Going after Bank of America, I FEEL THIS... (Video)

These banks are full of shit. End of message.



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Bank of America to change policies on overdraft fees

I have written about Bank of America (BofA) a few times. This bank was outrageous in its overdraft fees and I had to have it out with them to reverse the charges on what happened to me.

The atmosphere is toxic to banks from the public right now and rightly so. These companies have been complicit with Wall Street in the housing crisis and have had to have OUR MONEY to save their asses.

I was not a fan of Obama bailing these banks out because they chose to get in the predicament that these institutions were in, but to repeatedly shaft the public is just too much. Now change is in the air.

Bank of America Corp. said Tuesday it's capping the fees it charges customers for overdrawing their accounts, backpedaling on the hikes the company imposed just this year.

Starting Oct. 19, Bank of America said it will no longer charge overdraft fees when a customer's account is overdrawn by less than $10 in one day. A $35 fee will still be levied if the account isn't brought into balance within five days.

The Charlotte, N.C.-based bank also will limit to four the number of times an overdraft fee can be charged on an account per day. Just this year, the bank had raised that cap from five to 10. It also raised the fee this year for the first overdraft in a 12-month period to $35 from $25 — a hike that still stands. read the rest here...

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Bank of America needs a sh*tload of money, eventually more bailout money...

Again, I have been writing from the beginning, we cannot save all the banks. We cannot. We have sunk billions into Citibank and have been sinking the same into Bank of America. Now, we are all smart here and can smell the bulls*it, eventually the Obama Administration will have to cut the purse strings, which are our purse strings and let one of the big ones, that we were told, "CAN NOT FAIL", do just that. FAIL.

Bank of America Corp. stock rose in premarket trading after an initial decline, amid reports that it needs $34 billion in new capital.

The New York Times and The Wall Street Journal are reporting that regulators are telling the Charlotte, N.C.-based bank it needs about $34 billion in capital based on results of government "stress tests."

The New York Times quoted a bank executive, while the Journal report cited unnamed people familiar with the situation.

Bank of America was not immediately available to comment on the reports. The Treasury Department declined to comment.

Shares of Bank of America rose $1.02, or 9.4 percent, to $11.16 in premarket trading. The stock had been down more than 5 percent earlier in the morning.

Bank of America has been among the hardest hit banks by the credit crisis and ongoing recession. It has received more than $45 billion in government aid already, and has come under heavy scrutiny in recent months for its acquisition of Merrill Lynch.

The need for more capital comes as the government gets set to release the results of a stress test on Thursday that it completed on 19 banks to determine how they would fare in economic conditions worsened. The test aims to gauge how much of an additional capital cushion the nation's biggest banks need to protect against potential future losses.

Any of the banks that are deemed to need more capital will have an opportunity to raise the funds on their own before the government steps in to help support them.

Can BofA raise this capital? I don't know, this is not the only shaky bank out there and though the stock market is slowly becoming more solid, the job market is not and though the housing market is up it is only because many are purchasing drastically reduced homes. This also means that many Americans are sitting on mortgages in homes that have dropped drastically in value. Now 1 in 5 home owners owe more on mortgages than what the home is worth.

The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration's efforts to stabilize the housing market.

The increase in the number of such "underwater" borrowers comes amid signs that falling prices are making homes more affordable for first-time buyers and others who have been shut out of the housing market. But falling prices also make it more difficult for homeowners who get into financial trouble to refinance or sell their homes, and for others to take advantage of lower interest rates.

For instance, fewer will qualify to take advantage of a key component of the Obama administration's plan to stabilize the housing market. Under the plan, announced in February, as many as five million homeowners whose loans are owned or guaranteed by government-controlled mortgage giants Fannie Mae and Freddie Mac can refinance their mortgages, but only if the mortgage loan is a maximum of 105% of the home's value.

This leaves many STUCK with a mortgage on a home not worth, well, squat. So, now we should continue to keep the likes of Bank of American above water? Eventually, for the Obama Administration, people are going to get tired of this, if they are not getting ansy already.

WE CAN NOT SAVE THEM ALL. If we can let Chrysler go into bankruptcy, so can some of these banks. Like the automobile industry that drove themselves over a cliff, so did the greed of these banks.

ENOUGH ALREADY.

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Bernanke, Paulson I guess forgot to CYA: Bank of America spills the beans....

Ben Bernanke and former Treasury Secretary Hank Paulson pressed Bank of America, Chief Executive, Kenneth Lewis not to reveal the purchase of Merrill Lynch. In other words, trying to keep the real exposure of the economy under wraps.

Scandalous.

Bank of America Corp Chief Executive Kenneth Lewis testified under oath that U.S. Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressured the bank to not discuss its plan to buy Merrill Lynch & Co, the Wall Street Journal said.

In a testimony before New York's attorney general Andrew Cuomo in February, Lewis told prosecutors that he believed Paulson and Bernanke were instructing him to keep silent about deepening financial difficulties at Merrill, which BofA acquired in January.

Lewis testified that the government wanted him to remain silent while the two sides negotiated government funding to help BofA absorb Merrill and its losses, the paper said, citing transcripts of the testimony.

A representative of Cuomo questioned Lewis about his failure to disclose Merrill's fourth-quarter losses, which eventually totaled $15.84 billion, according to the paper.

Lewis said he was told by Bernanke and Paulson that the BofA-Merrill deal needed to be completed, otherwise it would "impose a big risk to the financial system" of the United States as a whole, according to the paper.

This is another reason why the public is highly skeptical of Wall Street and the continuation of dumping money in these banks.

If this is true and note this statement was taken under oath, Bernanke should be told to empty his office and leave to greener pastures.

for real.

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Wall Street worries about the banks again? And?

I am sorry, but no pity party for banks here.

We can not save the innovation that put America on the map, the auto industry, but we can give more money to banks that put themselves in this predicament because of sheer greed? The same organizations that don't understand that bonuses in the millions to folks that put the economy where it is just is unacceptable, while American families are struggling partly because of their bad decision making?

Puh-leaze. No pity here.

Obama Administration trend very carefully here. If you want the auto industry to go bankrupt, you for damn sure better make sure some of these banks go down the drain, as well. If you don't, many middle class Americans won't get that picture, AT ALL.

Anxiety is growing again over the health of the nation's largest banks, and with Congress hesitant to commit more money, the Obama administration is exploring ways to strengthen them in the face of an unrelenting recession.

Results of the federal government's "stress tests" on big banks are due May 4, and Wall Street is increasingly worried they will show some banks are in worse shape than expected.

The renewed bank fears drove the stock market down on Monday in its worst showing in six weeks. Bank of America stock lost nearly a quarter of its value, and the Dow Jones industrial average fell almost 290 points.

Bank of America reported a first-quarter profit of $2.8 billion, joining other banks whose earnings reports have looked positive at first blush. But some analysts say accounting steps are concealing the depth of the financial industry's woes.

The banks have been helped by income from trading and cheap borrowing, but they are still struggling with bad debt, said Joe Saluzzi, co-head of equity trading at Themis Trading LLC.

Investors are "looking at bank numbers and are saying they are not that great," he said.

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Stock Deals, for real.....

While the cable chatter, commentators, or as I call desk clerks continue to whine about Obama and spending, the stock market is chaotic.

One thing for sure, Citibank and Bank of America will be saved by the government. These banks are too large and too intertwined internationally for this government to let fail. Thus, purchasing their stock, right now, would be a shrewd investment.

Citigroup closed yesterday at $1.02; Bank of America at 3.17.

I know that much of the uncertainty with these bank stocks are raveled with the housing crisis, but if the government will not let these bank fail, if you have the cash, this stock would be a good purchase.

The banking giant Citigroup commanded a stock price of $55 just two years ago. But at one point Thursday, as markets hurtled to their lowest close in 12 years, the shares were worth less than an item at the Dollar Store.

[snip]

A share of General Motors stock, which fell below $2 on Thursday as it warned of possible bankruptcy, is now not even enough to buy a gallon of gasoline for your Chevy.

A share of General Electric, battered this week to little more than $6, would not be sufficient to buy two of the company’s compact fluorescent light bulbs. And at its current price of 73 cents, it would take several shares of Office Depot stock to buy a box of paper clips.

One caution, General Motors, I would let pass. I have written and with the rumors coming from GM itself that bankruptcy is eminent, the survival of this company is highly questionable right now. The government won't let all the American car companies fail, but they will let one go.

I believe it will be General Motors.

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Investors can not deal with the stock market any longer

“Many investors simply can’t contemplate any more stock market risk in their portfolios,” said Fritz Meyer, the Denver- based senior market strategist for Invesco Aim, which oversees $357 billion. “Sentiment in the market is very weak and negative.”

That sums it up quite well. The stock market, today, is hazardous for your financial health. Ask anyone in the market who have lost money and 401K holders who are moving their money OUT of these funds. Oh, the stock market fell to 1997 levels, today.

Reality Bites. It does. This is what the market is going through and what Americans have realized. We can finger point until the cows come home, but in the end many Americans have lost massive amounts of money on the market and with the continued uncertainty of the banks in this country and the continuing foreclosures in the 10s of thousands daily in this country, nothing is guaranteed any longer.

As long as the financial house is still reeling, why should Americans still throw money into a market that is also responsible for where this country is financially now? With all these ponzi schemes unfolding daily, many Americans are doubtful of these investment firms. These firms did not do their job in making sure these securities were sound. Instead these firms fell into the "good old rich boy network" on Wall Street and trusted a colleague like Bernie Madoff, who ended up being the biggest scam artist of them all and one who never purchased any securities for his clients. In other words, people's statements by these firms were filled with falsehoods, fairytales and lies.

President Obama has hard times and choices ahead. Former President Bush and the Republican Party drove us into a ditch with the Iraq War, spent us through the roof, and have borrowed trillions of dollars from our adversary, China. This country has not made anything of substance for years and unemployment numbers will be dismal for some time.

We now are looking at throwing more money into Citibank, with Bank of America on Citi's heels, AIG needs more money or they are going belly up, and we are bracing for the Housing Plan from the Obama Administration.

Many Americans are still willing to give Obama a chance; it has only been like 34 days. It took eight years of total fiscal mismanagement to put us where we are at. These problems did not just show up, it was there for everyone to see but the Bush White House refused until they had to face it. 10,000 homes have been foreclosing in this country since 2005 and the Bush Administration KNEW IT, but failed to do anything about it. It is easy to point fingers, but right now everyone's home in this country is not worth what they thought it was and many are paying more for a house that has vanished in equity.

I don't think all Republicans want Obama to fail. The failure of the Obama Administration is the failure of us all. It means the worst for this country. But the Republicans need to be for something and I mean for more than just tax cuts. I understand they are trying to take the moral fiscal ground, but their credibility is shot because it was the Republican Party that put us where we are at now. The word fiscal in reference to the Republican Party is laughable now. Instead of the constant bickering and fighting, the Republicans need to try to work with President Obama in good faith. This is not only what this country wants but needs desperately. Both sides in leadership for the good of the country. Until we can really do this, the continued postering and pandering for the cameras will continue until 2012.

Isn't Washington, D.C. just grand?

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Bank Scams on Unemployment Benefits

My brother is on unemployment, as we were chatting a few days ago he told me that the state is not issuing live checks any longer, but the only option is debit card or your checking account.

My brother optioned the debit card because the last time he was on unemployment he ended up owing because they paid him too much. I asked why not direct deposit to his checking account? He said, "You must read the fine print. Unemployment can go into your account and withdraw any money, etc., for any mistakes they make." In other words, he did not want unemployment messing up his checking account with over draft fees.

Many in this country do not have checking accounts with banks and the way things are going now, I don't blame their choice. Banks now do credit checks before you can open a checking account and many in this country have hits on their credit. So, now the debit card.

The thing with this debit card is this, the card is not with a main stream bank, like Bank of America or J.P. Morgan, but an obscure bank that you never heard of in some out of the way place that you can't get to. So, here come the banking fees.

Bank of America, J.P. Morgan, etc., are charging from 3.00 on up to withdraw any money from their ATM machines which are on practically every corner. Oh, it gets better as my brother told me. The bank your debit card was issued for unemployment also charges an ATM fee because you did not withdraw the money from their ATM machine, which of course, is no where to be seen.

And the banks wonder why folks are livid with their practices which continue to dump on those struggling?

For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even as they're collecting unemployment benefits, they're paying bank fees just to get access to their money.

Thirty states have struck such deals with banks that include Citigroup Inc., Bank of America Corp., JP Morgan Chase and US Bancorp, an Associated Press review of the agreements found. All the programs carry fees, and in several states the unemployed have no choice but to use the debit cards. Some banks even charge overdraft fees of up to $20 — even though they could decline charges for more than what's on the card.

"It's a racket. It's a scam," said Rachel Davis, a 38-year-old dental technician from St. Louis who was laid off in October. Davis was given a MasterCard issued through Central Bank of Jefferson City and recently paid $6 to make two $40 withdrawals.

The banks say their programs offer convenience. They also provide at least one way to tap the money at no charge, such as using a single free withdrawal to get all the cash at once from a bank teller. But the banks benefit from human nature, as people end up treating the cards like all the other plastic in their wallets.

The fees are raising questions from lawmakers who just recently voted to infuse banks with taxpayer money to keep them afloat. read more here....

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Keith Olbermann on Bank of America and their Bailout SPENDING (Video)

Obama said some banks won't make it. And he also indicated that if this (economy) is not turning around by year 3, he acknowledges that he will be a ONE TERM PRESIDENT. Again, the economy is in Obama's lap now, Bush is out of office and you can't beat a dead horse. This is now Obama's Watch.

A tip for the banks, y'all need to get a PR FIRM because you are losing on the spin tip. If you continue to spend like everyone in America got a JOB and SPENDING money, you will soon not get a dime from the government again. If you think the public is not paying attention or not angry, THINK AGAIN. Get a PR face because y'all need it. for real.

Bank of America Spends 10 Million on SuperBowl Party

Keith with Barney Franks hauling these bank executives to Capitol Hill

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Bank of America don't give a DAMN about workers

Call it the way it is.

This is another welfare bank, Bank of America, that took bailout money but surely don't give a DAMN about workers.

If you have not listened to what CEOs really think from Huffington Post, please do. Then question, again, why we should give dollars to these welfare banks, especially the 'big wigs' that could care LESS about their own workers. Yes, they have the nerve to complain and shudder or run scurred at the thought, the thought of the Employment Free Choice Act, coming to a bank and retailer near you, SOON.

This conference call was October 17th and these participants were ALL ABOUT the Republican Party winning. But again, these 'big wigs' have no problem trouncing up to Capitol Hill with their welfare hands out. Talk about hypocrisy. It takes Trapper John over at Daily Kos to put the reality of these welfare banks on the table.

So Bank of America, fresh with taxpayer bailout boodle courtesy of American workers, is spending its time and money trying to screw those same American workers. Not surprising, I guess, for a company whose CEO, Ken Lewis, which absorbed Merrill Lynch, whose CEO spent $1.2 million renovating his office -- while BofA pays its tellers around $24,000 per year.

Do you feel me? Are you mad, yet?


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