MOVE YOUR MONEY !
Bank of America is BAD for America
Billions in Bailouts. Bank of America received $230.1 billion in taxpayer bailouts and other government sponsored backstops.
$0 in Federal Income Taxes. Bank of America has not owed any federal income taxes for the past three years.
Gambling with Taxpayer Dollars. Last fall, Bank of America moved its risky derivatives from its investment bank into its FDIC-insured depository bank.
Foreclosure Leader. As of June 2010, Bank of America had $88 billion worth of foreclosed homes in its servicing portfolio—more than any other mortgage servicer in the country.
Subprime Lending. Bank of America had a hand in the worst of the subprime lending excesses, providing financing to four of the five largest subprime lenders during the years prior to the crash.
Exploiting Military Members. The Department of Justice filed a lawsuit against a Bank of America subsidiary for wrongfully foreclosing on approximately 160 military service members. According to the DOJ, the bank was “knowingly and repeatedly violating the Service Members Civil Relief Act.” Bank of America paid $20 million to settle the charges.
Mass Layoffs. Bank of America announced up to 69,000 job cuts between 2004 and 2008. In early September 2011, Bank of America announced plans to eliminate another 30,000 jobs, more than 10 percent of its current workforce.
Small Business Lending. The bailout was intended to get banks to start lending again to stimulate the economy and spur job creation. In the two years after the bailout, the bank made fewer than 500 SBA 7(a) loans across the country, compared to more than 14,000 in the two years prior—a 97% drop! The number of jobs funded by these loans fell 94%.
moveyourmoneyproject.org/
Stand with us ! Outside the bank, 1400 Hancock Street, Quincy Center, Saturdays, 11:00 to 12:00, to protest these crimes against working people.
occupyquincy.org
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