Bank Of America Reaches A New Low In Scumbaggery

Crossposted from

It’s like a bank heist in reverse, Via Mother Jones:

Bank of America, which last fall announced plans to lay off 30,000 workers, is about to go on a hiring spree—overseas.

America’s second-largest bank is relocating its business-support operations to the Philippines, according to a high-ranking Filipino government official recently quoted in the Filipino press. The move, which includes a portion of the bank’s customer service unit, comes less than three years after Bank of America received a $45 billion federal bailout.

BoA continues to spit in the face of the country that kept its bloated ass afloat when it got in over its head. Will it lower its fees now that it’s saving all that money by utilizing dirt cheap labor? HAHAHAHAHAHAHA! Of course not! It’ll just go to pad the bonuses of the CEO and other executives!

The GOP would have us believe that what’s good for the big banks is good for America. The theory, as usual, is the prosperity of the “too big to fail” banks will somehow magically translate into prosperity for the country. For instance, the right insists that raising taxes or eliminating subsidies will force banks and corporations to pass the increased “burden” on their customers. Yet, despite three decades of decreasing taxes, outsourcing and regulations, these banks have not passed the “savings” on its customers. They have, however, passed a whole lot of money onto its executives. So I guess it works! But only for a privileged few.

Alabama Republican Spencer Bachus infamously stated that “In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.” This means that any attempt to penalize banks that outsource American jobs will be met with stiff resistance from the GOP. Remember the GOP slogan “Country First?” Not so much when it comes to American jobs. These are the same people that made sure Dodd-Frank would not be able to stop a new round of bail-outs if the banks collapsed under the weight of their greed again. Indeed, the GOP ensured that such a collapse is all but inevitable since they watered down the regulations that would have prevented the kind of gambling that caused the original collapse. We saw the results of this obstruction just a few weeks ago when JP Morgan announced it had lost at least two billion (with a “B”) dollars on said gambling.

How long before Bank of America returns with its hat in one hand looking for taxpayer money while holding a knife behind its back with the other? We deserve better than BoA. Pull your money out and move it to your local Credit Union. It’s the only sane thing to do.

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