Tag Archives: Bank of America

US Unemployment System ‘Wholly Unprepared’ as Fed Risks Throwing Millions Out of Work

“If another wave of job losses does indeed hit, the unemployment safety net isn’t ready to cushion the blow without significant improvements,” warns the co-author of a new study.

By Jake Johnson  Published 11-1-2022 by Common Dreams

People’s Unemployment Line protest in Philadelphia, 2020. Photo: Joe Piette/flickr/CC

With the Federal Reserve poised to induce mass layoffs in its ongoing campaign to curb inflation, a study published Tuesday warns the notoriously fragmented U.S. unemployment system is nowhere near ready to handle another surge in jobless claims, potentially spelling disaster for the millions of people who could be thrown out of work next year.

Authored by Andrew Stettner and Laura Valle Gutierrez of The Century Foundation (TCF), the new analysis notes that “the share of jobless workers actually receiving UI benefits has shrunk dramatically” since federal benefit increases expired last year. According to TCF, just 26.8% of jobless workers were receiving state unemployment benefits in the 12 months that ended in August 2022, a sharp decline from the 76% rate through early 2021. Continue reading

Share Button

Shareholders Target Wall Street Banks With ‘Groundbreaking’ Climate Resolutions

“Investors are saying we can’t conduct business in a world that is on fire, that has heatwaves and insufficient water. And I do think companies are beginning to understand that it’s in their interest to take action.”

By Brett Wilkins  Published 4-26-2022 by Common Dreams

Protest outside the Bank of America shareholder meeting on April 25, 2022. Photo: drew hudson #1u/Twitter

A significant percentage of shareholders at three of the biggest U.S. banks voted Tuesday to endorse first-of-their-kind resolutions urging the companies to stop supporting new fossil fuel development amid a worsening climate emergency.

Shareholders at Citi, Bank of America, and Wells Fargo voted 12.8%, 11%, and 11%, respectively, to support climate resolutions filed by the Sierra Club Foundation and other members of the Interfaith Center on Corporate Responsibility. According to the Sierra Club, any resolution that receives at least 5% of the vote can be refiled the following year, and those that get 10% or more are “considered difficult for a company to ignore.” Continue reading

Share Button

You’ll Never Guess How Big Banks Want the Fed to Handle the Coronavirus: More Wall Street Deregulation

“Surely, the big banks aren’t craven enough to use COVID-19 as an excuse to lobby for long-sought regulatory rollbacks, right? Wrong!”

By for Common Dreams. Published 3-3-2020

The Bank Policy Institute, a lobbying group for big banks, drew criticism for a policy memo suggesting financial deregulation as a response to the coronavirus outbreak. (Photo: Phillipp/Flickr/cc)

A lobbying group for big banks in the United States came under fire Tuesday from financial industry experts for pressuring federal officials to push through long-sought regulatory rollbacks in response to the worldwide economic concerns sparked by the global coronavirus outbreak.

On Sunday, Bank Policy Institute (BPI) chief executive Greg Baer, head of research Francisco Covas, and chief economist Bill Nelson published a post on the group’s website entitled “Actions the Fed Could Take in Response to COVID-19.” The BPI is a lobbying group whose members include Bank of America, Citigroup JPMorgan Chase, and Wells Fargo. Continue reading

Share Button

Trump, Granting Lobbyist Demands, Quietly Handed Billions More in Tax Breaks to Huge Corporations: Report

“Trump is the most corrupt president in history, and here’s the latest example of how that corruption helps giant corporations.”

By Jake Johnson, staff writer for Common Dreams. Published 12-30-2019

Treasury Secretary Steven Mnuchin and President Donald Trump at a Tax reform press briefing October 31, 2017. Screenshot: YouTube

A “disturbing” New York Times story published Monday detailed how President Donald Trump’s Treasury Department, led by former Goldman Sachs banker Steve Mnuchin, has quietly weakened elements of the 2017 tax law in recent months to make it even friendlier to wealthy

individuals and massive corporations.

Lobbyists representing some of the largest corporations in the world, the Times reported, targeted two provisions in the original 2017 law designed to bring in hundreds of billions of dollars in revenue from companies that had been dodging U.S. taxes by stashing profits overseas. Continue reading

Share Button

As Trump Threats Stir Global Arms Race, New Report Details the Nuclear War Profiteers

“If you have been wondering who benefits from Donald Trump’s threats of nuclear war, this report has that answer.”

By Andrea Germanos, staff writer for CommonDreams. Published 3-7-2018

The new report “names those that are still okay with trying to make a profit from producing nuclear weapons.” (Photo: ippnw Deutschland/flickr/cc)

A new report offers a comprehensive look at who’s profiting from the new nuclear arms race.

“If you have been wondering who benefits from Donald Trump’s threats of nuclear war, this report has that answer,” said Beatrice Fihn, executive director of the International Campaign to Abolish Nuclear Weapons (ICAN), winner of the 2017 Nobel Peace Prize.

ICAN, along with Netherlands-based peace group Pax, released the report, entitled “Don’t Bank on the Bomb,” on Wednesday. It shows that 329 financial institutions in 24 countries invested $525 billion into the top 20 companies involved in the production, maintenance, and modernization of nuclear weapons from January 2014 through October 2017. Continue reading

Share Button

Aspiring to Be a Mass Murderer? There’s a Scholarship for That

By Darius Shahtahmasebi. Published 7-27-2016 by The Anti-Media

Stephen Schwarzman. Photo: YouTube

Stephen Schwarzman. Photo: YouTube

Aspiring mass murderers will be happy to learn they no longer have to waste time on the child’s play that is firing into an open crowd at the risk of receiving a bullet to the head. One can now apply for a scholarship to China to learn from the experts themselves.

Well, kind of.

The Schwarzman Scholars Program is a new master’s program at Tsinghua University, China that seeks to “educate students about leadership and about China’s expanding role in the world.” Continue reading

Share Button

So, You Thought Bank of America Would be Punished for Role in 2008 Crisis? Think Again

By Claire Bernish. Published 5-23-2016 by The Anti-Media

United States — In a reversal of the smidgen of accountability forced on Bank of America for its role in the 2008 financial crisis, a U.S. appeals court threw out a jury’s verdict — and with it, the $1.27 billion fine BoA would have paid for mortgage fraud.

Though the Department of Justice had alleged Countrywide Financial Corp., which was purchased by Bank of America in 2008, had sold Fannie Mae and Freddie Mac thousands of bad loans through its “Hustle” mortgage program, the Second Circuit Court of Appeals in New York found insufficient evidence to back charges of fraud. Continue reading

Share Button