Bank of America's Recipe for Getting Away with Massive Fraud, Racketeering and Money Laundering

[xchrom]

http://www.alternet.org/corporate-accountability-and-workplace/how-does-criminal-enterprise-engaging-large-scale-fraud-and

This July, Bank of America was expecting to report an earnings increase of 32% from last year. The Washington Business Journal declared the bank among the top 10 “most improved brands” of the year. Bank of America is the second-largest bank in the United States following JPMorgan Chase.

So why does this bank deserve such an “improved” reputation? Perhaps it's worth looking at a little of the bank’s record for some clarity.

During the first year of the global financial crisis, which the big banks helped to create and which they profited enormously from, the government stepped in to bail out Bank of America. They rewarded the bank $20 billion for its massive financial crimes, as well as a special guarantee for nearly $100 billion of potential losses on the balance sheets of Merrill Lynch, which Bank of America acquired during the crisis.

As it turns out, Bank of America and other big banks continue to get "backdoor bailouts" through the Federal Reserve Bank of New York, which acts as a legal guarantor and protector of the Wall Street chain gang of criminal conglomerates. The bank was recently added to a list, compiled by a corporate watchdog group, of the "dirty dozen" criminal financial institutions for its role deceiving investors, committing mortgage and foreclosure abuses and engaging in municipal bond rigging and illegal payments.

[geckosfeet]

1. Yes - but economic policy is working for everybody - unemployment is so down,

wages are so up, people are so not in need of health care, food stamps and all those other dirty wasteful impractical forms of government assistance.

So now we can afford to give it all to the banks.

Can you say "quantitative easing". Come on, it's easy. Bernake taught the fed and the big banks to love it and to say it, and he can teach you too. Say it three times:

Quantitative Easing
Quantitative Easing
Quantitative Easing

The US economic policy of funneling, through a back door at the fed, US taxpayer money to financial institutions on Wall Street.

Wheeeeeeeee! More money for the 1% and the big banks!

[Egalitarian Thug]

2. K&R So few people have any idea... n/t

[marmar]

3. k/r

[7wo7rees]

4. Kick. Reco.

[City Lights]

5. Each big bank is a person, right?

A stake needs to be driven through each of their hearts.