Page 19 - Bank of America E Teaching Note
P. 19
These discriminatory mortgage lending practices helped
perpetuated:
• Racial segregation
• Impoverished neighbourhoods and
• Supported the view of historic “Law-sanctioned”
racial segregation.
Having its Cake and Eating It
“In 2013, Federal Home Loan Banks in Boston, Chicago
and Indianapolis and Triaxx said that Bank of America
put its own interest ahead of shareholders. Since Bank
of America was offering lines of credit on second
mortgages, they largely avoided financial loss.”
Bad Bonuses:
In a period when BofA received $45 billion in taxpayers
funds the hypocrisy of awarding bonuses for failure is
breathtaking:
• Bank of America and Merrill Lynch awarded its
traders and executives $5.2 billion in bonuses,
despite receiving a $45 billion taxpayer bailout.
• 11 Merrill Lynch executives and traders were paid
more than $10 million each, while nearly 700 were
received at least $1 million
Not only does it thumb its nose at taxpayers and
government but it does the same to shareholders.
