You Know that cousin you loaned money to, who is now robbing your house?

His initials are B of A !

Just received a notice from Bank of America that they will raise my interest rate to 30% if I fall behind on my payments. I won’t (I pay my card off monthly), but it leaves me wondering about the poor souls who have lost their jobs because of Bank of America and other financial institution’s fraud upon our nation, destroying our economy, or the families of our young people who were given credit cards at already predatory rates. We the taxpayers gave BofA almost 200 billion dollars to bail them out, and this is how they thank us. We were told that if we didn’t bail them out the entire economy would collapse, but that if we did they would loosen up credit restrictions and get the economy flowing again, thus creating jobs and relieving the housing crises. It didn’t happen. Instead, credit was tightened and they have increased penalties on the very people that saved them when those people get in trouble. Let’s recount:

1. They ruin our economy and we bail them out

2. We lose our jobs because they ruined our economy

3. We can’t keep up our payments, because we lost our jobs because they ruined our economy

4. They raise our interest rates to make it even worse for us, because we can’t keep up our payments, because we lost our jobs because they ruined our economy

Someone has to pay for the huge bonuses given to those whose practices ruined our economy. B of A paid out $96 billion in bonuses and compensation, including $9 million to CEO Brian Moynihan in 2010.  Bank of America received $199 billion in taxpayer bailouts and other assistance, stuck us with the bill and then paid no taxes from 2008 to 2010, receiving instead a $16 billion refund, according to Securities and Exchange Commission filings.

Why do they do this? Because they can.
 
respectfully with a bit of anger,
 
Tony