Matt Taibbi: Bank of America is a “Raging Hurricane of Theft and Fraud”

HurricaneVia F The Banks:

Matt Taibbi speaking at an Occupy Wall Street day of action, February 29th, 2012. He wrote this article for OWS, and passed it out to the crowd.  It’s an informative and urgent call to action for Americans from all walks of life.  We are happy to be the first to publish it.

There are two things every American needs to know about Bank of America.

The first is that it’s corrupt. This bank has systematically defrauded almost everyone with whom it has a significant business relationship, cheating investors, insurers, homeowners, shareholders, depositors, and the state. It is a giant, raging hurricane of theft and fraud, spinning its way through America and leaving a massive trail of wiped-out retirees and foreclosed-upon families in its wake.

The second is that all of us, as taxpayers, are keeping that hurricane raging. Bank of America is not just a private company that systematically steals from American citizens: it’s a de facto ward of the state that depends heavily upon public support to stay in business. In fact, without the continued generosity of us taxpayers, and the extraordinary indulgence of our regulators and elected officials, this company long ago would have been swallowed up by scandal, mismanagement, prosecution and litigation, and gone out of business. It would have been liquidated and its component parts sold off, perhaps into a series of smaller regional businesses that would have more respect for the law, and be more responsive to their customers …

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5 Comments on "Matt Taibbi: Bank of America is a “Raging Hurricane of Theft and Fraud”"

  1. I can’t believe the Democrats are having their convention at Bank of America Park.   Bad vibe.

  2. don’t negotiate with terrorists

  3. Tchoutoye | Mar 5, 2012 at 12:20 am |

    More by Taibbi at Rolling Stone: Bank of America In Trouble? 

  4. $$$ -THE MONEY GAME- $$$ | Mar 5, 2012 at 12:46 pm |

    LETS acknowledge if this is standard operating practice from the top down, this
    is a non viable system.  Time to stop playing games with peoples lives, families
    homes, stability.  Bill Hicks was right, its all just a ride.

  5. gwen jackson | Mar 7, 2012 at 8:48 am |

    file under “Duh.”

Comments are closed.