We continue our campaign against Bank of America
Bank of America
1394 Norton Street
Rochester, NY 14621
Noon to 1:00 pm
Americans need to know: little has changed since 2008
Why? Five years after the economy tanked, causing millions of Americans to lose their jobs, their homes, a majority of their home equity, and at least $7 trillion in various taxpayer bailouts to the banking industry, little has changed to prevent this from happening again, and Bank of America is the largest too-big-to-fail bank threatening our economy:
The 2010 Dodd-Frank Banking Bill was supposed to help rein in the Big Banks and protect Americans from another banking meltdown. But hordes of industry lobbyists are gutting the rules to implement Dodd- Frank that would control banking and the ruinous derivatives market.
An end to Too Big to Fail? Nearly 3 years later, the banks are bigger than ever: the 12 biggest banks, including the biggest, Bank of America, hold more than 69% of banking assets.
The foreclosure settlement provided an average of $300 (!) to those who lost their homes to fraudulent foreclosures. Millions of homeowners are under water, but the CEO of Fannie Mae, which holds half of the nation’s mortgages, opposes any principal reduction.
Huge CEO pay and bonuses? They are higher than ever with no end in sight. The rules limiting pay and bonuses are being fought tooth-and-nail and are only 21% complete.
Management facing jail for massive mortgage and securitization fraud and other crimes? Not one single prosecution.