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« Behind Europe’s Debt Crisis Lurks Another Giant Bailout Of Wall Street Banks | Main | "The United States Of Europe Is Collapsing As We Speak" »
Wednesday
Oct262011

Bank Of America CEO Brian Moynihan 'Incensed' People Don't Recognize 'How Much Good' His Employees Do

Cue the violins.  Brian, here's why we are angry.

  • Illegal foreclosures.
  • Foreclosing on people who don't even have a BofA mortgage.
  • Massive stealth bailout from the Fed at 0%.
  • TLGP low interest loans from the FDIC while charging customers 30% on credit cards.
  • Fraudulent home loans.
  • Paying $6 million to Sallie Krawcheck.
  • Dumping mortgage fraud liability onto taxpayers via Fannie Mae.
  • Putting $50 trillion of your worst derivatives trades from Merrill Lynch into the bank-holding company, thereby putting taxpayers on the hook when you eventually fail.

Sob story from Moynihan below.

---

Bloomberg

Bank of America Corp. Chief Executive Officer Brian T. Moynihan said he’s “incensed” by public criticism of his company and is pushing back by reminding local leaders of its contributions to their economies.

Moynihan, 52, told employees in a global town hall meeting last week from the firm’s Charlotte, North Carolina, headquarters that the “place to win the battle” over the bank’s battered public image is at the state and municipal level.

Bank of America’s outreach campaign is part of Moynihan’s effort to turn around the lender since he took over as CEO in January 2010 following two taxpayer bailouts. His plan to charge some debit-card users a $5 monthly fee drew reprimands from President Barack Obama and lawmakers, including U.S. Senator Richard Durbin, the Illinois Democrat who said customers should withdraw their deposits in protest.

“I, like you, get a little incensed when you think about how much good all of you do, whether it’s volunteer hours, charitable giving we do, serving clients and customers well,” Moynihan said during the Oct. 18 gathering. To the bank’s critics, he said, “You ought to think a little about that before you start yelling at us.”

Moynihan is laboring to rebuild the bank’s reputation with customers, employees and investors. Even before the debit-card fee sparked protests in Los Angeles and Boston, state attorneys general blamed the bank for using improper documents to justify foreclosures. To help reverse a stock decline this year of more than 50 percent, the lender is cutting expenses by eliminating more than 30,000 jobs.

Bank of America ranked lowest in a 24-bank survey of small business customer satisfaction from J.D. Power and Associates this month. Wells Fargo & Co., Citigroup Inc. and JPMorgan Chase & Co. also were in the bottom five. Earlier this year, Bank of America was named the country’s second-worst company by Consumerist.com after BP Plc, the firm blamed for the worst U.S. offshore oil spill. Consumers Union, the publisher of Consumer Reports that was founded in 1936, owns the website.

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Reader Comments (11)

This guy is a flamer.
Oct 26, 2011 at 3:19 PM | Unregistered CommenterInurface
So Brian Moynihan is threatening to pull support for all charities and non-profits if the Occupiers voice their displeasure at his theft of billions and abuse of customers to the tune of billions? FUCK YOU BRIAN MOYNIHAN!
Oct 26, 2011 at 4:38 PM | Unregistered CommenterDon Smith
Great points, DB. Short and sweet.

Moynihan's a lawyer. I hope he's got his "living will" ready to go. (Just to be clear, I mean BAC's "living will," not Moynihan's).
Oct 26, 2011 at 6:54 PM | Registered CommenterDr. Pitchfork
How long are we going to put up with cretans like this, people? I'm looking into starting up a Torch & Pitchfork franchise.
Oct 26, 2011 at 7:18 PM | Unregistered CommenterJeanette
YES YOU FORGOT TRASH OUTS OF HOUSES THEY DON'T EVEN OWN. BREAKING INTO HOUSES AND CHANGING LOCKS SO THEY CAN SUPPOSEDLY PRESERVE THE PROPERTY OR WINTERIZE -EVEN IN FLORIDA THEY WINTERIZE. LOL
Oct 26, 2011 at 8:28 PM | Unregistered CommenterHILLARY
THE RAPEST IS UPSET THAT THE LITTLE MAN DOESN'T RECOGNIZE HOW MUCH GOOD THE PEOPLE WHO HELP HOLD THE VICTIM DOWN HAVE DONE. SORRY BRIAN YOUR A DISINGENUOUS IDIOT WHO NEEDS TO JUMP OUT A WINDOW OF A VERY HIGH SKY SCRAPER/
Oct 26, 2011 at 9:08 PM | Unregistered CommenterGary
“I, like you, get a little incensed when you think about how much good all of you do, whether it’s volunteer hours, charitable giving we do, serving clients and customers well,” Moynihan said..."

I heard Al Capone once helped a little old lady cross the street...so that charity excuses all his criminality....and his customers were well served...albeit with illegal goods.....unlike Brian's customers, who rated BofA's service last out of 34 banks.

Brian, about those illegally documented mortgages......please place your hands behind your back.......
Oct 27, 2011 at 12:26 AM | Unregistered Commenterfarang
Ah, those employees doing all that charity work, most of it comes out of their pockets and the bank gets the tax credit.....sit down and STFU
Oct 27, 2011 at 12:39 PM | Unregistered CommenterTowelie
“place to win the battle” over the bank’s battered public image is at the state and municipal level."---Actually it should be handled at the federal level, as in federal court
Oct 27, 2011 at 1:53 PM | Unregistered Commenterrobertsgt40
BofA’s global head of strategy and marketing outlined the company’s PR efforts with local elected officials and said “research shows us that’s a more important indicator of reputation.” Translation: They think it doesn’t matter what consumers think, as long as they have the politicians on their side! Vote with your feet at www.NotBofA.org and use one of our downloadable letters pre-address to the cry baby to let him know what you think. One popular letter simply reads: "I'm withdrawing my money from BofA because I'm mad as hell and I'm not going to take it anymore!"
Oct 28, 2011 at 10:07 AM | Unregistered CommenterNotBofA
THE REASON I AM E-MAILING YOU IS I HAVE BEEN TRYING TO GET AN ANSWERE ON A HOUSE YOU HAVE FINIANCED IN SHELBY CO. ALABAMA NOW IT IS ABOUT TO GO INTO FORECLOSURE THE LADY CANNOT AFFORD IT I AM TRYING TO BUY IT NOT EVEN USING YOUR INSTUTION TO FINIANCE IT AND HAVE BEEN TRYING TO GET AN ANSWERE SINCE NOVEMBER 14 2011 AND SEEM TO BE GETTING NOWHERE WOULD LIKE TO KNOW WHAT I NEED TO DO FOR I AM ON A TIME LINE MYSELF THANK YOU ALBERT FALKNER
Mar 1, 2012 at 11:09 PM | Unregistered CommenterALBERT FALKNER

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