Economic Justice  

VIDEO: Thanks Bank of America!

Virginia Organizing is continuing to call on Virginians to MoveOurMoney from the big banks and into credit unions and small banks. Last Friday, our S. Hampton Roads supporters divested from the Norfolk Bank of America and Wells Fargo. Click here for media coverage.

We will continue to organize MoveOurMoney actions statewide. Check out this hilarious video and the factsheet below on Bank of America.

 

 

We need a new bottom line- an economy that works for all of us.  Every dollar we take back goes towards building our new bottom line.

 

If you have money in a big bank, it’s time to Move Our Money!

Have Money in Bank of America? Take It Back!

Wall Street and the Big Banks take from the 99% to make the 1% get richer.   They crashed the economy and cost us, but it's American families who are stuck picking up the tab.  That's why Americans are coming to collect and do what politicians have failed to do. We’re going to move our money until the big banks invest in our communities.

We’re moving our money because...

1. You’re foreclosing on American families and funding predatory lenders.

As of June 2010, BofA had $88 billion worth of foreclosed homes in its portfolio—more than any other mortgage servicer in the country.  They are at the center of the foreclosure fraud scandal. They also lend money to predatory lenders who then provide loans to Americans at interest rates as high as 400 percent.

 

2. You’re putting a chokehold on lending to keep Americans out of work

Rather than investing in our communities to restart the economy, BofA is not lending to small businessesthat create jobs.  In the two years after the bailout, BofA had a 97% drop in Small Business Administration loans!

 

3. You aren’t paying your Fair Share

BofA has $2.2 trillion in assets yet paid $0 in income taxes in 2009 and 2010, and has over 143 tax-sheltered overseas subsidiaries to get out of paying federal taxes.

 

4. You’re Stealing our Democracy

BofA’s big dollars are getting our elected officials to rig the system and the rules. Since 2003 BofA has spent close to $20 million in lobbying against common sense reforms

 

WE’LL TAKE IT BACK UNTIL BANK OF AMERICA:

Pays US Back and pays your fair share

Stop draining government of revenue. Pay your statutorily required 35% corporate income tax instead of gaming the system through off-shore tax shelters, loopholes and scams.

 

Stabilizes the housing market and revitalizes the economy

Reduce principal for all underwater homeowners to current-market value. This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy and create 1 million jobs a year.

 

Invests in American jobs

Stop hoarding money - invest in small businesses, the main source of jobs in the U.S.