Tag Archives: Bank of America

Bank of America to stop lending to some makers of "military" firearms

bank of america
Know thy enemies of the Second Amendment.
From Yahoo (via Reuters): Bank of America Corp plans to stop lending to companies that make military-style firearms for civilians, Bloomberg reported on Tuesday, making it the second major U.S. lender to address gun sales after the Florida high school shooting that left 17 dead in February.
The company is in discussions with a few manufacturers who make military-style firearms for civilians, Bank of America’s vice chairman, Anne Finucane, told the news agency in an interview.
“It is not our intent to underwrite or finance military style firearms on a go-forward basis,” she said.
A spokesman for Bank of America declined to comment on the report.
Last month, Citigroup Inc added restrictions on firearm sales for new retail sector clients, requiring them to sell firearms only to customers who passed a background check, restricting sales for buyers under 21, and not sell so-called bump stocks or high-capacity magazines.
The second-deadliest shooting at a U.S. public school re-ignited the long-running national debate over gun rights, pitting many of the students who survived the Feb. 14 high school shooting in Parkland, Florida, against powerful gun rights groups like the National Rifle Association.
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San Diego man faces 13 years in prison for using children’s sidewalk chalk on public street

Facing serious time for sidewalk chalkings

Facing serious time for sidewalk chalkings

NY Daily News: A California man is facing $13,000 in fines 13 years in prison – all for chalking his opinions on a public sidewalk.

While San Diego resident Jeff Olson admits to scrawling slogans like “No Thanks, Big Banks” and “Shame on  Bank of America” outside of three local branches of the bank, he never thought it would be considered vandalism.

Always on city sidewalks, washable chalk, never crude messages, never vulgar, clearly topical,” he told CBS  8.

Olson, 40, told the San  Diego Reader that he is vehemently against the bailout that big banks got following the housing bubble collapse, and used children’s sidewalk chalk to convey his message.

But that message seemed sketchy at best to city prosecutors, who have  charged him with 13 counts of vandalism. Each misdemeanor comes with a $1,000 fine and a year in prison.

While Olson cites his First Amendment rights to free speech, the trial’s judge barred the argument from being used in the trial, saying that the trial is  only to see whether Olson is guilty of vandalism or not.

The judge cited a case from 1995 where the defendant was acquitted of vandalism because the jury decided that children’s chalk left no lasting damage to the sidewalk.

According to CBS 8, the city elected to charge Olson after a high-ranking  bank security manager called repeatedly to voice a complaint.

Because Judge Howard Shore has ruled out the First Amendment defense, some in San Diego are worried that their children could be slapped with misdemeanors for doodling on sidewalks with chalk.

The city’s mayor, Bob Filner, sent a message to Council President Todd  Gloria on June 20 to close the docket against Olson. The memo reads: “This young  man is being persecuted for thirteen counts of vandalism stemming from an expression of political protest that involved washable children’s chalk on a City sidewalk.”

He said that because Olson doesn’t have a criminal record or history of  violence, going on with a full-blown trial would be “a misuse and waste of  taxpayer money” and an infringement on free speech.

A spokesperson for Bank of America told the Daily News that they were  offering no comment at this time.

Another reason to despise Bank of America.


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17 big banks on Moody's chopping block

Founded in 1909, Moody’s (or Moody’s Investors Service) is one of the Big Three credit rating agencies. The other two are Standard & Poor’s and Fitch Group.
On February 15, Moody’s announced a blanket review of 17 banks that operate in global capital markets.
Max Nisen and Simone Foxman report for Business Insider, June 15, 2012, that Moody’s rationale for its review is that the banks “face challenges that are not fully captured in their current ratings” — those of “more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions.” As a result, the banks’ longer term profitability and growth prospects are greatly “diminished.”
Downgrades on these major banks would have a serious financial impact on not just those banks, but on “counterparties” who have derivatives contracts with the banks.
So far, two of the 17 banks listed have been downgraded. The remaining 15 may be rated down by Moody sometime this month.
Here are the 17 banks, beginning with the two that Moody’s already  downgraded:
1. Nomura: Downgraded one notch to Baa3 on March 15.
2. Macquarie: Downgrade two to A3 on March 16.
3. Bank of America: Potential downgrading by one notch from the current Baa1 rating to Baa2. Potential damage of $3.5 billion.
4. Societe Generale: Possible downgrading by one notch from A1 to A2. Estimated collateral costs are unavailable.
5. Barclays: Possible downgrading by 2 notches from Aa3 to A1. Estimated collateral costs unavailable.
6. BNP Paribas: Possible downgrading by 2 notches from Aa3 to A1. Estimated collateral costs unavailable.
7. Citigroup: Possible downgrading by 2 notches from A3 to Baa2. Potential damage of $1.1 billion.
8. Credit Agricole: Aa3 to A2. Estimated collateral costs available.
9. Deutsch Bank: Aa3 to A2. Potential damage € 168 billion to € 246 billion.
10. Goldman Sachs: A1 to A3. Potential damage $6.8 billion.
11. HSBC: Aa2 to A1. Estimated collateral costs unavailable.
12. JP Morgan: Aa3 to A2. Potential damage $4.7 billion.
13. Royal Bank of Canada: Aa1 to Aa3. Potential damage $6.7 billion.
14. Credit Suisse: Aa2 to A2. Potential damage CHF 4.5 billion (about $4.73 billion).
15. Morgan Stanley: A2 to Baa2 (3 notches!). Potential damage $9.519 billion.
16. UBS: Aa3 to A3 (3 notches). Potential damage CHF 7 billion (around $7.3 billion).
17. Strangely, Business Insider doesn’t give a 17th bank.

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Smell a Coverup?

SEC Destroys 9,000 Fraud Files Involving Wells Fargo, Bank of America, Citigroup, Goldman Sachs, Credit Suisse, Deutsche Bank, Morgan Stanley, Lehman

Senator Chuck Grassley, Republican of Iowa, says SEC may have destroyed documents
“From what I’ve seen, it looks as if the SEC might have sanctioned some level of case-related document destruction,” said Sen. Chuck Grassley, Republican of Iowa, in a letter to the agency’s chairman, Mary Schapiro.
“It doesn’t make sense that an agency responsible for investigations would want to get rid of potential evidence. If these charges are true, the agency needs to explain why it destroyed documents, how many documents it destroyed over what timeframe, and to what extent its actions were consistent with the law.”
Agency staff “destroyed over 9,000 files” related to preliminary agency investigations, according to a letter sent in July to Grassley, the top Republican on the Senate Judiciary Committee, and obtained by MarketWatch.  Full Story

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What You and I Can Do About Globalization

LowTechGrannie has been posting on Agenda 21 and the globalization agenda. (For those posts, go to our “Creeping Big Brother State” page.) Have you felt powerless and defeated by the shadowy and faceless puppeteers, The Powers That Be (TPTB)?
Well, there’s something you can do about it.
Kyle Theirmann is a pro surfer who makes short films about current issues. Only 21 years old, Thiermann has some thought-provoking insights and proposals on what we can do to combat The Powers That Be behind the drive of globalization.
To date, Theirmann has inspired people to move over $340 million (of lending power) from the global Bank of America into local banks and financial institutions that use and funnel the $ deposits by ordinary people such as you and me to benefit local communities. This is one simple but powerful way to fight globalization!
H/t Catherine Austin Fitts’ Solari Report.

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Sweet Justice! Couple in Florida Foreclose on Bank of America

You’ll all love this one!  It’s a classic switcheroo!  A Florida couple who paid 100% cash up front for their home was foreclosed by Bank of America.  They had to retain an attorney and after a number of months, they foreclosed on the bank for non-payment of attorney fees. (LOL!)   Full story and video here.
H/T to Kelleigh for the story and website How To Fight Foreclosure for the image!

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