BofA Racketeer in Chief - Bryan Moynihan
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Bank of America's Recipe for Getting Away with Massive Fraud, Racketeering and Money Laundering
Bank of America's Recipe for Getting Away with Massive Fraud, Racketeering and Money Laundering
Inside the hypergluttonous megabank, whose criminal conspiracies we’ll all be paying for until the end of time.
July 18, 2013 |
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.
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