Thursday, February 14, 2013

Too Big to Care—Bank of America Serves Lawsuits, Not Customers

WASHINGTON, DC, February 10, 2013 — If the banking industry had a “biggest losers” award, Bank of America Corp. (B of A) would win – and that’s not a good thing.
B of A comes by its image problem honestly, and this may be the only way that “honesty” and “Bank of America” can be paired in a sentence without prompting laughter from bystanders. The company’s sins have been widely reported. B of A essentially crafts laws, much to the chagrin of its customers and taxpayers in general, that are protected in court by well-funded trial lawyers and enforced by the politicians they help keep in office.
The B of A recently received some wrist-slaps from a sluggish U.S. Justice Department over the Fannie Mae and Freddie Mac loan “hustle” more than five years ago. That will bring little comfort to the masses of Americans who were defrauded during the nightmarish loan modification scam of 2011. In the five years between those scams, Bank of America received nearly $100 billion from taxpayers – an act of government largesse without precedent.
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(This is my debut column at The Washington Times, a newspaper I have read regularly since I lived in The People's Republic of California! Please leave congratulatory comments here and read the rest of the story at WashTimes and comment there. Thanks!)

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