Ask Mrs. Vera: How come Bank of America pays .01% interest when their profits are up 63%?

Dear Mrs. Vera,

How come Bank of America pays one hundredth of one percent interest when their profits are up 63 percent?

Regards, Henry F. “Mister” Potter, Bedford Falls, NY

Mrs. Vera Newman,San Francisco, California.Photo: James Bartlett

Dear Henny HalfPenny Pincher, sorry, I meant Baron Von Bankenstein,… [Read more]

TARP: A Not-so-done Deal. It’s Financial Reform Time

Yesterday, 10 US banks and mortgage firms agreed to pay $8.5 billion to settle complaints of wrongful foreclosures. Federal regulators undertook an extensive review process of  homeowner foreclosure files as required under an enforcement action filed during 2011. According to terms of the agreement the banks – which include several of the nation’s largest financial institutions such as Citigroup, JP Morgan Chase, Bank of America and Wells Fargo – will end up paying individual homeowners anywhere from several hundred dollars to $125,000 once it has been determined that those individuals were wrongly foreclosed upon.… [Read more]

Moving Your Money: the Lowdown on Credit Unions

With all the actions taken against Bank of America last week to expose their funding of mountaintop removal mining and foreclosures, and Occupy Wall Street and other organizations such as MoveOn.org and the Huffington Post encouraging people to move their money out of big banks and into credit unions, I thought that I would share some information about what credit unions are, what they do, and some of my experiences as a member of one.  … [Read more]

Talkin’ ’bout My Generation: Stop Bankrupting Our Future

On Wednesday, April 25th, the youth and students of America are taking action and sending a message to big banks and Wall Street: they need to stop destroying our climate and bankrupting our future. It is a nationwide day of action against both crippling student loan debt and Bank of America, the number one financier of the coal industry AND the number one fore closer on American homes.… [Read more]

Another Big Bank Heist

The word is out: The Securities and Exchange Commission (SEC) settled with Citigroup for $285 million.  In yet another case of fraud by a ‘too-big-to-fail’ bank, investors lost millions as the result of being misled — this time, about mortgage bonds.  In the settlement, Citigroup doesn’t admit or deny the allegation that they behaved badly and/or did anything wrong by betting against the very mortgage securities they convinced their investors to buy.… [Read more]