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In a Reuters article about plans for $5 billion in cost-cutting at Bank of America over the next three years, this is what we hear about BoA workers:
The bank had 5,700 branches nationwide and 287,000 employees as of June 30.

Media reports on Friday said the bank was targeting 40,000 job cuts over the next three years as part of the cost-cutting program.

But we get paragraphs and paragraphs about stock prices. Forbes and the Wall Street Journal offer similar proportions, though reporting 30,000 planned job cuts rather than 40,000. NPR leads with the job cuts but doesn't have much to say about them.

Dealbook offers some insight into the lack of detail about 30,000 jobs and the emphasis on stock prices: Bank of America just isn't talking about it. When the bank's CEO described cost-cutting measures, he didn't even mention job cuts; that came later, in a statement that offered no specifics. Because to the big banks, jobs just aren't important. And financial reporters overwhelmingly go along with that.

Bank of America, by the way, paid no corporate income taxes in 2010 and "actually reported a tax benefit of almost a billion dollars." In the same year, top executives earned tens of millions of dollars. That's how we're told to understand our economy these days: the rich get millions, corporations have no responsibility to pay their fair share, and the loss of tens of thousands of jobs is a side note to lengthy discussion of stock prices.

Originally posted to Daily Kos Labor on Mon Sep 12, 2011 at 09:45 AM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  Thanks for this info. (1+ / 0-)
    Recommended by:
    whatGodmade

    "No man has a good enough memory to be a successful liar." Abraham Lincoln

    by appledown on Mon Sep 12, 2011 at 09:47:58 AM PDT

    •  Some of the info is misleading, though (1+ / 0-)
      Recommended by:
      Geek of all trades

      For instance, Bank of America didn't have any income in 2010. Before income taxes, they lost $1.3B. So naturally, they wouldn't owe income tax. Of course, accounting is more complex than that, so they actually put away $915M for expected future taxes. This is called a "tax benefit."

      ...so that tax benefit of almost a billion dollars, isn't some horrible way BofA is screwing the government out of money. It is money they've set aside for future taxes, despite not owing any presently.

      Try looking at things another way.

      by atheistben on Mon Sep 12, 2011 at 11:47:53 AM PDT

      [ Parent ]

  •  Corporate arrogance... (7+ / 0-)

    In defense of the MSM, the BofA has shown a remarkable arrogance in responding to inquiries about the job cuts.

    I experienced this myself doing some free-lance stories for a local news outlet. The company PR people just adamantly refuse to say anything informative. And the non-PR people are  afraid to say anything for fear of losing their jobs.

    I know for a fact that that many MSM outlets have been trying to run down the details of the 30,000 to 40,000 jobs but with the stonewalling by the company execs, and the fear instilled in the regular employees, it is not as easy as you might think.

    •  And WTF is a "tax benefit"? (1+ / 0-)
      Recommended by:
      Voodoo

      I know it's bad form to call them "refunds" but isn't that what it is?

      "Unseen, in the background, Fate was quietly slipping the lead into the boxing glove." P.G. Wodehouse

      by gsbadj on Mon Sep 12, 2011 at 10:44:21 AM PDT

      [ Parent ]

      •  good question... (0+ / 0-)

        Apparently in most cases "tax benefit" it is not an actual refund, but a sort of credit a corporation gets against taxes it would otherwise owe.

        These corporations do everything in their power to confuse politicians and the public about taxes. That speaks volumes right there -- they don't want on us to know what they are doing (or not doing).

      •  I'll answer this. (1+ / 0-)
        Recommended by:
        johnny wurster

        It's essentially money a corporation has set aside for paying future taxes.

        Basically, a corporation will incur taxes. The government charges these taxes during different timeframes than financial accounting recognizes them. For instance, Company B makes and sells an airplane. Airplanes take a long time to make, so Company B is spending a bunch of money for, say, two years to make the plane, but then it only gets income at the end when it sells the plane. What financial accounting does is forces the company to spread out that eventual tax over the two prior years in which the plane was under construction. All taxes and expenses are treated this way, so that for each time period, expenses are matched to revenues. This is an accrual, and it is the basis for modern accounting.

        In BofA's case, it means they think they are going to be profitable in the future, so they're putting their current shareholders on the hook for taxes that will eventually come from the bank's current activities. In other words, nothing nefarious is going on regarding the "tax benefit."

        Try looking at things another way.

        by atheistben on Mon Sep 12, 2011 at 12:00:30 PM PDT

        [ Parent ]

        •  You're usually on the ball, (2+ / 0-)
          Recommended by:
          atheistben, flight2q

          but this isn't the case. balmer was correct: it's the cash value of deductions and credits that can be applied against future tax liabilities.

          So, if I have a net operating loss of $100, at December 31 I book the following entry to record the tax benefit and roll the books to the following year:

          Dr (Cr)
          Tax expense - (35)
          Deferred tax asset (aka tax benefit) - 35
          P&L - (65)
          Retained earnings - 65

          •  Hmm (1+ / 0-)
            Recommended by:
            johnny wurster

            Maybe I got a little ahead of myself. I was thinking that, but BofA has "nearly a billion dollars" as a tax expense debit for 2010 - not a credit. So, I'm confused. I guess it could be the case that without the tax benefit, the tax expense could have been nearly a billion dollars more, but that seems pretty coincidental and without any actual earnings, I don't understand why they'd be expensing much in taxes at all. I guess I just assumed they were building up a deferred tax asset, and that's what we were really talking about. Thoughts?

            Try looking at things another way.

            by atheistben on Mon Sep 12, 2011 at 03:30:09 PM PDT

            [ Parent ]

  •  As BoA investor, I have some paperwork to do (2+ / 0-)
    Recommended by:
    AnnieR, Kinak

    before I can see my last 100 shares. I lost the certificates when I moved, and need to get them replaced. Once I get that out of the way, I'm selling them.

    BoA is a lousy investment, and the bank's going belly up before those 3 years have elapsed. I moved my accounts to a regional bank with a better record (BB&T) two years ago.

    For relevant sci-fi and fantasy, go to http://www.betty-cross-author.net/

    by Kimball Cross on Mon Sep 12, 2011 at 09:57:14 AM PDT

  •  The most galling for workers is to look at layoff (13+ / 0-)

    ...announcements and see the market respond "favorably" with higher stock prices, maybe even cascading into other companies rising. As a recent grad in the '70s it made my anger rise and heart sink.

    Increasing profits, margins, or just investment funds without increasing sales, and no expectation for higher demand, means decreasing operational costs - wages. This is the trap that Congressional tax legislation and the Fed have to take the lead on.  And SEC enforcement (ha!).

    There are milllions of layoffs already projected for the duration of '11 and '12.

    Eliminate the Bush tax cuts Eliminate Afghan and Iraq wars Do these things first before considering any cuts

    by kck on Mon Sep 12, 2011 at 10:09:06 AM PDT

    •  Not only that, but (1+ / 0-)
      Recommended by:
      kck

      Then the stock market freaks out at the unemployment numbers.  To hell with the left hand not knowing what the right hand is doing -- in their case, the left brain doesn't know what the right brain is doing.

      -----
      Tom Smith Online
      Music In Every Style... Except Dull
      I want a leader who shoots for the moon. The last time we had one, we got to the moon.

      by filkertom on Mon Sep 12, 2011 at 11:00:44 AM PDT

      [ Parent ]

    •  And this means even more jobs needed (1+ / 0-)
      Recommended by:
      kck

      It's good politics to say: "X number of jobs were created".  But, there needs to be a legitimate number presented about jobs created vs jobs lost.  

      "Jobs saved" is a good indicator of currently policy, of course, but the BIG number we should be looking at is the NET jobs lost vs. gained.

      With tens...maybe even hundreds...of thousands of jobs being forcasted as being lost....we need to do everything we can in the jobs area even if it means putting many of our social program agendas on the back burner right now.

      - If you don't like gay marriage, blame straight people. They're the ones who keep having gay babies.

      by r2did2 on Mon Sep 12, 2011 at 11:58:52 AM PDT

      [ Parent ]

    •  It doesn't always work this way (0+ / 0-)

      When companies announce profit generating ventures that will require adding jobs, the markets can also respond favorably to a company's stock.

      Basically, the stock is falling because the market thought those jobs were losing the company money. Truth be told, they likely were. The lost jobs are probably the people issuing all those shitty loans that were fucking up the company. Of course the investors are going to be happy those people get the axe.

      Try looking at things another way.

      by atheistben on Mon Sep 12, 2011 at 12:04:18 PM PDT

      [ Parent ]

  •  The stock market is irrational. (5+ / 0-)
    Recommended by:
    trumpeter, Kinak, spacejam, pat bunny, rclendan

    99% is based on what you think the other guy's gonna do, psychology and emotion.

    Cyndi Lauper's "Time After Time" was one of the last great melodies in music history before all possible good melodies apparently got exhausted in the late 80s.

    by dov12348 on Mon Sep 12, 2011 at 10:12:54 AM PDT

    •  Agreed....can we invent a more F@#ked up system to (0+ / 0-)

      base our livelihoods on. It goes up and down based on fear, and humans are such panicky animals. Can't we find a better metric to regulate stock prices?

      "All that is necessary for the triumph of evil is that good men do nothing" - Edmund Burke

      by rclendan on Mon Sep 12, 2011 at 02:00:09 PM PDT

      [ Parent ]

      •  Rec to you. (1+ / 0-)
        Recommended by:
        rclendan

        I dunno.  

        But to follow the stock market as indicating anything meaningful other than it went up or it went down based on (here the news usually makes up some bullshit reason - and they can always find something) is just Disneyesque.

        Cyndi Lauper's "Time After Time" was one of the last great melodies in music history before all possible good melodies apparently got exhausted in the late 80s.

        by dov12348 on Mon Sep 12, 2011 at 03:07:04 PM PDT

        [ Parent ]

  •  Corporate arrogance (BofA edition) Part II (1+ / 0-)
    Recommended by:
    Kinak

    I was on a conference call three weeks ago with Maryland's Secretary of the Department of Labor, Licensing and Regulation and he remarked that BofA and other large corporations typically refuse to engage the state government in discussions of job cuts. They simply file the minimum paperwork necessary under law and ignore the state government as much as possible.

  •  So, who is going to pony up to buy BoA (2+ / 0-)
    Recommended by:
    JML9999, cybersaur

    after the bad debt its holding finally does the company in? Will Goldman buy it? JP Morgan? Or does it die an ignominius death like Lehman?

    Bets?

    "YOPP!" --Horton Hears a Who

    by Reepicheep on Mon Sep 12, 2011 at 10:34:07 AM PDT

    •  Those outside the bank think they'd have to dump (0+ / 0-)

      Meriill but no one can/would buy it so they'd have to spin it off with a IPO. Problem there seems to be a consensus that what was Merrill is the only thing keeping BofA alive.

      So it's The Why do you hate this country You're Obsessed with misquoting me out of context while I was in the process of misspeaking with the sun in my eyes while chowing down and bashing Sharia law God Bless America defense.......

      by JML9999 on Mon Sep 12, 2011 at 10:47:23 AM PDT

      [ Parent ]

  •  Too big to fail (4+ / 0-)

    Should be split into many small enough to regulate. Multiple smaller banks would mean an increase in employment as economies of scope (which seem often inversely proportional to quality) disappear and jobs reappear.

    Jobs would be more uniformly distributed, across communities instead of in one call center in India.

    Ugh. Take it apart and make it work. It is a Rube Goldberg machine for killing prosperity not a bank.

    •  That is not the direction PEOPLE are (3+ / 0-)
      Recommended by:
      Sparhawk, spacejam, WillR

      going.  No one wants their investments in one place and banking in another.

      Shit - look what Nationwide and State Farm offer now...not only can you insure all your crap, but you can bank with them too!

      BoA has so many customers because they are "convenient"....a branch on every corner and you can "bank" from your smartphone.

      I don't think going back to the old days is going to happen.

      •  This people is. (0+ / 0-)
        That is not the direction PEOPLE are going.  No one wants their investments in one place and banking in another.

        I do my banking at a credit union.  I do my gambling - er, investments - with a couple of brokerages.

        As for Nationwide, those creeps used shady tactics to pull out of Florida, so as a long-time customer with both auto and home through them, I can only say, good riddance!  No way I'll have anything to do with Nationwide ever again.

        I am become Man, the destroyer of worlds

        by tle on Mon Sep 12, 2011 at 11:47:04 AM PDT

        [ Parent ]

  •  "Hello...My name Peggy" (7+ / 0-)

    Those four words from an otherwise humorous commercial about banking customer service come immediately to mind.

    Though the ad could be about so many other industries that outsource support jobs.

    "In a nation ruled by swine, all pigs are upwardly mobile." Hunter S. Thompson

    by Keith930 on Mon Sep 12, 2011 at 10:34:37 AM PDT

  •  Wonder when the raises and bonuses are (11+ / 0-)

    coming for those top executives.  In the real world where I live when your job performance is poor, you lose that job, not get a bonus or raise.  In the altered universe that is large banks and corporations, it works in reverse.  Go figure.

    The GOP will destroy anything they can't own.

    by AnnieR on Mon Sep 12, 2011 at 10:35:41 AM PDT

    •  Not really surprising (7+ / 0-)

      Privileged people giving other privileged people insane hand-outs and advantages, all while berating non-privileged people for not being privileged people.

      THe old white boys club doesn't care about the obvious failure rate of such a policy, because they're privileged and don't have to care.

      If there was a god, which clearly there is not, these people would get a taste of their own medicine.  Instead, they'll die rich, arrogant, selfish and utterly clueless.

  •  Think Of The Lines... (1+ / 0-)
    Recommended by:
    Kinak

    ...you will now encounter when you need to deal with your banker at BofA.

    "I never met a man I didn't like." Will Rogers - American Redneck

    by chuco35 on Mon Sep 12, 2011 at 10:38:34 AM PDT

  •  Consolidation, (4+ / 0-)

    centralization, minimalization ... all of them lead to more power and money in a small area.  All are just more ways to move money and power from the people to the very rich people.

    It's time to end the era of consolidation and buyouts, and reinstate some actual competition to the market.  Break the "too big to fail" organizations up.

    I am not religious, and did NOT say I enjoyed sects.

    by trumpeter on Mon Sep 12, 2011 at 10:39:43 AM PDT

  •  Wow (6+ / 0-)

    I am so sick of large companies giving their top execs raises and firing lower level employees at the same time.

    Ack!

    http://www.thehamandlegsshow.com

  •  I moved my money from BoA to PNC (1+ / 0-)
    Recommended by:
    EMBA30

    So I now have two banks and two credit unions.  I didn't have any complaints about how BoA treated me as a customer--I just got upset by what I was reading about them.

    Thanks for reminding me why I switched.

    "Religion is what keeps the poor from murdering the rich."--Napoleon

    by Diana in NoVa on Mon Sep 12, 2011 at 10:40:05 AM PDT

  •  media and class (6+ / 0-)

    Tom Stites explained this in a talk in 2006: Is Media Performance Democracy's Critical Issue?

    Tom is an old-time newspaper guy, a self-described "ink-stained wretch". His talk describes what happened to newspapers between the beginning of his career in the 60s and the 80s.

    Basically, the business model of newspapers changed. They started with a 100% penetration goal (i.e., everybody in town should subscribe to the paper) to a model that ignored the lower 60%. Advertisers wouldn't pay for the lower-income readers, so the newspapers stopped targeting them.

    The rest is history. No other media has picked up the slack, so any story will focus on how the events impact the well-to-do. So let's not talk about the people losing their jobs. Let's talk stock prices.

    Read the Weekly Sift every Monday afternoon. http://weeklysift.com

    by Pericles on Mon Sep 12, 2011 at 10:41:22 AM PDT

  •  How is this being overlooked??????? (8+ / 0-)
    Bank of America, by the way, paid no corporate income taxes in 2010 and "actually reported a tax benefit of almost a billion dollars." In the same year, top executives earned tens of millions of dollars. That's how we're told to understand our economy these days: the rich get millions, corporations have no responsibility to pay their fair share, and the loss of tens of thousands of jobs is a side note to lengthy discussion of stock prices.

    Where the fuck (pardon my French) is the media in this?  I mean, if there ever was a pointed instance of what we democrats are saying with regard to the wealthy corporations with regard to the tax structure, this is it.

    I HATE how so many truths are just swept under the rug in favor of republican ideology.

    This sux.  No other way to put it.

    - If you don't like gay marriage, blame straight people. They're the ones who keep having gay babies.

    by r2did2 on Mon Sep 12, 2011 at 10:42:53 AM PDT

    •  Follow the money. (1+ / 0-)
      Recommended by:
      r2did2

      DKos is full of stories about why this isn't being followed, who gets the money, who gets the power, and why nothing is being done about it, except to accelerate it.

      It's why we oppose the GOP and their bankster owners.

      I am not religious, and did NOT say I enjoyed sects.

      by trumpeter on Mon Sep 12, 2011 at 10:46:36 AM PDT

      [ Parent ]

      •  Yeah...I know (1+ / 0-)
        Recommended by:
        trumpeter

        My post was more rhetorical than anything.  Yeah, I know why this is the case...and I reiterate....THIS SUX !

        - If you don't like gay marriage, blame straight people. They're the ones who keep having gay babies.

        by r2did2 on Mon Sep 12, 2011 at 10:51:49 AM PDT

        [ Parent ]

    •  But if you tax BofA, they won't create jobs (0+ / 0-)

      You are correct in pointing out the size of the hole blown in this Republican talking point. I guess that the problem is the hole is so big, there's nothing left to report on.

      CROUCH!...TOUTCH!...PAUSE!...Engage!

      by bobinson on Mon Sep 12, 2011 at 01:45:47 PM PDT

      [ Parent ]

  •  It's a double-edged sword (9+ / 0-)

    On the one hand, if there's one thing this country doesn't need, it's more people working in the banking industry.  

    On the other hand, if there's another thing this country doesn't need, it's 30,000 more people out of work.

    Shirley Chisholm was right. Our Republic is in deep trouble.

    by Big River Bandido on Mon Sep 12, 2011 at 10:43:06 AM PDT

    •  Yeah, I have mixed feelings. (2+ / 0-)
      Recommended by:
      hmi, cybersaur

      I certainly think BOA is evil, and I'd like to think they just decided to leave branch banking to the mom and pops.

      So, the layoffs suck, but their shrinkage doesn't bother me.

      Ideology is an excuse to ignore common sense.

      by Bush Bites on Mon Sep 12, 2011 at 10:46:58 AM PDT

      [ Parent ]

    •  We do need (1+ / 0-)
      Recommended by:
      Big River Bandido

      more people working in the industry,  Anything that will dilute the Big Banks is a good thing.

      That said, all of my money is in a credit union.  Also 'the banking industry' but more honorable and shareholder controlled.

      I am not religious, and did NOT say I enjoyed sects.

      by trumpeter on Mon Sep 12, 2011 at 10:47:47 AM PDT

      [ Parent ]

      •  I see your rationale (0+ / 0-)

        and I agree with you that it would be a great improvement to see Americans move en masse to credit unions, and to have more of the people working in banks and "financial institutions" working for local ones.  

        But in the big picture?  Over the last 30 years, just about the only industry in this country that has seen "growth" is the "financial services sector".  I use "growth" in quotes because it's only shadow growth.  It's not the kind of sustainable economic growth that comes from being able to produce something that other people want. We just take fees for moving other peoples' money around.  That's why none of the so-called "economic growth" of the last 30 years has led to any improvement in the lives and living standards of most Americans.  

        This phenomenon is not new, and is common enough in history to have earned a name:  financialization.   It is what happens when finance becomes more important than actual productivity.  Financialization of the economy has been the death-knell of every economic superpower since the Roman Empire.  And it is well-entrenched here.  

        Shirley Chisholm was right. Our Republic is in deep trouble.

        by Big River Bandido on Mon Sep 12, 2011 at 11:32:16 AM PDT

        [ Parent ]

    •  And then there's the USPS (2+ / 0-)
      Recommended by:
      spacejam, Big River Bandido

      I play golf with a local USPS postmaster and he said that there is supposed to be some kind of big announcement this Wednesday.  Even he didn't know what's up with that.

      They've already said they are considering somewhere around 100,000 layoffs and reducing mail delivery days and such.  Should be interesting.

      It's one thing when we see a hundred here and a hundred there losing jobs...that's bad enough.  But, now, we're seeing tens of thousands losing jobs in one big cut in a lot of areas.  This isn't good, folks.  It not only hurts those affected...but, it hurts democrats in a very big way.

      - If you don't like gay marriage, blame straight people. They're the ones who keep having gay babies.

      by r2did2 on Mon Sep 12, 2011 at 10:55:42 AM PDT

      [ Parent ]

      •  This is what "austerity" looks like (0+ / 0-)

        All those budget cuts in the "debt ceiling deal" and the SuperDuper Congress?  That foolish policy will cripple the entire economy.  

        30,000 layoffs in one fell swoop?  100,000?  Drop in the bucket compared to what's coming.  In the context of the widespread social dislocation that's bound to occur as a result of "austerity" policies, I couldn't care less about the impacts on the Democrats in Washington.  Those who voted for that agreement deserve exactly what they get, if not worse.

        Shirley Chisholm was right. Our Republic is in deep trouble.

        by Big River Bandido on Mon Sep 12, 2011 at 11:38:23 AM PDT

        [ Parent ]

  •  Right to Work state (3+ / 0-)
    Recommended by:
    r2did2, spacejam, Brooke In Seattle

    To get a handle on the culture at Bank of America read
    Crash of The Titans about the BofA-Merrill Merger and the aftermath....

    Being headquartered in North Carolina and NC being a right to work state means they can drop people in insane quantities without any recourse...

    So it's The Why do you hate this country You're Obsessed with misquoting me out of context while I was in the process of misspeaking with the sun in my eyes while chowing down and bashing Sharia law God Bless America defense.......

    by JML9999 on Mon Sep 12, 2011 at 10:43:59 AM PDT

    •  This is absolutely and totally correct (2+ / 0-)
      Recommended by:
      JML9999, cybersaur

      In a past life, I was a manager in a right-to-work state.  I could discharge an employee with no cause.  Now, of course, if the employee filed a complaint/suit, I'd have to show up to explain my "reasons" for the termination...but, it was more a formality than anything.  Not sure if that is still the same today....but, it sure does show us how unions need to work harder in those states.  Of course...the media doesn't show any incidents of that happening..sooooooooooo.  

      Geeezzzz,

      - If you don't like gay marriage, blame straight people. They're the ones who keep having gay babies.

      by r2did2 on Mon Sep 12, 2011 at 11:00:08 AM PDT

      [ Parent ]

  •  Wonder if they're trying to emulate ING... (0+ / 0-)

    ....and some of the other online bankers?

    Ideology is an excuse to ignore common sense.

    by Bush Bites on Mon Sep 12, 2011 at 10:44:17 AM PDT

  •  The employees' jobs are not being "cut" (5+ / 0-)
  •  These are our (3+ / 0-)
    Recommended by:
    JML9999, stewarjt, i like bbq

    "job creators" at work.

    Jeeze.  Evil fuckers.

    --

    Republicans chap my ass

    Me

    by Marc in KS on Mon Sep 12, 2011 at 10:49:59 AM PDT

    •  Agreed (1+ / 0-)
      Recommended by:
      Jerry056

      They aren't evil though.  This is what real capitalist competition forces them to do under threat of extinction.  It's not people that are evil.  They are acting under the dictates of capital.  There are 100 people and probably more right down the hall ready, willing and able to fill their position  and do the dirty work if they have a tinge of conscience about it.

      If I was a communist, rich men would fear me...And the opposite applies. The history of all hitherto existing society is the history of class struggles.

      by stewarjt on Mon Sep 12, 2011 at 11:00:12 AM PDT

      [ Parent ]

  •  Need more tax breaks for job creators (5+ / 0-)

    obviously.

    Obama is "a good man" to many democrats like Bush was "a good man" to republicans.

    by The Dead Man on Mon Sep 12, 2011 at 10:50:31 AM PDT

    •  Don't do that! (0+ / 0-)

      Any idiot (i.e., Republican) browsing here will yell "hurray!" at any repetition of their looniness.  What we response to with "are you completely stupid?" evokes that warm, fuzzy feeling from them.

      I am become Man, the destroyer of worlds

      by tle on Mon Sep 12, 2011 at 11:52:10 AM PDT

      [ Parent ]

  •  We need a different word. (7+ / 0-)

    Excellent spotlight on the banksters and the so-called financial reporting.  Just one little item, that's become a pet peeve for me.

    In the same year, top executives earned tens of millions of dollars.

    No.  They didn't.  They hauled away boatloads of money, but they damned sure didn't earn it.

    Stole, embezzled, swindled, ripped off the taxpayers (yes, the taxpayers, not just the stockholders), etc.; those all work for me, but I refuse to use the word "earn" any more.

    As far as I'm concerned, what they earned is "10 to 20".

    I am become Man, the destroyer of worlds

    by tle on Mon Sep 12, 2011 at 10:51:44 AM PDT

  •  Wait a minute did you say... (1+ / 0-)
    Recommended by:
    cybersaur

    that BoA paid none of those "job killing" corporate taxes?  Well, how can they be killing jobs?  

    I am being facetious of course, we had BoA accounts and closed them after the 2008 debacle.   The sons of bitches.

  •  Fire YOUR bank! (1+ / 0-)
    Recommended by:
    cybersaur

    And go with a credit union.

    Seriously.

    You'll thank me later.

    "I've been learning how to squirm without any perceptible movement." --- Terry Douglas

    by zorp on Mon Sep 12, 2011 at 10:56:57 AM PDT

  •  The execs made bad decision after bad decision... (2+ / 0-)
    Recommended by:
    cybersaur, Brooke In Seattle

    ... and they will be punished for it with hundreds of millions of dollars in bonuses.

    Yet the Republicans want to blame our economic woes on low and middle income Americans who are defaulting on their (over-priced, too-easy-to-get) mortgages, the lending of which was one of the worst decisions of the greedy bastards that run Bank of America.

    Ah, capitalism!

  •  Two more months, then I fire BofA (2+ / 0-)
    Recommended by:
    tle, Brooke In Seattle

    In August of 2007 they shot me down for a business loan by saying "Its not what we wanted". When I fire them after I pay off another loan next month and they ask me why I am moving to the credit union, my response will be, "Its not what you wanted."

    Let's go back to E Pluribus Unum

    by hazzcon on Mon Sep 12, 2011 at 10:59:34 AM PDT

  •  This is one of those (0+ / 0-)

    situations where BO could use some of that bully pulpit thing and tell BOA to quit weakening America and hurting the economy.

    LOL- as if BO would ever use the bully pulpit.

    The banks have a stranglehold on the political process. Mike Whitney

    by dfarrah on Mon Sep 12, 2011 at 10:59:37 AM PDT

  •  It's not because of UNIONS ? (1+ / 0-)
    Recommended by:
    Brooke In Seattle

    Oh, wait, mass layoffs from an industry (finance) that does not have unions?

    That seems counter to the Republican view that unions are too heavy a burden on American industry, no?

    I'm so glad that the MSM allows Republicans to bash unions all day long every day with absolutely no perspective on non-unionized industries that can just layoff 10s of 1000s like this.

  •  TARP was the best idea EVER! (1+ / 0-)
    Recommended by:
    cdembrey

    And see how well it's working out for America? We got to PAY a big bank to fire people! What could be better than that?

    We should have nationalized BA so that it's name was not an ironic oxymoron.

    "'club America salutes you' says the girl on the door/we accept all major lies, we love any kind of fraud"--The Cure, "Club America"

    by Wheever on Mon Sep 12, 2011 at 11:04:12 AM PDT

  •  Single Payer! could we do worse? (0+ / 0-)

    You're left speechless at the course of current events, i.e., Bank of America, so you just mention Single Payer from out in left field.   My diary from other day..........it was great.

    "I support term limits. I voted for term limits as an assemblyman. I believe that term limits are essential to reforming Congress and making members of Congress accountable" Current United States Congressman, Frank LoBiondo in 1994

    by guesswhoo2355 on Mon Sep 12, 2011 at 11:04:21 AM PDT

  •  None of this would be happening if the government (0+ / 0-)

    had taken-over (nationalized)  the banks like some top economists wanted.

    So you can blame this on Barry, Larry and Timmy. This is what happens when you bail-out your friends instead of thinking about whats best for the USA.

  •  Did BoA say (0+ / 0-)

    what percentage, if any, will come from retirements, buyouts, etc.?

  •  Doing some fuzzy math.... (0+ / 0-)

    We B of A created 10,000 jobs this month

  •  No New News Here (1+ / 0-)
    Recommended by:
    flight2q

    This is nothing new, nothing different.

    For the last several decades, the given wisdom for all corporations was that, in order to increase profits and therefore stock prices (and remember, a large portion of CEO and other executive compensation has been in stocks and options) in the most rapid, short-term fashion possible, they have to cut workers.

    Corporations are Darwinian entities.  Rational beings know that cutting workers reduces the ability to produce and grow in the long run, but corporations do not -- can not -- think about the long run.  They are entirely focused on this quarter's earnings statements.  Therefore, they will always, always cut workers to cut costs to increase stock prices.

    If every corporation does this -- and the vast majority have been -- for long enough, the impact on total employment is obvious, and we have seen it happen.

    And the wonderful thing is, the Republicans tell us that the way to grow the economy is to free the corporations from regulation, yet the result of such freedom for corporations is more layoffs, more job losses, more of an economic disaster.  And please tell me who is making the connection, pushing back against the bullshit, and telling the American people that the Republicans are -- in this as in everything else -- lying.

    "... there is no humane way to rule people against their will." Naomi Klein, The Shock Doctrine

    by Noziglia on Mon Sep 12, 2011 at 11:24:56 AM PDT

  •  those 30,000 paid a lot of taxes (2+ / 0-)
    Recommended by:
    cdembrey, flight2q

    even if BoA did not.  

    and why should it ?  the US gov backstops the bank, so the bank would be paying taxes to itself ?

    somewhere along the line the gov decided to care more about the bank than the depositors, thus aligning the interests of paying no tax nicely.

    lets also keep in mind the 250,000+ amercians are still working for the bank and paying taxes.    

    the real problem in our economy is how to generate good pay and labor demand as a general proposition, because only those lead to a good economy.  right now, in our setup, the rural just edges the urban, everywhere, and wherever people live closely together, they vote blue, and where they live farther apart, they vote red.

    sadly, the red powers that be are in thrall to elites who seek only short term advantage, and that's always where Mr. Market fucks up in the end.

    the reds seek control of Mr. Market so their patrons always can always win in the future.  the way to get there is, of course, "recovery", which in the short term can be ginned up on the backs of the politically weak, whoever they may be in a society.  

    he religious right is the most organzed political force in the country.  its a global problem, with each story being a bit different, but mainly about power elites controlling freaked-out populations by trying to deny modernism, and all that means.

    i blame the Republican party for mishandling the past 30 unipolar years in the worst possible way, leading to a real chance of a semi-theocratic corporate kleptocracy that could even impress the Chinese, and I blame the left and the Democatic party for not recognizing the growing threat until now.  

    the right has it backward, of course, as they always do.  when the urban areas erupt, and times get really, honestly hard, the left will surge, but not the weak, accomodating left of the half-bought already corporate party that gave us the ACA, but the people in the streets interests of genuine class-warfare.  

    once the countryside arms up and movement becomes difficult (already is if you drive while black in many places), pretty soon things take a Pakistanian coloring.....

    to undo it, you have to tax very high incomes (job creation wont suffer, I promise) and get serious about only trading with partners who respect wage, environment, and currency rules that make a fair market possible.  thats also very bad for the rich in our country.  you also need medicare for everyone, with premiums based on actuarial risk and age,  disallow public company managers ownership of company stock or options (if they need to own, they should go lead a private company) and finally, tie major welfare payments to academic performance of disadvantaged kids.  

    If we want them to succeed, we show that by paying for it, and in the adult world, nobody does jack shit without compensation.

       

    those actions would leade to the biggest job boom in history.    

    Out of my cold dead hands

    by bluelaser2 on Mon Sep 12, 2011 at 11:38:58 AM PDT

  •  Why do we only hear/see this here? (0+ / 0-)

    That last paragraph. Why aren't we hearing Democrats saying things like this?  It looks like we are about to lose big time in NY, where the hell is the party?  Is there anyone left with any backbone at all?  It's like it's 2005 again, yet Democrats still hold the Senate and the White House.  But will lose both next year if they don't remember how to fight back.

  •  robosigning-it's the answer (0+ / 0-)

    How can Bank of America cut 30,000? Become more efficient! With robosigning, many of these clerks can be dispensed with. And who needs records? Make it up whenever it is needed; never before. AND KEEP THOSE DAMN REGULATIONS OFF THEIR BACK!!! Look at Bernie Madoff and take a lesson. Too many records are just going to get you trouble.

  •  B of A (0+ / 0-)

    B of A is in trouble, and it should be.
    They and Country wide swindled hundreds of thousands.
    They should be allowed to fail, or at least dramatically downsize.
    Their top management should be given a fair trial and then sent to jail, for long prison terms.

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