Game Is Rigged, and the FDIC Is Suing

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps. And the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it.

Posted on Apr 13, 2014 READ MORE


Jon Stewart Proves Corporations Are Not People, Once and for All

Wednesday’s “The Daily Show” must have had Wall Street banksters reeling, and with good cause. The late night show host offered his audience a litany of infractions corporations, namely banks, have committed and then used their seeming immunity to actual punishment as proof they are not human.

Posted on Dec 5, 2013 READ MORE


Corporations Enlist Ex-U.S. Spies to Surveil Nonprofits

A new report reveals how corporations use ex-U.S. intelligence agents to spy on environmental, anti-war, consumer safety and other kinds of nonprofit groups they regard as potential threats.

Posted on Nov 25, 2013 READ MORE



JefferyTurner (CC BY 2.0)

Banks Suspected of Racial Bias in Housing Crisis Aftermath

Financial institutions handling foreclosures, especially Bank of America, have been accused of letting properties in minority neighborhoods deteriorate. The National Fair Housing Alliance collected evidence that the bank is maintaining foreclosed houses in predominantly white areas in far better conditions.

Posted on Sep 28, 2013 READ MORE



wiredforlego (CC BY-SA 2.0)

Big Banks Trying to Kill Off Credit Unions

In an effort to gain even more control of Americans’ banking assets, the banking industry is trying to stamp out member-owned credit unions—which began amid the banking failures of the Great Depression—by stripping them of their nonprofit status.

Posted on Sep 19, 2013 READ MORE



Greg Palast

Larry Summers and the ‘End-Game’ Memo

A 1997 memo retrieved from the filing cabinet of investigative reporter Greg Palast shows the involvement of Lawrence Summers—Obama’s current favorite for chairman of the Federal Reserve—in a successful plan to help big bank CEOs “rip apart financial regulation across the planet.”

Posted on Aug 25, 2013 READ MORE



George W. Bush Hospitalized, Government Sues Bank of America, and More

A look at the day’s political happenings, including the first charges filed in the deadly Benghazi terrorist attacks and a look at the donations of The Washington Post’s new owner.

Posted on Aug 6, 2013 READ MORE



MoneyBlogNewz (CC BY 2.0)

Bank of America Schemes to Evade Settlement Rules and Pocket Cash

Documents leaked by a bank insider show the company sold servicing rights to more than half a million mortgages to loan servicing companies in order to make a quick profit and avoid settlement requirements, leaving homeowners in the lurch and with fewer protections to avoid foreclosure, Salon reporter David Dayen writes.

Posted on Jun 29, 2013 READ MORE



Rainforest Action Network (CC-BY)

Bank of America Lied to Homeowners and Rewarded Foreclosures, Ex-Employees Say

Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees.

Posted on Jun 18, 2013 READ MORE



Image via Shutterstock

U.S. Banks Rake In Record $40.3 Billion in Quarter

Business is clearly good again for the financial institutions that were rescued by American taxpayers just a few short years ago. Thanks in part to increased revenue from customer fees, U.S. banks’ profits soared to a record high for the first quarter of 2013, the Federal Deposit Insurance Corp. reported Wednesday.

Posted on May 29, 2013 READ MORE



peasap (CC BY 2.0)

More Than $100 Billion in Subsidies for Too Big to Fail Banks

A Bloomberg Markets magazine study estimates that dirt-cheap borrowing programs and other benefits have saved the nation’s six largest banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley—$102 billion since 2009.

Posted on May 10, 2013 READ MORE



mahalie (CC BY-SA 2.0)

Winner Takes All: The Super Priority Status of Derivatives

With taxpayer bailouts no longer an option, a major derivatives crisis could transfer money currently held by state and local governments and citizens—secured and unsecured, insured and uninsured—into the hands of derivative claimants.

Posted on Apr 10, 2013 READ MORE



Flickr/Thomas Hawk

Big Banks Have Found Another Way to Rip You Off

Meet the major banks’ newest partner: payday lenders, the owners of those check cashing stores that offer short-term loans with interest rates that sometimes exceed 500 percent.

Posted on Feb 24, 2013 READ MORE



hans.gerwitz (CC BY-SA 2.0)

Inside the Sham Foreclosure Review Process

Companies hired to spot wrongful foreclosures made more than $1 billion in a review process that was ultimately scuttled. Meanwhile, banks prepare to divide a $3.3 billion settlement between nearly 4 million borrowers without identifying who needs the money most.

Posted on Jan 11, 2013 READ MORE



Photo by Taber Andrew Bain (CC-BY)

Foreclosure Settlement Ends Investigation Into Banks

Homeowner advocates and some lawmakers are upset that an $8.5 billion settlement with JPMorgan Chase, Bank of America, Wells Fargo and other banks over improper foreclosures would let lenders off the hook both financially and legally.

Posted on Jan 7, 2013 READ MORE



The Season of Our Disillusionment

During the December holidays I feel the urge to watch old black and white movies, preferably those starring Jimmy Stewart. This year, “It’s a Wonderful Life” is too painful, a reminder of what we used to be but aren’t anymore.

Posted on Dec 24, 2012 READ MORE



Wonderlane (CC BY 2.0)

BofA Pays $2.43 Billion to Settle Merrill Lynch Suit

Rather than fight its way through court, Bank of America has dipped into its “litigation reserves” to settle a shareholder lawsuit over the dubious methods it used to acquire Merrill Lynch as the credit crisis ramped up.

Posted on Sep 28, 2012 READ MORE



Mike Licht, NotionsCapital.com (CC BY 2.0)

Update: 25 People at the Heart of the Meltdown

At the height of the financial crisis, The Guardian identified 25 bankers, economists, politicians and financial officials who helped bring about the worst economic crisis since the Great Depression. What are they up to now?

Posted on Aug 7, 2012 READ MORE



AP/Scott Applewhite

Truthdigger of the Week: Ex-TARP Investigator Neil Barofsky

In late 2008, Neil Barofsky was appointed the Treasury Department’s investigator of the bank bailouts. In the time since, he has suffered dismissal and deprecation from his colleagues and the corporations they’re supposed to regulate.

Posted on Aug 4, 2012 READ MORE



kullez (CC BY 2.0)

To Catch a Bankster

Traditional investigations by regulators of all the suspect hanky-panky in the banking industry have produced nothing in the way of fundamental reform and protected the worst repeat offenders. So why not bribe big bankers to turn one another in?

Posted on Jul 21, 2012 READ MORE



garryknight (CC BY-SA 2.0)

Overdrafts: The Banking Penalty That Just Won’t Die

Despite the 2010 update to the Electronic Fund Transfer Act, which was intended to protect customers from ghastly overdraft fees, customers who for whatever reason fail to get the necessary protection—and complicated contract language on the part of banks is certainly one of them—are still getting plowed with high penalties when they overdraw.

Posted on Jun 10, 2012 READ MORE


Coal, Foreclosures and Bank of America’s ‘Extraordinary Event’

Shareholder meetings can be routine, unless you are Bank of America, in which case it may be declared an “extraordinary event.”

Posted on May 10, 2012 READ MORE


Matt Taibbi: Bank of America ‘Too Crooked to Fail’

Rolling Stone reporter Matt Taibbi joins “Democracy Now!” to discuss the dual history of Bank of America and the deregulation of banking ownership in the United States and to expose the holes in the $26 billion settlement deal that President Obama said would provide relief for American homeowners.

Posted on Mar 22, 2012 READ MORE



HA! Designs - Artbyheather (CC-BY)

Banks Pay Bupkis for Roles in Crisis

Bank of America: $11.9 billion; JPMorgan: $5.44 billion; Wells Fargo: $4.35 billion. These are the fines the banks have paid so far in settlements to the government for wrongdoing amid the financial crisis.

Posted on Mar 8, 2012 READ MORE



AP / Susan Walsh

Will Mortgage Settlement Avoid Repeating Obama’s Foreclosure Failures?

On Feb. 9, administration officials stood alongside state attorneys general to announce a $25 billion mortgage settlement reminiscent of deal made three Februarys ago. Three years later, that program is widely considered a failure.

Posted on Feb 11, 2012 READ MORE



syphlix (CC-BY)

Little Old Ladies Shut Down BofA Branch

Bank of America staffers in San Francisco shuttered the doors of their branch this week when a group of women aged 69 to 82, bearing signs in solidarity with Occupy Wall Street and calling themselves the “wild old women,” approached the building in walkers and wheelchairs to protest high fees, low taxes on banks and foreclosures. No arrests were reported.

Posted on Jan 7, 2012 READ MORE


Occupy Our Homes Makes a Move

The Occupy Our Homes campaign kicked off last Tuesday when hundreds of people, including activists, neighborhood residents and a couple of City Council members, marched through a neglected Brooklyn neighborhood to open a foreclosed house to a homeless family.

Posted on Dec 10, 2011 READ MORE



epicharmus (CC-BY)

A Closer Glance at the Fed Audit, Please

It’s been available for almost six months now: the first independent audit of the Federal Reserve. In case you haven’t read it top-to-bottom, former Congressman Alan Grayson, who petitioned the study along with Rep. Ron Paul, wants to draw your attention to some of his favorite parts.

Posted on Dec 7, 2011 READ MORE



democracynow.org

Truthdigger of the Week: Dorli Rainey

We could all take a tip from Dorli Rainey, who at 84 has the stamina and then some to keep up the good fight, even if it means facing off with the police, and even if it means getting a faceful of pepper spray. That’s what happened to Rainey on Wednesday, courtesy of the Seattle police, but the incident only fired her up.

Posted on Nov 18, 2011 READ MORE



WELS.net (CC-BY)

To Protest Foreclosures, San Jose Priest Divests $3 Million From Bank of America

Father Eduardo Samaniego, the Jesuit pastor of Most Holy Trinity Catholic Church in San Jose, Calif., protested foreclosures by Bank of America against those in his flock and beyond by moving $3 million of his parish’s funds to a local credit union. (more)

Posted on Nov 17, 2011 READ MORE



Sasha Y. Kimel (CC-BY)

Time to Move Your Money

Saturday is the day 80,000 people have pledged to punish “too big to fail” banks by moving their money to credit unions and local community institutions. How does it work? Will banks feel the hurt? How can it be done quickly and conveniently? Josh Harkinson at Mother Jones answers these questions and more.

Posted on Nov 5, 2011 READ MORE


Exposing the Worst of the 1 Percent

Robert Greenwald’s Brave New Films is preparing a multimedia onslaught to expose those 1 percenters who use their monetary and political powers to the disadvantage of others—sometimes millions of others, as in the case of Bank of America ... (more)

Posted on Nov 3, 2011 READ MORE



guardian.co.uk

WikiLeaks Goes Into Emergency Triage Mode

WikiLeaks’ days may be numbered, or at least its function as Web-based whistle-blower may be seriously compromised, if the muckraking site Julian Assange built doesn’t sort out its money issues soon. These issues, Assange was careful to note on Monday, were caused by the deliberate stranglehold ... (more)

Posted on Oct 24, 2011 READ MORE


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Posted on Oct 20, 2011 READ MORE



Anonymous via Eddie Colla

Anonymous Wants You to Move Your Money

Camping out by Wall Street and peacefully protesting are but two ways of signaling collective displeasure about America’s compromised economic system, but here comes Anonymous with another handy tip for would-be opponents of our nation’s banking behemoths: Let the currency of their realm do the talking.

Posted on Oct 11, 2011 READ MORE



Flickr / MoneyBlogNewz

Bank of America Plans New Debit Card Fee

Bank of America announced that it will charge its customers $5 a month for making purchases with debit cards, and Wells Fargo, Chase and SunTrust are poised to follow suit. (more)

Posted on Sep 30, 2011 READ MORE



Flickr / Wonderlane (CC-BY)

Moody’s Downgrades Big Banks

Moody’s downgraded the credit ratings of three major U.S. banks Wednesday, and so far it appears that Bank of America was the hardest hit by the move.

Posted on Sep 21, 2011 READ MORE



Flickr / I-5 Design & Manufacture

BofA Confirms Plan to Lay Off 30,000 Employees

Bank of America has confirmed a plan to eliminate 30,000 jobs “over the next few years,” 10,000 fewer than what The Wall Street Journal reported Friday. The layoffs will amount to about 10 percent of the bank’s workforce. Update (more)

Posted on Sep 11, 2011 READ MORE



Flickr / woodleywonderworks (CC-BY)

Government Lawsuits Against Big Banks Are a Go

Federal regulators filed lawsuits against 17 financial institutions Friday afternoon for allegedly misrepresenting the poor quality of mortgage securities they sold to Fannie Mae and Freddie Mac at the height of the housing bubble. (more)

Posted on Sep 3, 2011 READ MORE



Flickr / respres (CC-BY)

U.S. Agency Set to Sue Big Banks on Mortgage Deals

The Federal Housing Finance Agency is set to file lawsuits against more than a dozen big banks for allegedly misrepresenting the quality of mortgage securities they were assembling and peddling at the height of the housing bubble. (more)

Posted on Sep 2, 2011 READ MORE



Flickr / wallyg

Wall Street’s Not-So-Little Secret

In 2008, the 10 biggest U.S. banks and brokerage firms took $829 billion in emergency loans from the U.S. Treasury and the Federal Reserve. Until now, who got what had been a secret. ... (more)

Posted on Aug 28, 2011 READ MORE



Flickr / Wonderlane (CC-BY)

Buffett Pumps Up Bank of America

Warren Buffett’s company Berkshire Hathaway negotiated a $5 billion investment with Bank of America on Thursday, a vote of confidence in the recently ailing institution. (more) [Earlier Thursday, Truthdig erroneously reported the figure as $5 million.]

Posted on Aug 25, 2011 READ MORE



Eddy (CC-BY-ND)

WikiLeaks, Wimbledon and War

Last Saturday, Julian Assange joined me and Slovenian philosopher Slavoj Zizek for a public conversation about WikiLeaks, the power of information and the importance of transparency in democracies.

Posted on Jul 5, 2011 READ MORE


WikiLeaks Has a New Commercial

The biggest threat to WikiLeaks isn’t the house arrest of Julian Assange or the militaries of frustrated world governments—it’s the financial blockade by PayPal, Bank of America, Visa and other institutions that has cut off $15 million in donations (by WikiLeaks’ estimate).

Posted on Jun 28, 2011 READ MORE



Flickr / woodleywonderworks

Big Finance Argues Its Irrelevance

Don’t mistake the claims of relative unimportance coming from the big shots on Wall Street before an audience of federal regulators over the past several months for some sort of newfound humility. (more)

Posted on Jun 12, 2011 READ MORE



AP / Paul Sakuma

Three Banks Spanked for Subpar Mortgage Practices

In a startling move, the Obama administration is holding three major banks—Wells Fargo, Bank of America and JPMorgan Chase—accountable for their bad lending habits on the mortgage market, cutting off funds from the Home Affordable Modification Program until they shape up.

Posted on Jun 10, 2011 READ MORE


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