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Sunday, February 6, 2011

"Bank of America to Pay- cliff notes version

"You are Forbidden to take your money out of Bank of America- Turn away! Sieg Heil! & have a most lovely day"

I was glancing at my last posting, " 'Bank of America to Pay'- A Timeline" and even after researching and writing on B of A,  it was just so amazing to me how absolutely Scummy and Horrid that bank is, that I just wanted to take a moment to list a cliff notes version of all the different accusations B of A paid money to settle within the last 7 months alone...

  • 'Deceptive practices in the management of customer accounts that led to excessive fees for overdrafts' - 2/5/11
  • Faulty mortgage loan disputes involving Countrywide Financial Corp - 1/11/11
  • 'A nationwide scheme to ring bids and other other anticompetitive conduct that defrauded state agencies, municipalities, school districts and non-profit organizations' - 12/11/10
  • 'Conspiracy to rig bids in the municipal bond derivatives market'- 12/7/10
  • Failing to give investors proper fee discounts via its Merrill Lynch operation- 8/19/10
  • Violation of telemarketing laws in Missouri - 6/10/10
  • Collection of 'outsized fees from borrowers facing foreclosure' via Countrywide - 6/7/10

And while B of A have paid billions in fees and fines, it never came from their own pockets... it was paid from the bailout funds which the Fed gave via taxpayers.

This is Very important to understand...  What happened and is currently happening is no different than if I gave you, the reader $100 to 'reward' some bad conduct on your part, then I impose symbolic 'fines' which you re-pay using part of the $100 I gave you.  You didn't spend a penny of your own money and there's nothing to discourage you from continuing the bad conduct in the future.

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