EA vs Bank of America – Who will be voted the worst company in the US?

Now I’m not going to comment on EA and video games (because I really dont have a clue about them) but what I do know about is mega banks, such as Bank of America…Here is just a few things I could find about them all found in the main stream media (incase you think I’m making this shit up)  I could go on forever about these private offshore bankers but heres just a small portion of what these scam artists are doing

The Obama administration have repeatedly propped up the financial institution, which received a $45 billion taxpayer bailout in 2008. Bank of America has also received billions in what could be described as shadow bailouts
And then, right in the midst of the financial crisis in 2008, Bank of America acquires the two of now the most notorious financial institutions in the country.
The Bank of America executives always wanted a thriving mortgage business. They were already one of the biggest mortgage dealers in America. But they wanted to be even bigger, and nobody was bigger than Countrywide, which was the largest subprime lender in America at the time. And so, right at the moment when the mortgage market was beginning to collapse, Bank of America did two things: first they made a $2 billion investment in 2007, and then they finally kind of doubled down on their bet about six or seven months later and acquired the entire company. They thought they were getting a steal, but it ended up being completely catastrophic to the bank’s fortunes, because they inherited a whole range of liabilities and future lawsuits for a lot of the criminal behavior that Countrywide had been involved in with regard to subprime mortgages.
And then , in that same time period, and they acquired Merrill Lynch, which was one of the most innovative, but also the riskiest, investment banks in terms of bundling and packaging mortgage-based derivatives. So they ended up this gigantic conglomerate who ruled the mortgage world at the time when the mortgage market was exploding and all of these sort of hidden criminalities and conspiracies were burbling to the surface.
I want to now go to the latest deal. In February, the Obama administration announced Bank of America and four other large banks had signed on to a $25 billion mortgage settlement to resolve claims over faulty foreclosures and the mishandling of requests for loan modifications. President Obama described it as a landmark settlement.
 In a recent interview with CNN, Bank of America CEO Brian Moynihan praised the mortgage settlement.
it’s supposed to cover robo-signing. Now, what is robo-signing? Essentially, when—what the banks were doing is they were lending these companies like Countrywide billions of dollars to make loans all over the place to anybody with a pulse. Then they would make these billions of dollars’ worth of loans. The Countrywide-type companies would sell the loans back to a big bank like Goldman Sachs or Bank of America, who in turn would chop up these loans, turn them into securities, and then sell them off to customers like unions and pension funds and foreign retirement funds all over the world. Because they weren’t going to be holding on to those loans, they weren’t like traditional bankers that were going to be maintaining these loans over, you know, 20 or 30 years. Because they weren’t going to be doing that work, they just simply stopped doing the paperwork on these loans. It wasn’t cost-effective for them. So what they were doing was they just completely stopped servicing the loans. And only when they had to foreclose would they go back and try to reconstitute that evidence. And they would just assign a bunch of sort of entry-level people to make up affidavits so that they could go to court and foreclose on people. Completely illegal. It was really a system of mass perjury. That is what this settlement is supposed to cover, strictly the fraud in that one narrow area of this process.
There are much, much bigger problems in the areas of creating loans and securitizing the loans. That’s where the real fraud occurred. The real fraud was when Bank of America or some company went to a union, say, and they said, “Here’s a whole bunch of mortgages we want you to buy. They’re AAA-rated. They’re all good.” And they left out derogatory information about how bad the loans really were. That was the real fraud. That isn’t covered by this settlement. But there’s some ambiguity about what this settlement covers. Some people think it does cover more than the robo-signing. And if it does, if there’s a waiver for more than just robo-signing, then it’s an incredible giveaway to the banks. It might even be a bigger bailout than TARP.
Most people think of it as some, you know, airy abstraction, you know, bankers ripping off bankers. That’s not what it is. It’s bankers stealing from old ladies and retirees. That’s what it is. They essentially went to pension funds, and they said, “Here’s a whole bunch of relatively safe, you know, AAA-rated investments. AAA, that’s the same as United States T-bills or, you know, the sovereign debt of Luxembourg or something like that. It just earns you a little bit more, but it’s also AAA.” They bought this stuff. And then, you know, a year or two later, they’re looking at 30, 40, 50 percent losses. And that’s just money that’s coming straight out of the pockets of old people and retirees.
The two that, to me, are the most incredible are municipal bid rigging—Bank of America a couple years ago paid a $137 million settlement, because they were caught rigging the bids for municipal bond issues in at least 88 different cases across—I think that was 25 different states. What this means is whenever some municipality—it could be the Guam power authority or, you know, the city of Baltimore—when they want to raise money, they have to do it through an investment bank, and they’re supposed to do it through an auction process, where all the banks compete to see how much they’re going to pay to get that business. Well, these banks have been systematically colluding and submitting artificially low bids, and there’s usually an insider on the municipal side who kind of games the whole process. They’ve been systematically doing this around the country for years and essentially cheating municipalities out of hundreds of millions of dollars in revenues that they would have otherwise gotten.
The other big one, that’s more of a recent story, is Bank of America has been accused, along with a number of other banks, of artificially suppressing LIBOR, which is the London interbank exchange rate. LIBOR is basically the exchange rate upon which all adjustable rate investment vehicles are based on: mortgages, everything. They’ve been artificially suppressing LIBOR so as not to pay out as much to any investor who has a LIBOR-based instrument. There’s $350 trillion worth of investments are based on LIBOR. So they’ve been gaming the game, essentially. There’s really nothing that these guys haven’t been involved with.
Bank of America also has a contract to—in a number of states, to distribute unemployment insurance benefits. People would get a prepaid Bank of America card. And in one state, it was discovered that if the people getting the benefits didn’t go to a Bank of America ATM machine, that they could pay fees as high as $10 for each time they went to either a bank or another ATM. I’m sure that’s not what the state had in mind when it was trying to distribute unemployment benefits.
Just last year, they were in a very delicate situation where a number of their counterparties and creditors were concerned about the massive flow of derivatives that were on Merrill Lynch’s books. They convinced Bank of America to move that stuff onto its own depository side so it would be federally insured. So now we’re all on the hook for all this stuff. And that’s another thing that—another way that they’ve used the government to get out of their private problems.