Posts Tagged ‘Bank of America’
Bank of America maths

The Wikileaks Bank of America saga is taking an interesting turn:

Bank of America Wants You to Know Its Executives Don’t Suck: As Bank of American awaits a possible release of information from WikiLeaks, it wants to ensure that you don’t think its executives suck. Or blow for that matter. The company has been aggressively registering domain names including its Board of Directors’ and senior executives’ names followed by “sucks” and “blows”.For example, the company registered a number of domains for CEO Brian Moynihan: BrianMoynihanBlows.com, BrianMoynihanSucks.com, BrianTMoynihanBlows.com, and BrianTMoynihanSucks.com. Just to be sure, it also picked up the .net version of these names and some .orgs as well.

I count hundreds of such domain name registrations on December 17 alone.

To which Cory Doctorow points out:

B of A snaps up $EXECNAMEsucks domains prior to Wikileaks blowout: In a stunning tribute to the financial acumen of BofA’s C-suite, they seem to have missed the fact that total combinations of $FIRSTNAME/INITIAL + $LASTNAME + [blows|sucks|crook|thief|fraudster].[com|net|org|ws|info|cc|ca|ch|whatever] multiplied by, say, $5/domain/year exceeds the total capital reserves of the bank.

If Bank of America manages to avoid bankruptcy through domain name registration fees they could face other problems:

BAC’s Troubles Might Not Be Wiki-Related: But the real problem facing the banks may not be Wikileaks… the list of acts that for anyone other than a bankster would have led to criminal prosecution, whether it be allegations of bid-rigging, illegal wire transfers to prohibited nations such as Iran, money laundering for drug cartels in Mexico, perjured documents or simple breaking and entering, gets added to by the day… It is unfortunately axiomatic that eventually the people will have had enough if this continues, and when they do, I’m not interested in being anywhere near what comes next – it’s not going to be pretty and it certainly won’t be lawful. But until that day arrives it appears that there is nothing a bank can do that will draw a criminal indictment from our so-called “law enforcement” apparatus.

and

This past week’s appointment of Ohio Attorney General Richard Cordray, who lost his re-election bid last month, as the CFPB’s (Consumer Financial Protection Bureau) head of “enforcement” tells me that the CFPB is going to be very bank-unfriendly.

Given Cordray’s previous dealings with Bank of America the CFPB could be worth watching after all.

 
Wikileaks bank fraud

There has been rampant fraud in the USA in connection with housing loans. Through derivatives and securitization it spread around the world. Through the bailouts it spread to every single taxpayer and potential payer. By potential payer, I don’t just mean your kids. I mean don’t just mean your grandchildren. I mean your great grandchildren.

If governments do not default the debt or destroy it, together with much of civil society, through inflation then we will be paying for it for generations.

The magnitude of the fraud is apparent from this slide show.

If you prefer videos then William Black on control fraud is hard to beat:

Wikileaks promised to release material on the Bank of America. Its share price fell:

Bank of America Corp. stock fell Tuesday afternoon on speculation that it might be the target of a WikiLeaks document release early next year.

Moves against Assange resulted in a share price rise:

BofA has seen a big rally since the jailing of WikiLeaks founder Julian Assange as concerns about a possible document dump targeting the bank have eased a bit.

Such movement in a major companies share price. Don’t accept any claims from the establishment or the financial vested interests that they did not know. They did. William Black has been making clear for years, yes years, that there is rampant fraud.

Our capitalist system will not work properly if the law is not enforced. Criminals need to be prosecuted. No matter how well connected they are. No matter how much they have donated to political campaigns. It is about the survival of society as we know it. It’s about stopping the  imposition of a global police state.

Get angry people. Get active. Don’t let them get away with it.

 
Wikileaks Bank of America

Wikileaks are working through Bank of America material

“At the moment, for example, we are sitting on 5GB from Bank of America, one of the executive’s hard drives,” he said. “Now how do we present that? It’s a difficult problem. We could just dump it all into one giant Zip file, but we know for a fact that has limited impact. To have impact, it needs to be easy for people to dive in and search it and get something out of it.”

Hat tip Computerworld

Market ticker found the following comments:

It will give a true and representative insight into how banks behave at the executive level in a way that will stimulate investigations and reforms, I presume. Usually when you get leaks at this level, it’s about one particular case or one particular violation.

For this, there’s only one similar example. It’s like the Enron emails. Why were these so valuable? When Enron collapsed, through court processes, thousands and thousands of emails came out that were internal, and it provided a window into how the whole company was managed. It was all the little decisions that supported the flagrant violations.

This will be like that. Yes, there will be some flagrant violations, unethical practices that will be revealed, but it will also be all the supporting decision-making structures and the internal executive ethos that cames out, and that’s tremendously valuable. Like the Iraq War Logs, yes there were mass casualty incidents that were very newsworthy, but the great value is seeing the full spectrum of the war.

You could call it the ecosystem of corruption. But it’s also all the regular decision making that turns a blind eye to and supports unethical practices: the oversight that’s not done, the priorities of executives, how they think they’re fulfilling their own self-interest. The way they talk about it.

If this matches previous leaks there are bound to be more investigations and they could be wider than Bank of America. If so it could result in a government of the people, by the people, for the people. Now wouldn’t that be something.

The vested interests currently controlling the government will do their best to stop it. I hope Julian has a guardian angel. Rape allegations may be the least of his worries.