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Monday, September 26, 2016

In the realm of prevarication, there are deceivers, fibbers, liars, politicians … and Bank of America.

For weeks, this financial behemoth has been running a nationwide PR blitz, portraying itself as a loveable bunch of public-spirited bankers — hoping that you and I have no memory of its two taxpayer bailouts, constant fee-gouging, illegal foreclosures on homeowners, firing of 36,000 employees, etc. Before you believe a word that these “truth adjusters” say, note that they’ve even been caught lying outright to BOA’s shareholders, the owners of their very own bank!

Following the 2007-2008 Wall Street collapse, not only did the bank get a $15 billion bailout, its executives and federal regulators colluded to make the too-big-to-fail giant even bigger by flinging the foundering investment powerhouse Merrill Lynch into its maw. To win shareholder approval of this merger, the bank’s top executives issued a rosy assessment of the takeover, promising that it would produce golden profits within only a year or so.

Recently, however, internal documents filed in a shareholder lawsuit revealed that the honchos, including the CEO, knew at the time of the December 2008 shareholder vote on the takeover that their predictions of early profits were “materially false” and that, indeed, swallowing Merrill would choke the owners with billions of dollars in losses.

Moreover, the merger deal struck by the geniuses at the top was so bad that they knew BOA would have to get a second federal bailout (this one turned out to be $20 billion) to stave off total collapse. Shareholders, who were told none of this, unwittingly voted to OK the merger.

Even the bank’s top lawyer was kept in the dark about the false assessment presented to shareholders. When he learned of the big lie two days after the shareholder vote, he tried to talk to the chief financial officer about the need to admit the ruse. Instead, the next day, the lawyer was summarily fired and escorted from the bank without even being allowed to collect his personal belongings.

There’s a loveable bunch for you. Forget the PR perfume that BOA’s now spritzing around, Bank of America stinks to its core.

  • William Deutschlander

    They are no longer banks, there exists no ethics, they are today ECONOMIC PREDATORS, they take from the taxpayer 0% interest loans, then pay back 50% of the principal, they pay their depositors 0% interest then charge them ambiguous fees, all to pay the chosen few at the top exhorbinat bonuses.

    Get rid of the ECONOMIC PREDATORS, mega financial dens, capital fund havens, hedge fund scams and get back to local small personal banks and credit unions serving their communities and people.

    • CPANY

      Banks have always been run by scumbags.

  • howa4x

    the Fed has to stop giving them money until they start giving breaks to the people that technically own them, the US taxpayer. We need to turn our attention to Ben Bernake and let him know that the banks have gotten enouogh and it’s time to spend those billions on infastructure projects and other programs to help the struggling middle class. The Banks as well as the major corporations are sitting on billions and not spending it on hiring. If we the tax payers give them money we need to demand not ask that they loan it to small business and create jobs. Not one penny more to the 1%. If the tea party needs a new slogan make it that one if they are really patriots!

    • they are NOT really patriots just more little greedy people who want to run the world with their sociopathic ideals. freedom to them means ONLY FOR THEM

      • Perfect definition of a liberal.

        • 3 days, 0 (ZERO) likes on your comment. So, no, it is NOT the prefect definition of a liberal.

          • Funny…I do not feel the need to be accepted (especially represented by presses on the ‘likes’ button) by the many shills and tired party hacks locked in a severe case of group think that this site caters to.

        • jack berezny

          Yes there are greedy liberals as well as all those greedy, reactionary conservatives running the banks.

    • CPANY

      Ben Bernanke isn’t going to do anything. He’s a banker.

  • Wells Fargo is running a close second to BOA. Well past time to break up the “too big to fail” banks into one’s that can be allowed to sink or swim on thier own.

  • Another reason I hate Bank of #merica. I can’t even type it, because it’s not America’s bank!!!!

  • jack berezny

    I am getting depressed. Is there not one good man in Sodom?