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LARGEST BANKS PROFITED FROM FED FUNDS DURING CRISIS

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LARGEST BANKS PROFITED FROM FED FUNDS DURING CRISIS

Post by flowergirl on Wed Apr 27, 2011 2:10 am

I've checked multiple topics including "today's active topics" but did not find this...so here goes. I am so stinking angry about this article I could just spit. As usual my hero Senator Sanders is responsible for requesting the information provided by Congressional Research Service. Just take a look...here is my favorite quote made by Senators Sanders Senior Policy Advisor Warren Gunnels ..quote was made publicly and should be emblazoned on the door of EVERY politician WORKING for us.

"Why wasn't the Fed providing these same sweetheart deals to the American people?" asked Warren Gunnels, senior policy adviser to Sanders. "The Fed was practicing socialism for the rich, powerful and the connected, while the federal government was promoting rugged individualism to everyone else."

Here is the article:
http://www.huffingtonpost.com/2011/04/26/fed-lending-helped-wall-street_n_853884.html
thumbs down

flowergirl
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Re: LARGEST BANKS PROFITED FROM FED FUNDS DURING CRISIS

Post by Abbie on Wed Apr 27, 2011 7:44 am

Socialism for the rich and capitalism for the poor, can't be said enough.
It'll be a cold day you know where before any of us will see a banker pulling himself up by his boot straps.

Abbie
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Re: LARGEST BANKS PROFITED FROM FED FUNDS DURING CRISIS

Post by Guest on Wed Apr 27, 2011 8:03 am

"Bank of America provided vital support to the economy throughout the financial crisis and we continue to support businesses and individuals today through our lending and capital raising activities," spokesman Jerry Dubrowski said in an email.

mad This is an outright lie!! There were well over 1,000 people let go from one of their main call centers here in RI in 2009 and the jobs outsourced! I have so many friends and relatives that were affected by their first round of cuts 2 years ago. That number only reflects one round of mass lay-offs in one small state. There have been many more here since then. BOA is continuing this practice of outsourcing all their service centers and now only hires temps on a 3 month basis in the remaining jobs they have available in this area.

Is that what they call "vital support"? I can't believe their spokesperson had the gall to say this. I saw first hand what they did to the economy in this state, and it certainly wasn't vital support. BOA contributed in a huge way to the unemployment crisis in RI and continues to do so today. They hire on a temp basis to avoid paying payroll taxes (including FUTA and SUTA) and providing employee benefits while they prepare to ship more of their service operations overseas!

Guest
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Re: LARGEST BANKS PROFITED FROM FED FUNDS DURING CRISIS

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