Why is Bank of America the target of so much outrage and protest? Because more than any other bank, it is trashing our economy and our environment in the name of its own profits.
Here are just a few of the many ways in which BoA’s banking practices are bankrupting America:
- Foreclosure Leader
As of June 2010, Bank of America had $88 billion worth of foreclosed homes in its portfolio — more than any other mortgage servicer in the country.
- Poisoning Communities
Over the past 2 years, Bank of America has invested over $4.3 billion (more than any other bank) in the coal industry, one of the biggest threats to public health and climate stability.
- Subprime Lending
Bank of America had a hand in the worst of the subprime lending excesses, providing financing to four of the five largest subprime lenders during the years prior to the crash. Together, these firms issued over $320 billion in subprime loans from 2005 through 2007.
- Predatory Lending
Bank of America subsidiary Countrywide Financial was investigated by the FBI, the U.S. Justice Department, and multiple state attorneys general in 2008 for predatory lending and securities fraud. BoA was eventually forced to pay $355 million to settle charges that Countrywide assessed higher fees and interest rates to African American and Hispanic borrowers.
- Mass Layoffs
Bank of America announced up to 69,000 job cuts between 2004 and 2008. In early September 2011, Bank of America announced plans to eliminate another 30,000 jobs, more than 10 percent of its current workforce.
- Executive Bonuses
Over the last ten years, the top 5 execs at BoA have been awarded $518.8 million in bonuses and compensation. CEO Brian Moynihan received a $9.05 million bonus in 2010.
We demand Bank of America:
- Pay its fair share
Stop draining government of revenue. Pay the statutorily required 35% corporate income tax instead of gaming the system through off-shore tax shelters, loopholes, and scams.
- Stabilize the housing market and revitalize the economy
Reduce principal for all underwater homeowners to current market value. This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy, and create 1 million jobs a year.
- Fund the future — not dirty coal
Stop financing for the coal industry and shift the balance of energy financing to support renewable power generation that is less threatening to our environment and health.
- Invest in American jobs
Invest in small businesses, the main source of jobs in the U.S.