Friday, October 14, 2011

truth in advertising...

201 E 11th Ave, Eugene, OR
(541) 225-3271 ‎ ·
2 reviews

"If you value your money, time and sanity, never ever open an account here. ...-

I came across this gem of a link while looking at the local "occupy (your town here)" protest site.
 Lots of people are particularly peeved with their latest move a $5 monthly fee for debit cards

Politico reports:

Several liberal Democratic lawmakers on Thursday demanded an investigation into whether the nation’s largest banks – including Bank of America, J.P. Morgan Chase and Wells Fargo – are coordinating efforts to raise fees for consumers, contending that would violate federal antitrust laws.

“Mr. Attorney General, check it out,” said Rep. Peter Welch (D-Vt.). “Are the banks just hanging up the consumers and depositors by their ankles and shaking them and just get every little dime out of their pockets as they can?”
Though Bank of America – the nation’s largest bank by deposits – has garnered the most public attention, other major financial institutions are making similar moves. Wells Fargo is testing a $3 monthly charge for debit-card use, while J.P. Morgan Chase is piloting a similar fee.
Bank of America has come under congressional fire in recent days, with Sen. Dick Durbin (D-Ill.) blasting the institution for its proposed increases and telling customers to leave the bank to protest the new charge."
Read more:

B of A scooped up Countrywide Financial in 2007, and Merrill Lynch in 2008 when financial mgmt companies were falling like so many leaves off trees in the Autumn. They were going to gobble up Lehman Bros too, but w no government backing, the deal fell through.

B of A has a history of questionable moves:
According to WIKI:

On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill.

Municipal bonds fraud

In 2010, the bank was accused by the US federal government of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue service and $4.5 million to state attorneys general, to the affected organizations to settle the allegations.
Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy and wire fraud charges. As of January 2011, other bankers and brokers are under indictment or investigation

During 2011, the company conducted or announced personnel reductions of 36,000 people, contributing to intended savings of $5 billion per year by 2014.

As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators.
On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest... As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend.

Bank of America was sued for $10 billion by American International Group Inc. in August 2011. Another lawsuit filed September 2011 concerns a total of $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.

This is why people love to hate Bank of America!

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