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.
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?