Bank of America has been named Villain Number One by many of the Occupy protesters (not to mention most of the other 99%). Bank of America has played a central role in the housing disaster. They bought subprime mortgage giant Countrywide Financial back in 2008. Of the $750 Billion in loans, about $250 Billion are in foreclosure. Deemed “too big to fail,” Bank of America was given billions in taxpayer money and trillions, yes trillions, in emergency loans.
The 37 percent decline in Bank of America's earnings reflects the persistent burden of Countrywide Financial, the subprime mortgage lender it bought in 2008. Read Post
This afternoon news came to VentureBeat’s front door in the form of an Occupy Wall Street protest in the lobby of our building. Around a hundred Occupy protesters streamed into a Bank of America branch at 50 California Street, locat... Read Post
Protesters have been holding demonstrations outside high street banks around the UK and have succeeded in occupying a number of branches in the biggest direct action to date to highlight the banks' role in driving the financial cris... Read Post