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by Juan Cole
$22.45
By Gary Giddins and Scott DeVeaux
$26.37
$23
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peasap (CC BY 2.0)
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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
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mahalie (CC BY-SA 2.0)
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By Ellen Brown, Web of Debt —
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
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Flickr/Thomas Hawk
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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
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hans.gerwitz (CC BY-SA 2.0)
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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
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Photo by Taber Andrew Bain (CC-BY)
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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
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By Susan Zakin — 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
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Wonderlane (CC BY 2.0)
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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
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Mike Licht, NotionsCapital.com (CC BY 2.0)
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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
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AP/Scott Applewhite
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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
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kullez (CC BY 2.0)
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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
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garryknight (CC BY-SA 2.0)
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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
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By Amy Goodman — Shareholder meetings can be routine, unless you are Bank of America, in which case it may be declared an “extraordinary event.”
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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.
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HA! Designs - Artbyheather (CC-BY)
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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.
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AP / Susan Walsh
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By Paul Kiel, ProPublica —
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.
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syphlix (CC-BY)
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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.
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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.
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democracynow.org
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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.
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WELS.net (CC-BY)
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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)
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Sasha Y. Kimel (CC-BY)
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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.
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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)
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guardian.co.uk
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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)
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Jeff Parker, Cagle Cartoons, Florida Today —
Posted on Oct 20, 2011
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Anonymous via Eddie Colla
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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.
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Flickr / MoneyBlogNewz
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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)
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Flickr / Wonderlane (CC-BY)
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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.
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Flickr / I-5 Design & Manufacture
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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)
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Flickr / woodleywonderworks (CC-BY)
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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)
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Flickr / respres (CC-BY)
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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)
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Flickr / wallyg
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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)
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Flickr / Wonderlane (CC-BY)
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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.]
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Eddy (CC-BY-ND)
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By Amy Goodman — 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.
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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).
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Flickr / woodleywonderworks
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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)
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AP / Paul Sakuma
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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.
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Step right up and watch as one man in London with a megaphone and a cheeky sense of humor gives voice to the many narratives of consumerism—e.g., “Meditation is a waste of good shopping time!”—and has some fun at the local police’s expense while he’s at it.
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Oisin Prendiville (CC-BY-SA)
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These are remarks Chris Hedges made in Union Square in New York City last Friday during a protest outside a branch office of the Bank of America.
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Wikimedia Commons
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The hacktivist group Anonymous has thus far distinguished itself primarily with its public grapplings with Scientology, but now the network of online provocateurs has edged into WikiLeaks territory with its first release of potentially compromising information about a Bank of America subsidiary.
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wikileaks.ch
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Internal documents of a California computer security firm obtained by pro-WikiLeaks hackers have been made available online, suggesting various ways companies can help undermine the whistle-blowing website as it prepares to release material that could prove damaging to Bank of America and other financial entities.
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Flickr / Michael Gray (CC-BY-SA)
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Bank of America has reported its second straight quarterly loss, $1.2 billion for the last three months of 2010 after a devaluation of its mortgage business.
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Flickr / Michael Gray (CC-BY-SA)
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The digital war of position between WikLeaks and those who have something to hide got a bit more barbed as Bank of America, a likely target in the next WikiLeaks documents drama, announced it will refuse to process payments to the website.
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Flickr / Michael Gray (CC-BY-SA)
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Bank of America said Monday it will resume foreclosures in 23 states. The country’s largest bank stopped processing foreclosures nationwide while it investigated a mess of paperwork that cast doubt on the validity of home seizures. A self-imposed ban remains in 27 states.
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AP / Paul Sakuma
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By Robert Scheer — How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?
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Flickr / respres
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The Obama administration isn’t ready to help homeowners stay in their homes by imposing a moratorium on repossessions, even though some banks are stopping foreclosures and resales of foreclosed homes and concerns about mortgage fraud are growing.
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Flickr / respres
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Arriving a little late to the party, Bank of America has announced it is halting home foreclosure sales in all 50 states as it proceeds with a widening investigation of flaws in the process.
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Flickr / chatswoodfp
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While the rest of us patiently await the signs of economic recovery, corporate America has apparently skipped to the front of the line: Major companies are expecting to announce some of their highest profits in years.
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Flickr / James Callan
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We can all now breathe a collective sigh of relief: Bank of America has returned to quarterly profit after losing almost $200 million in the last quarter of 2009. The news comes even as home foreclosure activity hit an all-time record in March.
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Credit card reform is great and all, but there’s another problem that legislation can’t exactly remedy: Americans’ supersized spending habits. Oh, and since Congress gave banks nine months of lead time before enacting the Credit Card Accountability, Responsibility and Disclosure Act, those wily financial institutions were ready with a set of new tricks to part customers with their hard-earned cash.
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Wikimedia Commons / Prolineserver
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There are few things, we imagine, that could elicit a heartfelt OMG (make that O.M.G., rather) from certified economics whiz and evident adult Paul Krugman, but President Barack Obama’s latest take on the egregious and profane bonuses of Wall Street executives has clearly tripped that wire in Krugman’s mind.
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Marching in Chicago: Resisting Rahm Emanuel’s Neoliberal Savagery
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