Three years ago it became obvious that the fraudulent, irresponsible lending practices of America’s biggest commercial banks were responsible for the country’s rapid economic decline, and once again, taxpayers picked up the slack. The federal government doled out billions of our hard-earned tax dollars to bail out the banks and pull the economy out of a terrifying tailspin.
Bank of America alone took $45 billion in the federal bailout, but it seems that the past three years have giving the bank’s executive’s a case of selective amnesia. Last fall, Bank of America announced that it would lay off 30,000 America workers in a “restructuring” plan following the housing bust.
Now that things have calmed down, Bank of America is looking to add some employees again…but local talent need not apply.
The bank, which is the second-largest in the country, is relocating its business-support operations to the Philippines, according to a high-ranking Filipino government official recently quoted in the Filipino press.
For now, Bank of America officials are playing dumb about the move, but Roman Romulo, deputy majority leader of the Philippine House of Representatives told a local paper that BofA is the last of the “big four” US banks to move their business-support network to his island nation, where the average family makes $4,700 a year.
Since the initial housing market crash, big institutions like Bank of America have tried to deflect prying eyes of both regulators and the American public, but to no avail.
In October 2010, the bank halted foreclosures in 23 states because of concerns that the bank used fraudulent affidavits to support kicking homeowners out of their home. In early 2011, Anonymous, the hacker group loosely affiliated with WikiLeaks posted a series of emails, purportedly from a former Bank of America employee, which show a pattern and practice of corruption and fraud at the nation’s largest bank, including wrongfully foreclosing on military veterans.
In November 2011, public outcry forced the bank to drop its plan to introduce an unexplained $5/month fee for debit card users. Then, in December 2011, Bank of America was one of five major banks named in a lawsuit by Massachusetts Attorney General Martha Coakley. In the suit, the banks were accused of a myriad of financial negligence, from robo-signing documents and writing loans and modifications they knew their clients could not afford to foreclosing on mortgages they didn’t even own.
Now, with the bank’s alleged plan to outsource thousands of jobs at a time when America people are desperately looking for work, it becomes obvious that corporations like BofA have none of the conscience or common sense one would expect from a human person. Instead of acting like the “job creators” they claim to be, we see once again that corporations only exist to create profits that their shareholders will then spend their lives hiding from the IRS.
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