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The hot seat >> Politics

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freaknasty
Master FUGer


Reged: 11/19/03
Posts: 2707
Loc: too close to DC
BoA, man i need to find a new bank
      #1679526 - 04/15/12 10:13 AM (71.161.59.216)

"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.

All the government bailouts succeeded in doing was to make the bank even more prone to catastrophic failure and now that catastrophe might finally be at hand. Bank of America's share price has plunged into the single digits, and the bank faces battles in courtrooms all over America to avoid paying back the hundreds of billions it stole from everyone in sight. Its credit rating, already downgraded to a few rungs above junk status, could plummet with the next bad analyst report, causing a frenzied rush to the exits by creditors, investors and stockholders an institutional run on the bank.

They're in deep trouble, but they won't die, because our current president, like the last one, apparently believes it's better to project a false image of financial soundness than to allow one of our oligarchic banks to collapse under the weight of its own corruption. Last year, the Federal Reserve allowed Bank of America to move a huge portfolio of dangerous bets into a side of the company that happens to be FDIC-insured, putting all of us on the hook for as much as $55 trillion in irresponsible gambles. Then, in February, the Justice Department's so-called foreclosure settlement, which will supposedly provide $26 billion in relief for ripped-off homeowners, actually rewarded the bank with a legal waiver that will allow it to escape untold billions in lawsuits. And this month the Fed will release the results of its annual stress test, in which the bank will once again be permitted to perpetuate its fiction of solvency by grossly overrating the mountains of toxic loans on its books. At this point, the rescue effort is so sweeping and elaborate that it goes far beyond simply gouging the tax dollars of millions of struggling families, many of whom have already been ripped off by the bank it's making the government, and by extension all of us, full-blown accomplices to the fraud.

Read more: http://www.rollingstone.com/politics/news/bank-of-america-too-crooked-to-fail-20120314#ixzz1s7OgYaqu
"

seems theres still a couple journalists alive out there


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cassandra&sarasdaddy
FUG Dignitary


Reged: 06/27/03
Posts: 26691
Loc: hartwood
Re: BoA, man i need to find a new bank [Re: freaknasty]
      #1679532 - 04/15/12 11:25 AM (76.120.213.58)

agree! i won't take boa checks anymore. along with a couple other banks

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under the name of liberalism they will adopt every fragment of the socialist program until one day America will be a socialist nation without ever knowing how it happened.


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dadster3
Super FUG


Reged: 01/15/03
Posts: 3601
Loc: Wakefield Free State
Re: BoA, man i need to find a new bank [Re: freaknasty]
      #1679551 - 04/15/12 04:49 PM (72.196.222.123)

Quote:

They're in deep trouble, but they won't die, because our current president, like the last one, apparently believes it's better to project a false image of financial soundness than to allow one of our oligarchic banks to collapse under the weight of its own corruption. Last year, the Federal Reserve allowed Bank of America to move a huge portfolio of dangerous bets into a side of the company that happens to be FDIC-insured, putting all of us on the hook for as much as $55 trillion in irresponsible gambles.





This president is not the problem. The problem is a regulatory system that has been systematically gutted, mostly by conservatives but there is plenty of culpability for democrats as well. This all started--what a surprise--about 30 years ago under Reagan and peaked with the repeal of the Glass Steagall Act towards the end of the Clinton years.

You really should watch the Bill Moyers interview with Paul Volcker which aired about 2 weeks ago.

http://billmoyers.com/episode/full-show-gambling-with-your-money/

Info on the Glass-Steagall Act is here, among other places:

http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act

Here's another interview worth watching:

http://billmoyers.com/episode/full-show-how-big-banks-are-rewriting-the-rules-of-our-economy/

EDIT: Adds second Moyer's interview

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States' rights end where human rights begin.

Edited by dadster3 (04/15/12 05:04 PM)


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cassandra&sarasdaddy
FUG Dignitary


Reged: 06/27/03
Posts: 26691
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Re: BoA, man i need to find a new bank [Re: dadster3]
      #1679573 - 04/15/12 10:35 PM (76.120.213.58)

http://www.opensecrets.org/industries/indus.php?ind=F

The financial sector is far and away the largest source of campaign contributions to federal candidates and parties, with insurance companies, securities and investment firms, real estate interests and commercial banks providing the bulk of that money.

The sector contributes generous sums to both parties, with Republicans traditionally collecting more than Democrats. Yet in the past two election cycles, bankers have suddenly shifted their cash toward Democrats. The sector gave at least 55 percent of their contributions to the GOP from 1996 to 2004, but actually gave a slight majority of their donations to Democrats in the 2008 cycle. This reversal may suggest an effort to remain influential as a Democratic-controlled White House and Congress consider new market regulations in response to the specter of economic decline. [Read more Background]

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under the name of liberalism they will adopt every fragment of the socialist program until one day America will be a socialist nation without ever knowing how it happened.


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StaffordLarry
Mystical FUG Sage


Reged: 03/11/10
Posts: 5876
Loc: Van Down by the River
Re: BoA, man i need to find a new bank [Re: freaknasty]
      #1679961 - 04/20/12 11:11 AM (71.163.243.108)

Take a look at some of these Venn diagrams, and you'll see why changing banks or congressmen won't work anymore.

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"A lie told often enough becomes the truth." -- Vladimir Lenin


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xanatos
FUG Honcho


Reged: 07/01/03
Posts: 1830
Loc: Fredericskburg
Re: BoA, man i need to find a new bank [Re: StaffordLarry]
      #1679964 - 04/20/12 11:31 AM (184.80.153.148)

Can we get some Venn diagrams that spread the blame more? I've seen diagrams that mostly place collusion between democrat politicians, with a few republicans thrown in, and big companies, and I've seen the reverse as well. Can't we just combine these to show how both parties can be bought by the highest bidder?

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"Do you have anything to say about (see thread title)?
Then say it here.
If you want to discuss another topic, then do so in the appropriate thread or start a new one..." - Burqajoint


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True_Bob
FUGmaster Flash


Reged: 08/13/08
Posts: 20303
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Re: BoA, man i need to find a new bank [Re: xanatos]
      #1679967 - 04/20/12 11:42 AM (155.178.5.10)

I suggest we put them all in just one big circle, elected politicians, SCOTUS, appointees, lobbyists, finance corporations, unions, PACs, OWS, etc, and label it "Corrupted".

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Have you the brain worms?!?!


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StaffordLarry
Mystical FUG Sage


Reged: 03/11/10
Posts: 5876
Loc: Van Down by the River
Re: BoA, man i need to find a new bank [Re: xanatos]
      #1679978 - 04/20/12 01:10 PM (71.163.243.108)

There are diagrams that show the nexus between the various business and defense ( military-industrial?) interests, but they are constantly changing as the players rotate positions, just like on a volleyball court. That's why voting has not mattered in a very long time. I think it was Margaret Thatcher that said if voting mattered, they would make it illegal, and she is right. Theoretically, you should be able to follow the intersecting lines and find Mr. Big, who I suspect is Topsprops.

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"A lie told often enough becomes the truth." -- Vladimir Lenin


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Sipowitz
Mega FUG


Reged: 12/08/09
Posts: 7906
Re: BoA, man i need to find a new bank [Re: xanatos]
      #1679980 - 04/20/12 01:23 PM (140.147.233.105)

http://www.opensecrets.org/

Funds usually shift when the political air clearly shows who is at odds to win. Businesses, especially large ones, are usually run by smart people. They may not be nice or honest people, but they are smart.


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True_Bob
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Reged: 08/13/08
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Loc: Fredericksburg
Re: BoA, man i need to find a new bank [Re: Sipowitz]
      #1679981 - 04/20/12 01:35 PM (155.178.5.10)

Yep. A small investment in bribery oopsImeandonation can reap a great ROI. So they grease both sides's palms.

--------------------
Have you the brain worms?!?!


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Sipowitz
Mega FUG


Reged: 12/08/09
Posts: 7906
Re: BoA, man i need to find a new bank [Re: True_Bob]
      #1679984 - 04/20/12 02:21 PM (140.147.233.105)

See, the problem with that is that when you lube up both hands to jerk off you can't open any doors. Unless you use your forearms, and that's just downright silly.

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dadster3
Super FUG


Reged: 01/15/03
Posts: 3601
Loc: Wakefield Free State
Re: BoA, man i need to find a new bank [Re: Sipowitz]
      #1679994 - 04/20/12 09:38 PM (72.196.222.123)

Quote:

See, the problem with that is that when you lube up both hands...




Wow. BOTH hands? So how do you work the mouse?

--------------------
States' rights end where human rights begin.


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freaknasty
Master FUGer


Reged: 11/19/03
Posts: 2707
Loc: too close to DC
Re: BoA, man i need to find a new bank [Re: StaffordLarry]
      #1680325 - 04/25/12 09:15 PM (71.161.59.216)

Quote:

Take a look at some of these Venn diagrams, and you'll see why changing banks or congressmen won't work anymore.




thanks, ive seen some of these but never collected together on a single page


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peabody
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Reged: 11/07/02
Posts: 4919
Loc: at the end of the rainbow
Re: BoA, man i need to find a new bank [Re: freaknasty]
      #1680334 - 04/26/12 07:34 AM (71.246.242.179)

for those than qualify, I highly recomment USAA savings bank. If you have direct deposit, there's no monthly charge

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Tiger_II_Jim
FUG Addict


Reged: 11/12/03
Posts: 1315
Loc: Downtown Fredericksburg
Re: BoA, man i need to find a new bank [Re: peabody]
      #1680343 - 04/26/12 08:49 AM (138.162.128.53)

For those who qualify, I recommend Navy Federal Credit Union. They have been my bank for decades. No minimums on checking AND they pay interest, although it's a pretty low rate. They offer good rates on car loans and mortgages. IIRC, they are the largest Credit Union in the US (maybe the world?)

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Tiger_II_Jim
LBC (Little British Car) with a V8 - Hang on if you can!


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True_Bob
FUGmaster Flash


Reged: 08/13/08
Posts: 20303
Loc: Fredericksburg
Re: BoA, man i need to find a new bank [Re: Tiger_II_Jim]
      #1680347 - 04/26/12 09:08 AM (155.178.4.10)

I second that. NFCU is awesome.



Biggest in the world, IIRC.

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Have you the brain worms?!?!


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