We’re Moving Our Money because Bank of America is...
1. Foreclosing on American Families
As of June 2010, BofA had $88 billion worth of foreclosed homes in its portfolio—more than any other mortgage servicer in the country. They are at the center of the foreclosure fraud scandal, have a terrible record of providing modifications to struggling homowners.
2. Putting a Chokehold on Lending to Keep Americans Out of Work
Rather than investing in our communities to restart the economy, BofA is not lending to small businesses that create jobs. In the two years after the bailout, BofA had a 97% drop in Small Business Administration loans!
3. Not Paying Its Fair Share
BofA has $2.2 trillion in assets yet paid $0 in income taxes in 2009 and 2010, and has over 143 tax-sheltered overseas subsidiaries to get out of paying federal taxes.
4. Stealing our Democracy
BofA’s big dollars are getting our elected officials to rig the system and the rules. Since 2003 BofA has spent close to $20 million in lobbying against common sense reforms.
$230 Billion: Bailout money from US taxpayers
$4 Billion: Profits since bailout (2009-2010)
$10 Million: 2010 CEO Brian Moynihan total pay
$35.1 Billion: 2010 bonuses and compensation
$23,108/yr: Average BofA bank teller wage