In his new article, "Bank of America: Too Crooked to Fail," Rolling
Stone reporter Matt Taibbi chronicles the remarkable history of the rise
of Bank of America, an institution he says has defrauded "everyone from
investors and insurers to homeowners and the unemployed." Taibbi
describes how the Bush and Obama administrations 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. The bank now owns more than 12
percent of the nation’s bank deposits and 17 percent of all home
mortgages. Taibbi also recounts how fraudulent practices by Bank of
America and other companies ravaged pension funds. "Most people think of
[the mortgage crisis] as some airy abstraction — you know, bankers
ripping off bankers," Taibbi says. "That’s not what it is. It’s bankers
stealing from old ladies and retirees." Video
Source: Democracy Now!
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