You are currently browsing the tag archive for the ‘Bank of America’ tag.
June 27, 2010 in Campaign 2008, Campaign 2010, Campaign 2012, Capitalism, Economy, Politics, socialism, Uncategorized | Tags: Bank of America, Barack Obama, Goldman Sachs, Shore Bank, Van Jones | Leave a comment
June 1, 2010 in Campaign 2008, Campaign 2010, Campaign 2012, Capitalism, Economy, Family values, immigration reform, Politics, socialism, Uncategorized | Tags: Bank of America, Barack Obama, foreclosures, Harry Reid, mortgage bubble | 1 comment
Classic case of why Gov. and big business coziness is bad for “we the people.”
Where’s Florida’s ‘outreach center?” Where’s Ohio’s? Obviously Reid scratched BoA’s back and now BoA is scratching Dirty Harry’s back.
““Bank of America made a commitment to me and the people of Nevada that it would start doing more to help struggling homeowners in our state,” said Reid. “While this is one step of many in its commitment, it demonstrates that Bank of America is working in good faith to keep its promise and I appreciate that.”
May 21, 2010 in Campaign 2008, Campaign 2010, Campaign 2012, Capitalism, Economy, Family values, Health care reform, Politics, socialism, Terrorism, Uncategorized | Tags: Bank of America, foreclosures, Greg Baer, Nina Easton, SEIU, TARP | 12 comments
Nina Easton recently found her role as a neighbor and as a journalist merge when 14 busloads of SEIU protesters showed up at the home of a Bank of America official on a Sunday afternoon. Ms. Easton is a neighbor of Greg Baer, and this is her account ( article is here in full):
Every journalist loves a peaceful protest-whether it makes news, shakes up a political season, or holds out the possibility of altering history. Then there are the ones that show up on your curb–literally.
Last Sunday, on a peaceful, sun-crisp afternoon, our toddler finally napping upstairs, my front yard exploded with 500 screaming, placard-waving strangers on a mission to intimidate my neighbor, Greg Baer. Baer is deputy general counsel for corporate law at Bank of America (BAC, Fortune 500), a senior executive based in Washington, D.C. And that — in the minds of the organizers at the politically influential Service Employees International Union and a Chicago outfit called National Political Action — makes his family fair game.
Waving signs denouncing bank “greed,” hordes of invaders poured out of 14 school buses, up Baer’s steps, and onto his front porch. As bullhorns rattled with stories of debtor calls and foreclosed homes, Baer’s teenage son Jack — alone in the house — locked himself in the bathroom. “When are they going to leave?” Jack pleaded when I called to check on him.
Baer, on his way home from a Little League game, parked his car around the corner, called the police, and made a quick calculation to leave his younger son behind while he tried to rescue his increasingly distressed teen. He made his way through a din of barked demands and insults from the activists who proudly “outed” him, and slipped through his front door.
“Excuse me,” Baer told his accusers, “I need to get into the house. I have a child who is alone in there and frightened.”
Now this event would accurately be called a “protest” if it were taking place at, say, a bank or the U.S. Capitol. But when hundreds of loud and angry strangers are descending on your family, your children, and your home, a more apt description of this assemblage would be “mob.” Intimidation was the whole point of this exercise, and it worked-even on the police. A trio of officers who belatedly answered our calls confessed a fear that arrests might “incite” these trespassers.
What’s interesting is that SEIU, the nation’s second largest union, craves respectability. Just-retired president Andy Stern is an Obama friend and regular White House visitor. He sits on the President’s Fiscal Responsibility Commission. He hobnobs with those greedy Wall Street CEOs — executives much higher-ranking than my neighbor Baer — at Davos. His union spent $70 million getting Democrats elected in 2008.
In the business community, though, SEIU has a reputation for strong-arm tactics against management, prompting some companies to file suit.
Now those strong-arm tactics, stirred by supposedly free-floating (as opposed to organized) populist rage, have come to the neighborhood curb. Last year it was AIG executives — with protestors met by security guard outside. Now it’s any executive — and they’re on the front stoop. After Baer’s house, the 14 buses left to descend on the nearby residence of Peter Scher, a government relations executive at JPMorgan Chase (JPM, Fortune 500).
Targeting homes and families seems to put SEIU in the ranks of (now jailed) radical animal-rights activists and the Kansas anti-gay fundamentalists harassing the grieving parents of a dead 20-year-old soldier at his funeral (the Supreme Court has agreed to weigh in on the latter). But that’s not a conversation that SEIU officials want to have.
When I asked Stephen Lerner, SEIU’s point-person on Wall Street reform, about these tactics, he accused me of getting “emotional.” Lerner was more comfortable sticking to his talking points: “Millions of people are losing their homes, and they have gone to the banks, which are turning a deaf ear.”
Okay, fine, then why not continue SEIU protests at bank offices and shareholder meetings-as the union has been doing for more than a year? Lerner insists, “People in powerful corporations seem to think they can insulate themselves from the damage they are doing.”
Bank of America officials dispute Lerner’s assertion about the “damage they are doing,” citing the success of workout programs to help distressed homeowners, praise received from community groups, the bank’s support of financial reform legislation, and the little-noticed fact that Bank of America exited the subprime lending business in 2001.
SEIU has said it wants to organize bank tellers and call centers — and its critics point out that a great way to worsen employee morale, thereby making workers more susceptible to union calls, is to batter a bank’s image through protest. (SEIU officials say their anti-Wall Street campaign has nothing to do with their organizing efforts.) Complicating this picture is the fact that BofA is the union’s lender of choice — and SEIU, suffering financially, owes the bank nearly $4 million in interest and fees. Bank of America declined comment on the loans.
But SEIU’s intentions, and BofA’s lender record, are ripe subjects to debate in Congress, on air, at shareholder hearings. Not in Greg Baer’s front yard.
Sunday’s onslaught wasn’t designed for mainstream media consumption. There were no reporters from organizations like the Washington Post, no local camera crews who might have aired criticism of this private-home invasion. With the media covering the conservative Tea Party protesters, the behavior of individual activists has drawn withering scrutiny.
Instead, a friendly Huffington Post blogger showed up, narrowcasting coverage to the union’s leftist base. The rest of the message these protesters brought was personal-aimed at frightening Baer and his family, not influencing a broader public.
Of course, HuffPost readers responding to the coverage assumed that Baer was an evil former Bush official. He’s not. A lifelong Democrat, Baer worked for the Clinton Treasury Department, and his wife, Shirley Sagawa, author of the book The American Way to Change and a former adviser to Hillary Clinton, is a prominent national service advocate.
In the 1990s, the Baers’ former bosses, Bill and Hillary Clinton, denounced the “politics of personal destruction.” Today politicians and their voters of all stripes grieve the ugly bitterness that permeates our policy debates. Now, with populist rage providing a useful cover, it appears we’ve crossed into a new era: The politics of personal intimidation.
May 17, 2010 in Campaign 2008, Campaign 2010, Campaign 2012, Capitalism, Economy, Family values, Politics, socialism, Uncategorized | Tags: Bank of America, foreclosures, Gregor y Baer, NPA, SEIU | 1 comment
March 24, 2010 in Campaign 2008, Campaign 2010, Campaign 2012, Capitalism, Economy, Family values, Politics, socialism, Uncategorized | Tags: Bank of America, Martha Coakley, mortgage modification, Reuters, TARP | 1 comment
Under pressure from Massachusetts Attorney General Martha Coakley, Bank of America Corp. (BAC.N) on Wednesday said it would offer about $3 billion in loan forgiveness to about 45,000 troubled homeowners.
Bank of America pledged to offer an “earned principal forgiveness” of up to 30 percent for homeowners nationwide who owe more than 120 percent of the value of their home.
The U.S. bank, the largest in terms of assets, has about 1.5 million home loans behind on payments by 60 days or more.
The plan, to begin in May, is the first by a U.S. mortgage lender to take a systematic approach to reducing mortgage principal to tackle the thorny issue of preventing foreclosures when home values drop well below the amount owed.
The forgiveness would be offered in two stages for the riskiest loans, including subprime loans and loans that offered borrowers multiple options for how much to pay each month.
Ineligible are 30-year fixed-rate loans.
The lender will first offer an interest-free forbearance of principal that the homeowner can turn into forgiven principal annually over five years, provided they stay current on their payments.
For full article: http://www.reuters.com/article/idUSN2416553220100324?type=marketsNews
February 5, 2010 in Campaign 2008, Campaign 2012, Capitalism, Economy, Politics, Uncategorized | Tags: Bank of America, Ben Bernanke, CEO Ken Lewis, Daily Beast, Federal Reserve, Hanry Paulson, Merrill Lynch | 3 comments
Ken Lewis: If I’m Going Down, Hank Paulson and Ben Bernanke Are Coming Down With Me
No WAY is Bank of America CEO Ken Lewis going to be the only one to answer for the acquisition of crappy Merrill Lynch and its crappy bonuses, “a person close to Lewis’s defense team” (who may or may not be Ken Lewis himself) tells Charlie Gasparino today on the Daily Beast. NO WAY will he be a scapegoat, alone, for the people who twisted his arm to go through with the Merrill deal by telling him he would be fired if he didn’t. “If this thing goes to trial you can expect both Paulson and Bernanke to be on the witness list.” If he’s going down, he’s bringing them down, too. Bringing them down to Chinatown. Order in the court!
Read more: Ken Lewis: If I’m Going Down, Hank Paulson and Ben Bernanke Are Coming Down With Me — Daily Intel http://nymag.com/daily/intel/2010/02/ken_lewis_already_relishing_th.html#ixzz0eiMP1pXm
January 22, 2010 in Campaign 2008, Campaign 2010, Campaign 2012, Capitalism, Economy, Politics, Uncategorized | Tags: Bank of America, Barack Obama, Conflict of Interest, FDIC, Friends of Angelo, Sheila Bair, waiver | 4 comments
Sheila Bair, one of the chief regulators overseeing Bank of America’s federal rescue, took out two mortgages worth more than $1 million from the banking giant last summer during ongoing negotiations about the bank’s bailout and its repayment.
It gets better…
Mortgage documents for that 14-room home include a provision, known as a second-home rider, stating that Bair and her husband must keep the house for their “exclusive use and enjoyment” and may not use it as a rental or timeshare.
Yet the couple has been renting out part of the house since they left for Washington, with Bair listing income from the “rental property” in Amherst as between $15,000 and $50,000 a year on her most recent financial disclosure form as head of the FDIC.
Oh yeah, there’s no conflict of interest here cough-friends-of-angelo-cough!
Of course the FDIC retroactively gave her a waiver from its conflict of interest rules – AFTER The Huffington Post started snooping around.
September 9, 2009 in Campaign 2008, Capitalism, Economy, Family values, Politics, socialism, Uncategorized | Tags: Bank of America, Barack Obama, Barney Frank, Debtor Revolution, Harry Reid, Wall Street | Leave a comment
August 30, 2009 in Campaign 2010, Campaign 2012, Capitalism, Economy, Politics, socialism, Uncategorized | Tags: Bank of America, Barack Obama, FDIC, Global economics, JPMorgan, Obama care, Obamanomics, Wells Fargo | Leave a comment
“When it comes to deposits, the big got bigger. Too big to fail is now “Too Bigger To Fail“.
August 7, 2009 in Capitalism, Economy, Family values, Politics, socialism, Terrorism, Uncategorized | Tags: Bank of America, Barack Obama, Beijing, China, Goldman Sachs, power and corruption, Wall Street | Leave a comment
Former Beijing airport boss executed in China
BEIJING – Leaders of China’s elite state industries are renowned for their power, influence, and — in several recent cases — corruption. Increasingly, they are paying the price.
On Friday, the former head of the company that runs airports in Beijing and more than 30 other Chinese cities was put to death after the upheld his sentence in a $16 million bribery and embezzlement case.
Li Peiying’s execution came two days after word emerged that the head of China‘s nuclear power program was under investigation for alleged corruption. Just last month, the former chairman of China’s second-biggest oil company, , was also convicted of taking $29 million in bribes and given a suspended .
The heads of state-owned enterprises “possess power and money, making it easy to give rise to corruption,” Wang Yukai of the Communist Party newspaper Global Times as saying.was quoted Friday in the
See the Associated Press story: http://news.yahoo.com/s/ap/20090807/ap_on_re_as/as_china_corruption