Bank of America announced it is laying off 40,000 workers. Lesson: When you are an investment bank you can take taxpayers’ dollars in the form of bailouts and then kick workers in the balls with a pink slip.
Bank of America is in a class by itself. After a fresh investment by Warren Buffet and assurances that they were in good financial order with robust capital, the bank will be giving 40,000 workers pink slips over the course of the next three years.
Here is a bank that took taxpayer dollars in the form of a bailout and is now returning the favor by kicking its employees to the curb.
Why Americans continue banking with BofA causes great befuddlement here at Death and Taxes. They have engineered new account and higher ATM fees to make up for their lost overdraft fee fortunes; brokered a deal to sell death merchants Blackwater (now Xe); bought Countrywide Financial, which played a significant role in the sub-prime mortgage crimes that tanked the economy; employed security firms with CIA ties to dismantle WikiLeaks; harassed a woman about her husband’s debt before his body was even cold; and are now trimming their own fat.
(Read “5 Reasons to Put Your Money in a Credit Union” and “4 Reasons to Close Your Bank of America Account”.)
It is continually suggested by financial “experts” and talking heads that bank loans will precipitate a resurgent American economy and jobs gains, but this hasn’t been the case with Bank of America. Indeed, remember that the loans were to begin flowing after the bailout, but this of course never materialized.
It should also be noted that employee cuts were probably stipulated in Warren Buffet’s investment.
Clearly, Bank of America are one among many banks and corporations who are doing absolutely nothing for Americans; their primary objective is to enrich top management and elite investors—let the plebes fend for themselves.
Do you expect anything else from the American Corporatocracy?
September 10, 2011 at 3:05 pm, anon said:
meh none of those reasons are good enough to quit a bank. Considering there aren’t any alternatives unless you get a safe in your house. How is that going to help you when the american dollar fails? None at all. We need banks to survive for now it is just the way our economy was built. Take it or leave it. I just wish they would leave out greed. Yes they want their money on time like you agreed to when you signed your morgage. People are getting kicked out because they bought things they could not afford, then they get laid off and have no savings. That is inherently stupid. I don’t understand why people get mad when they are kicked out because they have a delinquent account, its part of life in America. If you don’t like the way our country treats you, then move away I am sorry life isn’t fair. Why should bank of america take losses because of that; especially considering that their stock is at 7.00 while wells fargo is at 27.00. They still have a duty to the investors that lost almost 3/4 of their money in BofA stock in the last 10 years. I don’t defend BofA, I just am explaining that it is an important part of our economy. Pretty much all reasons people hate BofA is because they did something against the contract that was signed when you opened the account. You have every option to leave when the contract is put in your face. No one reads the contract though, then they get mad that they weren’t informed of things…hmmm Americans really need to get their heads out of their asses.
BTW I am NOT a republican and I am NOT a democrat. I am an independent thinker. Welcome to america, our economy is failing; thus companies will screw us until we do somethign about it.
September 12, 2011 at 1:44 am, Anonymous said:
OOp’s Bye Bye USA, Bye Bye European Union, the celebrations of their demise begins 30th September
September 12, 2011 at 2:25 am, Anonymous said:
They need to trim their fat, start with the CEO then COO, don’t forget the CFO, the Chairman, keep the President, tell him his position just lost half its pay and benefits does he/she still want the job then let each bank run itself or go under by itself, no further bailouts may be accepted by the company. Nothing is to large to fail nothing..
September 28, 2011 at 4:51 pm, James Rab said:
i help you you help you wall streets way!!!!!!!!!!! wake up world !!!!!!!!!!!!! ;; li hear somthing ground level wall street but it not on tv yett why nott
December 22, 2011 at 10:24 am, Ray Saucedo said:
i say no place to put your money banks and credit union are shit ask Ray Saucedo a first imperial credit union of imperial valley California gave about may i say$500,000.00 away to who the credit union and board Dir,? Act as are they cops jail county workers gov, workers so the out come is right cum sum shit who cops police so who help no one they keep that all o wait don’t come back or be arrested so express same shit happen at follow bully demons so i call it sue me motherfuckers bank’s and California the motherfucker that oversight o’k they said private matter i say up my ass i have no money to sue and what was other bank of america same shit and union bank of California same shit so as buseniss owner i broke and never will work as they who one take money bank of america stolen my home why gov is in love with money dam we are fuck so fuck the USA goverment pack of rats up your as republicans and dem i see your might of shit so eat fagot ask Mr USA President ya ray saucedo i try to help but was told fuck of niggro now this part false