Bank of America will cut 30,000 jobs

I bet most of the poor shmucks laid off will be worker bees as opposed to scumbag upper level management types.

I know of only one time where an executive decided to lay themselves off to save the employees.

I dropped this guys in the late 90's and I haven't looked back. They are a mess and are dirty.

Bank of America and its subsidiary Countrywide were perhaps the number one predatory lender for mortgages that helped to collapse the housing market in 2007. Angelo Mozilo, the CEO of Countrywide was up on charges in 11 states for predatory lending. He got an out of court settlement, SEC fine of $63 million. He's still rich.

I hate to see the jobs being eliminated. If we were really going to do what's right for the country, Bank of America would be divided up into savings as a separate corporation and investment as a separate corporation. That way the resulting investment corporation would NOT be too big to let fail and could be held fully accountable for its actions and white collar crimes. For example, force them into bankruptcy and seize executive assets to pay debts. That would make America much safer for the future.

The big picture and the big problem right now is that there are fewer Wall Street giants monopolizing most of the investment in America. WHAT'S THE NEXT SCAM GOING TO BE? Those bundles of mortgages/loans that were over rated by rating agencies became the world wide derivatives fraud that cost the global economy $20 trillion. Bank of America was one of the biggest key players in that fraud.

Most all of the Wall Street white collar criminals that collapsed our economy have never been held fully accountable. No one has ever gotten prison time. THEY ARE STILL THERE ON WALL STREET. Bank of America at least fired their previous CEO. Lloyd Blankfein is still the CEO at Goldman Sachs despite the $550 million out of court settlement, SEC fine against them for derivatives fraud. He got $14 million salary last year plus huge bonuses and stock options. Jamie Dimon got $27 million total compensation at JP Morgan despite their $173 million out of court settlement, SEC fine. The top 25 hedge fund managers that were key players in the housing market speculation and collapse and derivatives fraud made ONE BILLION DOLLARS EACH IN 2009. They came close to that mark again in 2010. They were the salesmen for those bundles of mortgages. They are among the Wall Street executives on record and on e-mail evidence that were bragging about selling "crap" bundles to customers.

Starseeker Post 1.2 I missed that article! Obama has decided not to run again? Great decision; a personal sacrifice to save our nation and our citizens. What a man he is.

I'm guessing that massive pay cuts and an embargo on bonuses has been announced for upper management, huh?

Hah!!! That's a good one Dave!!!!

I guess BoA didn't get the memo that corporations were supposed to be, according to Republicans, the saviors of America and the creators of jobs.

It must have gotten filtered into the Spam mailbox.

So, cut 30k workers because of the fallout from the problem you, BoA, helped create. Well done.

As they say, Stay Classy, BoA. Stay Classy.

Corporations are people like Mitt said. They have feelings, compassion. Well, well for some that fight to the tooth and nail on behave of corporations, for some your turn hasn't come yet, big bonuses will be rewarded to ceo's for saving 5 billion/year for the corporation and I bet they're expanding someplace else. I think we should redefine what's exactly a corporation and its purpose?

these sacrificial lambs. will. exploit the mis-infomed t-partiers. they know that bachman,cantor,and ryan. are pundits to wall st. they will try to get back in with their coatails tied to the likes of those 3. so they can once again enjoy the 2001-2003 tax cut's for people of their ilk.

If you can hire somebody who can push for the same production and save you $100, what's the big deal to reward that person $10 bonus. "Wonderful capitalism" isn't it? It's different from "Patriotism", don't you think?

Taking away regulations was like opening up hen houses everywhere for the coyotes with the understanding they would not eat the hens, and then being oh so surprised when the all the hens disappeared. The only time unregulated capitalism works, is when the players have integrity and honor. Morals replace the need for regulation. Is it not odd that all those claiming to be 'Christians' are the ones sneaking into the hen houses and eating the hens?

cant they just raise the ATM rate to 5.00 for everyone making over 250k a year.

Gotta wonder what Buffet has to say about BoA'sdowngrading and cutting jobs after he gave them a loan. He probably should have insisted on higher interest rates just like the lending industry, like BoA, tend to do.

When you add it all up, the losses the causes themselves with white collar crimes such as predatory lending and derivatives fraud are being passed onto the customer. And if we had the regulatory agencies we really need, most of their executive staff would get fired or sent to prison.

lol

It happened on Obama's watch so it is Bush's fault.

Blame BoA.

Brian:

Butt-butt-butt that is too direct to blame the people that are actually involved. Almost every newsvine discussion has right wing trolls to monotonous blame Obama.

ObamasGodAwful:

One liner talking points are BS. I would like to see how you would ever connect Obama to making Bank of America lose all of that money due to their predatory lending and derivatives fraud. Those are white collar crimes. Did he twist their arms so they would do that? Nope. Did he have his secret undercover team of Black Panthers and illegal immigrants twist their arms and do it? Nope.

Obama coordinated this BoA deal with Warren Buffet to accomplish the recent private bailout. Buffet will makes billions from the wages they save by firirng workers and Obama gets millions for his campaign. Billions for Buffet, pink slips for workers. So again, it is obviously Bush's fault.

OGA, your reasoning is God Awful. Do you really think a man like Warren Buffet needs Obama to coordinate anything for him?

Obama coordinated this BoA deal with Warren Buffet to accomplish the recent private bailout. Buffet will makes billions from the wages they save by firirng workers and Obama gets millions for his campaign. Billions for Buffet, pink slips for workers. So again, it is obviously Bush's fault.

Yeah, what's hilarious is that you are ragging on Obama supporters for claiming that everything is Bush's fault. Meanwhile, if you get a hangnail, you're on the vine ranting about how Obama secretly orchestrated it.

Lord, who will you blame for your life's woes when Obama is out of office?

Lord, who will you blame for your life's woes when Obama is out of office?

I'm sure he'll find another black man somewhere, to blame.

BRIAN: Obama of course! As far as the right is concerned EVERYTHING from Jan 20 2009 on will be President Obama's fault,from here to eternity.Everything before was Carter's fault.Then Clinton's fault.A predictable pattern,as you can well see.

Interesting that the "left" does not see their own behavior...

Lord, who will you blame for your life's woes when Obama is out of office?

I'm going to use the Democrat Obama supporter tack and just keep blaming Obama for years after he's out of power -- "It's Obama's fault", "Obama did it".

I'm sure he'll find another black man somewhere, to blame.

Toss another Marxist punk loser into the Presidency and I'll oblige you.

I'm going to use the Democrat Obama supporter tack and just keep blaming Obama for years after he's out of power -- "It's Obama's fault", "Obama did it".

Fantastic. Head meets sand!

Thanks, Brian. You've described the Democrats to a tee in their devotion and willingness to sacrifice any honor they once had defending the foolish and destructive Obama.

Thanks, Brian. You've described the Democrats to a tee in their devotion and willingness to sacrifice any honor they once had defending the foolish and destructive Obama.

A willingness you've decided to emulate for some reason.

I won't really do it. There will be some Democrats in office somewhere advocating failed and un-American policies for me to oppose. But I was hoping that a Democrat would give me a helping hand describing the current Democrat modus operandi. Again, thanks!

#5.10 @OIGA

Toss another Marxist punk loser into the Presidency and I'll oblige you.

How 'bout another dumb as a rock, over testosteroned, Texas jackass?

Lyndon B. Johnson is no longer eligible.

As expected, the only part you got right was "Texas"...

How predictable!Management f#@ks up,worker ants get stepped on.

It is almost 15% of their work force.

Or they will be even bigger idiots and vote for republican that applauds BoA!

You don't seem to be too concerned with facts, this was and still is from the mortgage crisis.

BoA can only blame themselves, if you want to blame a president and advisor you would be more accurate blaming Bush and Paulson they were on watch when the housing bubble burst.

John, what the heck makes you think ANY republican cares about facts? For heaven's sake, their two main sources of info are fox news and rush limbaugh.

Hate to burst your fact free bubble,but the housing crises started in 2006,when I believe a MAN CALLED BUSH was President.

Concerned Citizen-2332541
This is what happens when you follow Obama and Geitner's formula for success!

Sorry, when did the housing collapse occur?

That's right, when GWB was in office. But to be fair, Clinton had a hand in it as well. But GWB took everything and @!$%#ed it up, even that which was doing well.

The cost-cutting drive is part of a broader effort to reshape and shrink the nation's largest bank as it copes with fallout from the housing bust.

Try Again.

Banks are not our friends, MrCool. Especially the big ones.

MrCool,

they are not laying off 30,000 people. the article says it sill be through attrition and not filling open positions.

they already restructured top management. and recieved government money, didnt whats his rich name just give them a pile of cash also.

so what you have here is a company that is bigger than what they can afford to be. so instead of borrowing more money or just charging more money they cut spending. you know like we tried to get the government to do?

so what you have here is a company that is bigger than what they can afford to be.

No, what you have here is a walking corpse. A zombie.

All of Buffet's billions did was to allow Buffet to become part of too big to fail part 2.

BOA is going to fail, it is only a matter of time. When they do, I hope whoever is President has the balls to let them go through a GM type of failure and not a Paulson/Geitner type.

coolslow

A economics and finance degree from Fox Noise University will leave you ingnorant and worst of all, WRONG.

Already happening.

The Federal Housing Finance Agency has filed lawsuits against several financial institutions on behalf of Fannie and Freddie.

It will take years, probably to work it's way through the court system, but will be interesting to watch.

They'll get them,I'm sure and we Americans will just shrug our shoulders instead of storming their castles.Metaphorically speaking.(Although I must admit doing it for real sounds inviting)

Why do people patronize banks that charge them just to hold their money?

All banks do that - some are worse than others. (Don't know about credit unions...)

No, they have to be hit on the head with regulations to stop the "nickel and dime" (added fees) and serious (like the housing debacle) abuses.

What used to be called "UNBRIDLED CORPORATE GREED" is now called "Republican-ism"

Interesting... ONLY Republicans work for BofA??? Where is that question on the application form?

I didn't write "only". Please check literal meaning. But I'm sure of the 30K who will be put out on the street, at least SOME of those will be Republican - my post was written to them.

The Democrats who will be laid off will more than likely lay the blame at the feet of the Bank of America.

Angry Left:

Too funny!! Wish I'd thought of that ...."Ramen Noodles." That was great! (no sarcasm). Can I use that somewhere else?

Sure.....I use Ramen noodles because I was a starving student.....I'll never eat a ramen again, ever!!!