Right after Obama was elected, Bank Of America was given $45 billion as part of TARP – almost $1000 per taxpayer. Now they are investing $50 billion in global warming.
Bank of America Corp. (BAC) said it will contribute $50 billion over the next 10 years to address climate change, the latest company to boost its investments toward environmental goals. The new set of goals will be effective on Jan. 1, following the anticipated completion of the bank’s current 10-year pledge of $20 billion, which it said is four years ahead of schedule.
“Environmental business delivers value to our clients, return for our shareholders, and helps strengthen the economy,” said Chief Executive Brian Moynihan. “We met our prior goal in about half the time we set for ourselves, so more than doubling our target is ambitious but achievable.”
Bank of America Pledges $50 Billion to Combat Climate Change
follow the money…
Old founder A.P. Gianini (he’s-a nice-a Italian fella) must be rolling in his grave.
Just sold a commercial property (held on a B of A loan) to get my equity out, and am refinancing the B of A home loan through my credit union. That’s a lot ot business going “bye-bye”
I hope others will do the same.
F*%#ing jellyfish invasion. Don’t they have a dragnet for that?
seems really stupid to invest that much money in something with no rate of return…
Yes, and stupid is an understatement. I have been sympathetic to B of A’s plight until now. Insanity cubed. We need to ferret out and boycott and run a negative PR campaign against (like the leftist do to conservative contributors) companies that support leftist causes. Companies doing this is among the most insidious of things.
Funny thing is B of A may think they are being unequivocally “good” in supporting this left wing cause. Not when arguably over 50% of the electorate leans conservative. Support non-controversial causes, and support your bottom line first. How could they throw out $50 billion when they are constantly making a lot of noise about their financial woes, and raising fees, and even bankruptcy is not far-fetched? Idiotic.
No rate of return? The endless wave of mindless ecologically-brainwashed zombies they hope will beat down there door to become new customers? A bank would NEVER do anything without a rate of return…
The RENIXX renewable Energy Industry Index has lost more than 90% of its value since 2007 from 1900 down to 166. RENIXX now no longer even present the chart of their decline on their website. Either BA understands that recovery in this sector is a great opportunity or they must be sending even more of their clients good money after the bad they have already thrown away.
They can’t be paying this money out of their own pocket. They must have a scam that shuffles the funds out of someone else’s pocket, probably ours. Their income statement in Dec has them barely breaking even, with both years prior big losses.
There has to be a scam here. Looks like another rock Issa should look under.
This money goes directly to the Osama Obama campaign.
Obama believes the most important issue of second term is ‘climate change’
http://www.americanthinker.com/blog/2012/06/obama_believes_the_most_important_issue_of_second_term_is_climate_change.html
The “money men” who wheel and deal don’t willingly gamble, so if it looks like they are willing to “give something away”, it is because they think they have back-loaded the deal so they make money either way the ball bounces. (This is just Finance and Salesmanship 101.) In other words, they at least think they have been assured of making $50 billion many times over by this “environmental” involvement. I would think it is political, worming their way into, or further into, the good graces–and the lucrative business–of the leftists in power around the world, first and foremost the UN, but with mainstream media elite more “big fish for the taking”. They already got $45 billion, as it says here, from the Obama administration, so they know there is “practically free” money to be had from “political friends”. And if this is just the idea of a few top men at Bank of America, done mostly to line their own personal coffers by legally skimming some fraction of incoming bounties–billed as “consulting”, or “personal management services”–then yes, it is really nothing but a scam on their part. But then, what big money deal isn’t a scam? All of those real estate “geniuses”, advertising big money to buy their “course”, just load the dice to pay as little for as much as possible as they can slime their way under. It is called “leveraging” and “establishing additional lines of cash flow” today–or, as the Mob understands it, “taking one’s cut” as a deal-maker–and it is rampant, out of control, today, as the big ones scramble for the world’s remaining cash before it dries up (or even if it doesn’t–they are betting on both ends). It is ironic that the “global warming” Left wants to paint Romney with this brush, when their own money men, as at the Bank of America, are playing just that “game” on the largest possible stage, and on the basis of what should be seen as clearly wrong science (if the world’s scientists were competent, and honest). The words “Global Warming Golden Fleece” come to my mind.
Your point is well taken, Harry. But also note that many business executives, maybe a majority, are actually liberal in their personal politics. So, when they mix their personal politics with business, it’s, and my word of the day for business support of the ecoloons: insidious.
Also, if this it is a tit for tat, the 45 billion bailout, for the extended 10 year contribution to leftist climate change, we should search for violations of the law.
Corporate CEOs are socialists not capitalists.
See: E.M. Smith’s comment on “Evil Socialism” vs “Evil Capitalism”
And an example of how socialism (Clinton’s Third Way or fascism variety) works for Archer Daniels Midland Co
Steven,
Good article, but $1000 per taxpayer?
Only 45 million taxpayers in America? 85 million singles/joint filers had a federal income tax liability in 2010. Each joint return counts as a single filer, so the number of taxpayers with a tax liability is conservatively over 100 million, and that applies only to federal income tax.
Anyone who spends money pays taxes, even in sales-tax free Delaware, because of embedded taxes.
Essentially all income tax is paid by 25% of “taxpayers”
WTH – Is this outfit a bank or a charitable foundation?
You can’t eat money. You need to do your homework on climate change. What a bunch of sore losers and losers you are. You cannot add 2 and 2, the writings on the wall and you can’t read. I don’t pay a dime for utilities because I became my own utility company, with solar and wind. When all the water is gone and dried up with fracking and oil processing, and that’s is what’s happening in North Dakota and all over the country, you will have no where to go buy your smoothies or drink your beer. Pay attention, please. You might hate your kids but don’t make mine pay. Thank you Bank of America. I might just keep my account with you after all.
Wait for BofA to give up their armed security before you give them your money. And BTW, you are using many different forms of fossil fuels right now. What a maroon.
Move to NY City, Bloomberg will save ya from yerself! 😆