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How Stupid Can One Bank Be

March 4, 2009

It is apparent that Bank of America is an organization which has no conscience. After being outed for its extravagent carnival spending during the Super Bowl, to its CEOs deciding it would take $1M to revenate his office – the judgement of Bank of America has been dubious to say the least. But in a move that demands a prognosis of mass public insanity to be considered ok, Bank of America has decided to play obstructionists. The Wall Street Journal reports:

“Bank of America is expected to file a motion on Wednesday in New York State Supreme Court to keep the compensation data from becoming public. Next week, Mr. Cuomo (NY’s Attorney General) intends to make his case that the data shouldn’t be kept confidential. A judge is expected to rule on March 13.”

Are you kidding me. Exactly what reason would an organization (which has been bouyed by billions of taxpayer dollars) not involved in some form of national security operations need to hold their compensation data secret. No matter what their reasons can be – it is going to cost them. If they get the motion to supress, the court of public opinion will crush them (which it will begin today), especially when our President, the Congress and the American people have expressed their desire that transparency be emphasized.

It tells a story about the nature of those in charge of our major banking/financial institutions. They cannot be trusted, they have very little to no interest in the public good, and they are intent on holding to as much of the status quo as they can secure. So I say to our government, cut the Bank of America’s off. Now, to be clear, I am not calling for a mass capitulation to the failure of our banks. What I am saying, is we should cut off any institution that continues to operate as if it is above the scrutiny – like Bank of America. Once that motion is filed, the Treasury should loudly request that previously provided stabilization funds be returned, and let them fend for themselves.

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