democracynow.org – In his new article, “Bank of America: Too Crooked to Fail,” Rolling Stone reporter Matt Taibbi chronicles the remarkable history of the rise of Bank of America — an institution he says has defrauded “everyone from investors and insurers to homeowners and the unemployed.” Taibbi describes how the Bush and Obama administrations have repeatedly propped up the financial institution, which received a $45 billion taxpayer bailout in 2008. Bank of America has also received billions in what could be described as shadow bailouts. The bank now owns more than 12 percent of the nation’s bank deposits and 17 percent of all home mortgages.
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Reporter Matt Taibbi has come forward with some shocking revelations about Bank of America’s success. In a recent article, Taibbi claims that fraud and bailouts have been the secrets to the banking giant’s rise to the top.
Taibbi’s allegations are based on his extensive research and interviews with current and former Bank of America employees. According to his findings, the bank engaged in fraudulent activities such as mortgage fraud, market manipulation, and the illegal foreclosure of homes.
Furthermore, Taibbi asserts that Bank of America’s success can be largely attributed to the hefty bailouts it received during the 2008 financial crisis. The bank, like many others, was given a substantial amount of taxpayer money to stay afloat during the economic downturn. However, instead of using the funds to help struggling homeowners or businesses, Taibbi claims that Bank of America used the money to bolster its own position and further fuel its fraudulent activities.
These allegations are concerning, to say the least. Bank of America is one of the largest and most influential banks in the United States, and if these claims are true, it would indicate a serious breach of trust and ethics within the banking industry.
The implications of Taibbi’s findings are far-reaching. If Bank of America indeed engaged in fraudulent activities and misused bailout funds, it raises serious questions about the integrity of the financial system as a whole. It also brings to light the need for stricter regulations and oversight to prevent such abuses from occurring in the future.
In response to these allegations, Bank of America has vehemently denied any wrongdoing. The bank has stated that it has implemented numerous changes and safeguards to ensure that such issues do not occur again. However, Taibbi remains steadfast in his claims and is calling for further investigation and accountability.
Regardless of the veracity of Taibbi’s allegations, these revelations bring attention to the importance of transparency and accountability in the banking industry. The public deserves to know the truth about how their financial institutions operate and whether they can be trusted with their hard-earned money.
The story of Bank of America’s success, as told by Matt Taibbi, is a cautionary tale that highlights the need for greater scrutiny and oversight of the banking industry. It serves as a reminder that banks should be held to the highest ethical and moral standards, and that any violations of trust should be taken seriously and rectified swiftly.
Ultimately, the public and regulators must take Taibbi’s claims seriously and demand answers from Bank of America. The future of the financial industry depends on it.
Men comparing size. More like kids. Its shameful how phallic we continue to be. Skyscrapers.
This country has been taken over by these sleazy bankers.
Interesting to see this again ten years later. I watched or listened to DN for many years in a near daily basis, and I am thankful for their work during the 2000’s and early 2010’s which included so many valuable guests and truthful journalists.
how many time did he say "move forward"?
Illusory truth effect
Ten years on and 91 up votes, and 48 comments, youtube ruling class algo is doing the job.
Matt Taibbi with the vintage 2 for 150 puke colored mid 2000s suit lol the life of a journalist is not one of riches
Move along there's nothing to see here, move along. You need to hurry and get your place in the soup line.
Action in any of the suggested forms is what needs to happen: gold purchases, runs on banks, suits, etc. if nothing happens they win, we lose
I agree with bawbster1 comments…
YT is great but they tend to apply censorship in a very sublime manner… Wonder why…
Jpmc has a similar set up by which they charge the unemployment beneficiary with fees $5. For each withdrawal irrespective it being drawn from a jpmc ATM or not
That could work. Still haven't dealt with corporate corruption and it's takeover of the country and it's law makers.
Luxembourg, debt to GDP 3,443%, 2010…
Put your money into a non-FDIC Credit Union!
Get out of banks and put your money in a Credit Union! Do it now!
LOL, I work in a bank in Canada. We have stricter regulations. We do it honestly. Sure, there have been things that I don't agree with. We do provide ways to securely plan for your future. We don't steal our customers' money(well,at least not to the extent of…y'know) I'm a friend to the USA, a friend enough to say, wait, lying down is not what America is about *nudge*. I'm not saying Canada is perfect. At least our politicians conduct themselves as civilized people.
Don't take it so personal.
Heh — I just realized I thought I was commenting to you in a TYT vid when it's a DN vid. I think your mention of graphs threw me 🙂
Have you ever wondered what America would be like if the American Revolution didn't take place? Back then, as history has noted, revolution wasn't a popular solution with half the people. Now, Imagine America 100 years from now with things like "the Patriot Act" and stolen elections, the 1% growing, the middle class disappearing, etc… Hell, imagine America in 15 years.
If enough people get behind the revolt, it will include many of those police officers and military people. They are being fucked over also. When people wake up, look out. If the people don't wake up, then it's really time to watch your back.
"it's now legal for the Army to arrest US citizens on US soil"… THAT'S EXACTLY WHY THE US CITIZENS NEED TO REVOLT. YOU DON'T SEE A PROBLEM WITH THAT?!?
Runs on banks (as you are suggesting) have happened in the past, only to have the money they've taken out devalued. The bankers always survive, just in different financial institutions. BTW – if Occupy wall street can happen, then a revolution can happen. Ever heard of the American Revolution? It can happen again.
"Force the government to decide whether or not to do another bail out"… LOL – the only thing that the government will do is bail them out… Why? Because they flood congress with billions of dollars via lobbyists. The system is broken. The government and law makers work for the 1% and the money they can get from them, NOT THE AMERICAN PEOPLE. This is why people need to rise up. You or I may not like the idea, but you wont see any real changes otherwise.
Also, banks are a lot like the media, most banks are controlled by a few. The smaller banks keep getting bought out by the big banks. Take TD Bank (Toronto Dominion Bank). Canada's best run bank had nothing in the USA 15 years ago. Now they have more branches in the USA than they do in Canada. They are a far cry from B of A, but the "good" choices are slowly going away.
So only have a savings account until you're sure it's safe. Good luck whipping up an angry mob big enough to face the hundreds of armed police that'll come down on you. And if you wind up to get thousands of people in your mob, good luck facing the Army, because it's now legal for the Army to arrest US citizens on US soil. Go ahead, turn the country into a war zone before everything else has been tried. It's done wonders in Iraq and everywhere else we send our forces.
Like I said, good luck in convincing enough people to take a monetary loss on their investments by cashing them out early time and again. You obviously don't have any investments, or understand how they work. When you lock in a GIC or mutual fund, etc… there a penalties for cashing them out early. Your plan would benefit the banks. They make money when you cash out early, then they buy up the small banks and get your money anyway.
Yes, keep moving your money until you find a bank that won't sell out. If your bank closes its doors, come back tomorrow. The bank makes no money if it's forced to stay closed. Physical money or not, everyone can withdraw all their money. If the cash is gone, they can take a cashiers check and put it in another bank. Force the government to decide whether or not to do another bail out.
I believe in violence ONLY when deemed necessary. I do believe that that time has come. Did you know, if the government bailed out the public instead of the banks, everyone who lost their homes and all the unemployed were each given $100,000 – it would've cost the taxpayers less than the bank bailouts. In this case, yes, I do believe in violence. In most cases, no, I do not.
First of all, you will never get "everyone" to withdraw all their money at the same time, because it doesn't physically exist. 95% of money today is electronic, it doesn't exist is a tangible form. Second, the banks would never allow it to happen, once a run of a bank of the magnitude starts, they simply lock their doors. Third, the government would just bail out the banks again.
And by "act now" you mean violence. If everyone withdrew their money now, violence wouldn't be necessary. You really do believe in violence.
Sure, put your money in some small bank in Bumblefuck, Idaho – then along comes citibank or B of A to buy it up. Then what? You move your investments AGAIN, cashing them out early, AGAIN, taking a monetary loss, AGAIN.
I really don't believe in violence. History always repeats itself. Many countries & empires have fallen, rotting from the inside because of corruption & greed. This is EXACTLY what's happening in the USA right now. This may be the last opportunity the American public will have to take back their country. The public has been dumbed down for generations now, & it's starting to show. If Americans don't act now, there may never be an opportunity again. Desperate times call for desperate measures.
Yeah, YT is pretty good 🙂 Some news shows are good, like TYT here. Also, "DemocracyNow" is good. They have a channel here on YT and their show is on over 1,000 radio and TV stations here and on their website.
w w w . democracynow . org
Another good show is "Moyers and Company". He's been in the business for decades. His show is on PBS stations and at his website.
w w w . billmoyers . com
only the people who are on the ground know the real story. mainstream media is very weak. That's why I firmly believe that YouTube is the best channel available for flow of free info anywhere in the world. videos, voice, graphs & the whole works.
YouTube IS THE BEST!
Those are just the prideful cheerleaders who think they're real patriots. There's a lot of them, but I don't think they're the average here. All 50 states have poverty, and it is hidden to a degree, but most of know it's here. I know that people who've never lived here think there's no poverty here. I lived with a guy who came here straight from South Korea, and he was surprised to hear me tell him that we have poverty. Money is not evenly distributed here.
But according to many Americans poverty accounts are overblown by enemies of USA & there is no poverty problem. Life is very normal. maybe some states do not feel it. that's why I think there is a great chance of states breaking up.
There are thousands living and begging on the streets here. Millions have had their homes stolen from them by swindlers. Dole is not assured. I believe the average American is aware of this, but I could be wrong. What's obvious to me isn't obvious to all. Americans are definitely addicted to toys. It's disgusted me for decades now.
I think the average american does not care tuppence about human life because they are assured of dole, food stamps & are religious. they don't know the value of anything anymore except for gadgets & free stuff. that's putting it very basic, very crude & very short. but it's true.
The majority of people still has too much to lose by protesting here. Protests take a long time, and if you're gone too long, you lose your job. Once that is gone, you lose everything else, unless you find another job, which is getting harder to do. If that job doesn't pay as much, you still lose things. Then there's the fact that health insurance is tied to your job. We'll lose it all anyway if we don't protest. I hope we wise up before we hit bottom.
DON'T PUT MONEY IN BANKS & most importantly DON'T VOTE!
problem with American people is they are shit scared to fight. all they know is to do slow motion anemic protests with placards. even then they get whipped by the police like bitches. many of them still think their mass murdering armed forces are heroes. banks must be laughing their asses off. if this shit happened in India bank asses would have got whipped properly by now.
Not all banks are the same. It's more complicated than you realize. Violence is the last resort, yet you insist that we skip right to violence. And you began your comments a day ago with, "I don't believe in violence, but…" I think you need to check yourself.
The 1% has made this into a war. The problem is, most of the 99% are unaware of this. Most of the 99% are unaware of the extent the 1% would go to keep us "down". They are already prepared for war. They have the demeaning propaganda in place to dehumanize us, y'know – calling us "muppets", etc… check out the WWII propaganda about the Germans and Japanese – is there any difference? They dehumanize us, so they don't think twice about fucking up our lives and the lives of our children.
And put it where? Another bank that B of A will just buy out? Another bank that uses the same business practices? That just makes you part of the problem. That makes you a sheep lining up for the slaughter, a god damn lemming.
The occupy movement was a step in the right direction. Now we need to scare the shit out of them. Get them on the run. Make them feel that their lives might be in danger. Believe me, they wouldn't blink at the thought of doing the same to us "muppets".
I already made a suggestion: withdraw our money.
Why? Because BofA has corporate lobbyists to pay off the law makers in congress. Any "watchdog" institutions created to "fix" these kinds of problems are ALWAYS underfunded and undermined. They never turn out to have any real power. America needs to take to the streets and take back the country.
But a lot of the stuff inside the buildings will burn. Yes, they are insured, we do this & we bankrupt the crooked insurance companies. So, what do you suggest? Elect someone else to be controlled by the lobbyists & corporate money? The system is broken. America needs to take their country back. All the voters combined have no real power, it's corporate money that controls the law makers. So, what are your non-violent solutions? Start another occupy Wall st. movement that won't work again?
Hate to say it… many times in history, force was the only answer. It's getting to that point now. BTW – sure they'll use their police toys, but we have numbers. They can't stop all of us everywhere.
do not do any business with BoA.
encourage people you know to withdraw all their money from their bank accounts in BoA.
talk to undergraduates about the frauds committed by BoA and advise them not to seek employment with BoA after their graduation.
do not buy anything from any corporation that has a company account with BoA.