BoA Too Crooked To Fail?

[Minor Axis]

This Rolling Stone Article BoA Too Crooked To Fail

If only a fraction of the stuff mentioned in this article I'd still be asking WTF is wrong with this country? There should be no such thing as too big to fail.

At least Bank of America got its name right. The ultimate Too Big to Fail bank really is America, a hypergluttonous ward of the state whose limitless fraud and criminal conspiracies we'll all be paying for until the end of time. Did you hear about the plot to rig global interest rates? The $137 million fine for bilking needy schools and cities? The ingenious plan to suck multiple fees out of the unemployment checks of jobless workers? Take your eyes off them for 10 seconds and guaranteed, they'll be into some shit again: This bank is like the world's worst-behaved teenager, taking your car and running over kittens and fire hydrants on the way to Vegas for the weekend, maxing out your credit cards in the three days you spend at your aunt's funeral. They're out of control, yet they'll never do time or go out of business, because the government remains creepily committed to their survival, like overindulgent parents who refuse to believe their 40-year-old live-at-home son could possibly be responsible for those dead hookers in the backyard.

 

[pjbleek]

I hate all banks, they are ruthless and not fro consumers at all...how they all don't get caught is beyond thought. I saw so much wrong activity at my branch it amazes me that some banks can keep in business....care more about the almighty dollar than anything else....gotta drive sales, get monies in the branch somehow....fill the lines/pockets of those executives...keep the boss's happy...and keep it going....

 

[acctnt shan]

Speaking as an auditor - it's very, very hard to catch fraud. Long, boring explanation cut short: when a client hires us to audit their books, we do lots of testing on the companies' numbers, but we use sampling, so we don't check every single transaction/activity... if there are multiple people within a company, working together to override controls and commit fraud... it can be almost impossible to catch.

That being said, I don't really love articles like the one quoted above. It's very clear that it focuses more on dramatic language to sway people to its side. People who say that the bailouts shouldn't have happened, who complain about corporations taking the money... well, I don't think those people understand the cost of having all those employees end up jobless, collecting unemployment benefits... Nor is it right to punish the hundreds of thousands of innocent employees for the poor choices of the men at the top.

 

[Mercury]

Reminds me of a quote from Thomas Jefferson:

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."

 

[Maulds]

I love the analogies in the OP.

 

[Johnfromokc]

Fuck the banks. I've been with a credit union since 1983.

 

[Accountable]

Yup. We do either credit unions or small banks. Absolutely no loyalty. We go with the best deal, and shift when we find a better deal. We never ever do business with big banks.

 

[Minor Axis]

Yup. We do either credit unions or small banks. Absolutely no loyalty. We go with the best deal, and shift when we find a better deal. We never ever do business with big banks.

Credit unions all the way!

 

[Accountable]

We just shifted from a small bank, TransPecos (yes, as in Aaallllll the way across Pecos, TX), to Navy FCU. The bank had been paying stellar interest rates but they dropped them to average. No reason to stay with them now. We've had a NFCU credit card for, I don't know, over 10 years. Always good service.