GekeVenn: BANK OF AMERICA
Bank of America has a long history of financially benefiting from federal legislation, having received a total of $45 billion from the Treasury Department in 2008 and 2009 (via the Troubled Asset Relief Program), in addition to government help with its acquisition of Merrill Lynch, and loans of billions of dollars at lower rates through the Temporary Liquidity Guarantee Program, with taxpayers guaranteeing their debt. And just today the corporation announced that its first-quarter profits have increased because of the lower corporate tax rate passed last December.
One inclusion of note is lobbyist Wesley Welch, former legislative director for Senator Richard Shelby. At the time of the 2008 financial crisis, Senator Shelby was the top Republican on the Senate Banking Committee and in 2015 Senator Shelby proposed the Financial Regulatory Improvement Act, a bill reportedly crafted by lobbyists for the big banks. Bank of America was one of the corporations that lobbied for enactment of Shelby's bill.
According to the Dodd-Frank regulation of 2010, Bank of America is a G-SIB (global systemically important bank). Banks desginated as G-SIBs are required to hold additional capital, known as the G-SIB surcharge, as a hedge against future financial crises. According to the Motley Fool, the surcharge “is particularly burdensome for JPMorgan Chase, Bank of America, and Citigroup which have to keep as much as 3% their shareholders' equity laying fallow in cash or low-yielding but highly liquid securities.”
This doesn't mean, however, that Bank of America wants to see a repeal of Dodd-Frank. In fact, two months ago, Bank of America CEO Brian Moynihan made the position of Bank of America on Dodd-Frank perfectly clear: “Dodd-Frank is fine. None of us are trying to touch it.” He went on to say it would be a good idea, however, to lower the Basel III capital requirements.
Also of note is lobbyist Rachel Miller, former legislative assistant to Senator Dianne Feinstein. Feinstein opposes any repeal to Dodd-Frank and just last month issued a press release to that effect. Bank of America happens to be a client of her husband's firm, Blum Capital Partners.
FAC = Federal Advisory Council
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It's funny, those little things in life that scar your consciousness.
It was 1997, I was weaning myself from the parental teat, navigating my university existence in a haze of pizza delivery, cannabis, and generally poor decision-making. Then, the overdraft. And another. Another! This daisychain of financial bullcrappery wrecked my ability to get high for over a month and BofA was right there, collecting 3,500%+ interest on my $1 overcharge. And this was my first lesson in financial thuggery. Kneecapped by a financial brute for borrowing a buck from it's divine coffers.
Lick my butt BofA, lick my butt. (And rot in hell Moynihan)
These economic hit men are willing to forgive debt between each other's banks as if it were nothing, and sell one another private debt for pennies on the dollar, but god forbid that we the people fall behind on our loans, they will foreclose or seize assets within a moment.
They even go so far as to foreclose on titles where they don't actually own the debt. Illegal foreclosures were the norm, I assume they still are. Pushing people out of their homes despite the fact that the actual title or deed cannot be found. Often times the county sheriff sides with the banks, despite the fact that they have a track record of lying.
I had a Bank Of America account some years ago. Decided to stop that. I am following the news. I do not really like lobbyists. I do not like central banking. That is why we have Bitcoin and Steem. I'm Oatmeal. Thanks for sharing.