Showing posts with label bank of America. Show all posts
Showing posts with label bank of America. Show all posts
Saturday, May 26, 2012
Wednesday, May 9, 2012
Hundreds of Protesters show up at Bank of America's annual meeting
Hundreds of protesters against Bank of America Corp. crowded the intersection of College and Fifth streets in uptown Charlotte this morning, forcing police to reroute morning traffic.
Demonstrating outside the scene of today’s BofA annual shareholders meeting, protesters called for the bank to be dismantled.
Organizers staged a mock boxing match. Demonstrators chanted “Bank of America — bad for America." Drum circles kept a steady beat for the loud but peaceful protesters.
“Today people from around the country are converging on the Wall Street of the South demanding justice,” organizer Brigid Flahertysaid this morning. She called the protests a “festival of resistance.”
more here: http://www.bizjournals.com/charlotte/news/2012/05/09/bank-of-america-protesters-block.htmlSaturday, April 21, 2012
Friday, March 9, 2012
Friday, March 2, 2012
Bank of America In Trouble? | Common Dreams
Bank of America In Trouble? Common Dreams
It’s a very bad sign that a bank is in a desperate cash crunch when it tries repeatedly to gouge its customers. David Trainer, an analyst for Market Watch, a WSJ publication, wrote that the new fees are a sign of series trouble at BAC. He writes:
In my opinion, there are four actions taken by financial services that signal the company is headed to serious trouble.
1. Management shake-up and major layoffs - lots of layoffs over the past year
2. Exploiting accounting rules to boost earnings - SFAS 159
3. Drawing down reserves to boost earnings: to the tune of $13.3 billion in 2011 and 2012
4. Bilking customers with new fees: tried it before and trying it again
Bank of America has taken all four steps. Bilking customers with new fees is a desperate measure of last resort because it requires exploiting the one asset the bank has left, namely its customers.
Trainer in an earlier column urged investors to dump Bank of America for a number of reasons, but mostly because he had reservations about some of the numbers in the bank’s most recent SEC filing.
It’s a very bad sign that a bank is in a desperate cash crunch when it tries repeatedly to gouge its customers. David Trainer, an analyst for Market Watch, a WSJ publication, wrote that the new fees are a sign of series trouble at BAC. He writes:
In my opinion, there are four actions taken by financial services that signal the company is headed to serious trouble.
1. Management shake-up and major layoffs - lots of layoffs over the past year
2. Exploiting accounting rules to boost earnings - SFAS 159
3. Drawing down reserves to boost earnings: to the tune of $13.3 billion in 2011 and 2012
4. Bilking customers with new fees: tried it before and trying it again
Bank of America has taken all four steps. Bilking customers with new fees is a desperate measure of last resort because it requires exploiting the one asset the bank has left, namely its customers.
Trainer in an earlier column urged investors to dump Bank of America for a number of reasons, but mostly because he had reservations about some of the numbers in the bank’s most recent SEC filing.
Monday, September 19, 2011
Protesters deliver trash to Bank of America for failing to maintain foreclosed property
Protesters Accuse Bank of Neglecting Malden Properties
About ten to fifteen protesters cleaned a dilapidating, foreclosed property on Clinton St. Monday morning, and then delivered the ten bags of trash they collected to the Malden Center branch of Bank of America.
Activists associated with Mass Uniting accused the bank, who owns the property on 56 Clinton St., of failing to maintain a number of properties throughout the city and commonwealth.
They said they hoped the symbolism of returning the trash to the bank would send a message to bank executives about the impact neglected foreclosures can have on a community.
Locals speak out:
“I'm a homeowner in Malden, I pay property taxes here,” Gus Cook said. “I live on a street where there are houses that, for a period of time, were abandoned, (have) a lot of overgrowth and trash build-up, and it tends to affect the curb appeal of the properties around them. Properties that are next to yours are going to affect your property value.”
“It's very sad,” Lisa Hines, an Everett-based community activist with the group said. “The family's belongings were still in the home.”
Full Story Here: http://malden.patch.com/articles/protesters-accuse-bank-of-neglecting-malden-properties-bb52babe
Activists associated with Mass Uniting accused the bank, who owns the property on 56 Clinton St., of failing to maintain a number of properties throughout the city and commonwealth.
They said they hoped the symbolism of returning the trash to the bank would send a message to bank executives about the impact neglected foreclosures can have on a community.
Locals speak out:
“I'm a homeowner in Malden, I pay property taxes here,” Gus Cook said. “I live on a street where there are houses that, for a period of time, were abandoned, (have) a lot of overgrowth and trash build-up, and it tends to affect the curb appeal of the properties around them. Properties that are next to yours are going to affect your property value.”
“It's very sad,” Lisa Hines, an Everett-based community activist with the group said. “The family's belongings were still in the home.”
Full Story Here: http://malden.patch.com/articles/protesters-accuse-bank-of-neglecting-malden-properties-bb52babe
Monday, August 22, 2011
From Bloomberg:Wall Street got 1.2 Trillion, Can we please have some more talk about shared sacrifice.
Wall Street Aristocracy Got $1.2 Trillion From Fed
By Bradley Keoun and Phil Kuntz - Aug 22, 2011 8:19 AM ET
Citigroup Inc. and Bank of America Corp. were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits. Source: Bloomberg
Aug. 22 (Bloomberg) -- The Federal Reserve's unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money. The largest borrower, Morgan Stanley, got as much as $107.3 billion, while Citigroup Inc. took $99.5 billion and Bank of America Corp. $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress. Erik Schatzker and Sara Eisen report on Bloomberg Television's "InsideTrack." (Source: Bloomberg)
Aug. 21 (Bloomberg) -- Robert E. Litan, a former Justice Department official who in the 1990s served on a commission probing the causes of the savings and loan crisis, now vice president at the Kansas City, Missouri-based Kauffman Foundation, Richard Herring, a finance professor at the University of Pennsylvania, Roger Lister, a former Fed economist who’s now head of financial-institutions coverage at credit-rating firm DBRS Inc., and Kenneth Rogoff, a former chief economist at the International Monetary Fund and now an economics professor at Harvard University, talk about the U.S. government's $1.2 trillion bailout of the banking system and the outlook for regulatory overhaul of the industry. (Source: Bloomberg)
Aug. 22 (Bloomberg) -- Neil Barofsky, former special inspector general for the Troubled Asset Relief Program and a Bloomberg Television contributing editor, talks about the Federal Reserve's emergency loans during the financial crisis. Fed Chairman Ben S. Bernanke’s effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress. Barofsky speaks with Erik Schatzker on Bloomberg Television's "InsideTrack." (Source: Bloomberg)
Aug. 22 (Bloomberg) -- Charles Peabody, an analyst at Portales Partners LLC, and Bloomberg reporter Bradley Keoun discuss the Federal Reserve's emergency lending programs and the capital position of U.S. banks. They speak with Erik Schatzker and Michael McKee on Bloomberg Television's "InsideTrack." (Source: Bloomberg)
Wall Street Aristocracy Got $1.2 Trillion
Scott J. Ferrell/Congressional Quarterly/Getty Images
Lloyd Blankfein, CEO of Goldman Sachs; Jamie Dimon, CEO of JPMorgan Chase and Co.; Robert P.Kelly, CEO of the Bank of New York; Ken Lewis, CEO of the Bank of America; Ronald E. Logue, CEO of State Street; John Mack, CEO of Morgan Stanley; Vikram Pandit, CEO of Citigroup; and John Stumpf, CEO of Wells Fargo, testify during the House Financial Services oversight hearing of the Troubled Assets Relief Program (TARP).
Lloyd Blankfein, CEO of Goldman Sachs; Jamie Dimon, CEO of JPMorgan Chase and Co.; Robert P.Kelly, CEO of the Bank of New York; Ken Lewis, CEO of the Bank of America; Ronald E. Logue, CEO of State Street; John Mack, CEO of Morgan Stanley; Vikram Pandit, CEO of Citigroup; and John Stumpf, CEO of Wells Fargo, testify during the House Financial Services oversight hearing of the Troubled Assets Relief Program (TARP). Photographer: Scott J. Ferrell/Congressional Quarterly/Getty Images
Chief executive officers from eight of the largest U.S. banks receiving government aid testify at a House Financial Services Committee hearing in Washington, D.C on Feb. 11, 2009. Photographer: Brendan Smialowski/Bloomberg
Two weeks after Lehman Brothers Holdings Inc.'s bankruptcy triggered a global credit crisis, Morgan Stanley countered concerns that it might be next to go by announcing it had 'strong capital and liquidity positions.' Photographer: Jeremy Bales/Bloomberg
A Wall Street sign stands outside the New York Stock Exchange in New York, U.S. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret. Photographer: JB Reed/Bloomberg
Citigroup Inc., along with Morgan Stanley and Citigroup Inc., were the biggest borrowers under seven U.S. Federal Reserve emergency-lending programs. Photographer: Robert Caplin/Bloomberg
The Federal Reserve provided as much as $1.2 tillion in public money to banks and other companies from August 2007 through April 2010 to head off a depression. Source: Bloomberg
Finance ‘Aristocracy’ Took $1.2 Trillion in Loans
Peter Foley/Bloomberg
Morgan Stanley, along with Citigroup Inc., and Bank of America Corp., were the biggest borrowers under seven Fed emergency-lending programs. The three banks' combined $298.2 billion in hidden Fed loans was triple what they received in publicly disclosed bailouts from the U.S. Treasury.
Morgan Stanley, along with Citigroup Inc., and Bank of America Corp., were the biggest borrowers under seven Fed emergency-lending programs. The three banks' combined $298.2 billion in hidden Fed loans was triple what they received in publicly disclosed bailouts from the U.S. Treasury. Photographer: Peter Foley/Bloomberg
Finance ‘Aristocracy’ Took $1.2 Trillion in Loans
Jeremy Bales/Bloomberg
Bank of America Corp., along with Morgan Stanley and Citigroup Inc. was one of the biggest borrowers under the U.S. Federal Reserve's emergency-lending programs. The three banks' combined $298.2 billion in hidden Fed loans was triple what they received in publicly disclosed bailouts from the U.S. Treasury.
Bank of America Corp., along with Morgan Stanley and Citigroup Inc. was one of the biggest borrowers under the U.S. Federal Reserve's emergency-lending programs. The three banks' combined $298.2 billion in hidden Fed loans was triple what they received in publicly disclosed bailouts from the U.S. Treasury. Photographer: Jeremy Bales/Bloomberg
The Royal Bank of Scotland took $84.5 billion in loans from the U.S. Federal Reserve's emergency-lending programs. Photographer: Simon Dawson/Bloomberg
UBS AG, Switzerland's biggest bank, got $77.2 billion in loans from the U.S. Federal Reserve's emergency-lending programs. Photographer: Gianluca Colla/Bloomberg
Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets. Photographer: Scott Eells/Bloomberg
Finance ‘Aristocracy’ Took $1.2 Trillion in Loans
Judith White/Bloomberg
U.S. Federal Reserve borrowings by Societe Generale SA, France's second-biggest bank, peaked at $17.4 billion in May 2008, four months after the Paris-based lender announced a record 4.9 billion-euro ($7.2 billion) loss on unauthorizedstock-index futures bets by former trader Jerome Kerviel.
U.S. Federal Reserve borrowings by Societe Generale SA, France's second-biggest bank, peaked at $17.4 billion in May 2008, four months after the Paris-based lender announced a record 4.9 billion-euro ($7.2 billion) loss on unauthorizedstock-index futures bets by former trader Jerome Kerviel. Photographer: Judith White/Bloomberg
Finance ‘Aristocracy’ Took $1.2 Trillion in Loans
Antoine Antoniol/Bloomberg
U.S. Federal Reserve borrowings by Societe Generale SA, France's second-biggest bank, peaked at $17.4 billion in May 2008, four months after the Paris-based lender announced a record 4.9 billion-euro ($7.2 billion) loss on unauthorized stock-index futures bets by former trader Jerome Kerviel.
U.S. Federal Reserve borrowings by Societe Generale SA, France's second-biggest bank, peaked at $17.4 billion in May 2008, four months after the Paris-based lender announced a record 4.9 billion-euro ($7.2 billion) loss on unauthorized stock-index futures bets by former trader Jerome Kerviel. Photographer: Antoine Antoniol/Bloomberg
By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.
For complete story: http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html
According to Crooks and Liars the Obama administration is pressuring New York AG to cut deal with Bank of America
The Obama administration is trying to get the New York AG to stop going after Bank of America and to cut a deal with them. God do we need a democrat in the white house. Currently it seems we have two Republican parties A Republican party A, whichdoesn't believe in science and now doesn't sppear to believe in economics either, or Republican party B, which we can give Wall Street more gifts if Republican party A appears unwilling to do so.
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