BANK OF AMERICA - THE LARGEST PONZI-SCHEME IN HISTORY & FUNDED BY THE AMERICAN TAX PAYER

Bank of Americas Business Model Is A Ponzi-Scheme Funded By Tax Dollars From American Citizens

For the last three years Bank of America has been borrowing billions of dollars a day in emergency lending from the Federal Reserve at interest rates close to zero. In just one day in January, 2009, it borrowed $91 billion. All told, it has taken at least $2 trillion in rolling emergency loans since 2008. What does BofA do with that money? Lend it back to us at 5% interest rates for mortgages and 20% or even 25% interest rates for credit cards. Borrow at zero, lend at 25, thats how Bank of America makes its profits. It lends your money back to you at interest.

KNOWN FACTS REGARDING BANK OF AMERICA AND ITS CORPORATE GREEDY HAND THAT IS ALWAYS OUT, READY TO RECEIVE MORE TAX DOLLARS BofA received $45 billion in taxpayer bailout money in 2008, including $25 billion to help it buy the failing investment company Merrill Lynch. Despite having a credit rating one notch above junk level, Bank of America has borrowed $44 billion against the governments higher credit status, using a little known Federal Reserve program for banks with damaged credit called the Temporary Liquidity Guarantee Program. In simple terms? BofA received a new platinum credit card guaranteed by the taxpayer as a reward for having a severely damaged credit rating. In 2011, Bank of America moved $73 trillion (thats trillion, with a T) in risky derivative bets from its investment bank Merrill Lynch to its own books. Because BofAs holdings are insured by the government controlled and financied FDIC, that puts us taxpayers on the hook for their potential losses. The states willingness to guarantee BofAs losses are what allows the bank to receive loans from otherwise nervous creditors.

BANK OF AMERICA'S ILLEGAL ACTIONS ARE SANCTIONED BY GOVERNMENT

Financially supported and legally sanctioned by the state, Bank of America has defrauded everyone it does business with: investors, insurers, homeowners, shareholders, depositors, and the state. If you bank with BofA, its likely they stole from you, or at least tried to. Want proof of this illegal activity? Heres a laundry list of their recent and pending lawsuits: Homeowners: Bank of America is facing over a dozen class-action lawsuits for foreclosing on thousands of homeowners across the country. The banks electronic foreclosure system, called robosigning, may be responsible for illegally forclosing on the homes of 5,000 military members. Active Duty Military Service Members: Bank of America was fined $20 million to settle a lawsuit alleging improper foreclosure on members of the military between 2006 and 2009, the Justice Department reported in May 2011. These foreclosures violated the Service Members Civil Relief Act, which was enacted to shield deployed military personnel from financial stress. Further, the United States Justice Department revealed that many of the military members foreclosed on included those that were severely injured in the line of duty. If that were not enough, many of these unfortunate Guardians of Freedom foreclosed upon by Bank of America have been diagnosed and suffer from the severe, chronic and debilitating condition; Post Traumatic Stress Disorder (PTSD). Bank of America is also being investigated for its role in originating VA Home Loans it knew or should have known, were fraudulently crafted solely to obtain United States Guaranty funds that back these loans. That backing money comes from, yes you guessed it - the American Taxpayer. Clients: Bank of America also owes its everyday clients nearly half a trillion dollars from inflated and illegal overdraft fees. In May, 2012, a federal judge ruled that the bank must pay back its clients more than $410 million. Minorities: Bank of America systematically defrauded minorities. In 2011, Bank of America paid $335 million to the Department of Justice after facing a lawsuit charging that Countrywide, a BofA-owned mortgage firm, systematically defrauded 200,000 African-American and Hispanic borrowers in mortgage deals, often selling them riskier adjustable loans when they qualified for safer, fixed-rate mortgages. State workers: Last year, a court ruled that Bank of America sold $624 million in fraudulent securities to New York public pension funds. Meaning that; BofA stole more than half a trillion dollars from public workers in just one state! In Mississippi, Bank of America also stole millions from state workers pensions by selling fraudulent securities, settling with the state for $315 million. This type of worker pension-fund theft is rampant across the U.S. and Bank of America is also facing lawsuits by other state governments. Counties and Towns: Dallas County, Texas is suing Bank of America for

stealing as much as $100 million in local taxes by using an electronic mortgage registration system instead of paying county fees. Dozens of other localities, including counties in Kentucky, Massachusetts, and Michigan, are filing similar suits. The Federal Government: Bank of America even defrauded the federal government, who is now suing the bank for selling Fannie Mae and Freddie Mac - the taxpayer owned mortgage insurance companies; $3 billion in securities which ended up being worthless. Investors: Bank of America is facing over a dozen major lawsuits for selling fraudulent securities to institutional investors. It has already settled for $8.5 billion in damages from claims from a group of institutional investors like BlackRock, who bought bad mortgages from Countrywide, the firm purchased by Bank of America. It faces $10 billion in similar claims from AIG, and $700 million more from Allstate. U.S. Bancorp also sued BofA for over a billion dollars for fraud. Insurers:Bank of America is facing lawsuits for over $3 billion from major bond insurers MBIA, Assured and Amba, all of whom report being defrauded by Bank of America. Shareholders: In 2008, taxpayers gave billions of dollars to Bank of America to buy the failing investment company (FC) Merrill Lynch. Meanwhile, BofA conspired with Merrill Lynch to hide that the investment companys executives would recieve nearly $3.6 billion in bonuses that same year. A fraud that ended up costing Bank of America more than $125 million after a series of lawsuits by the decieved shareholders. More than 8 million homes have been foreclosed since the bailouts. Bank of America wont tell us how many of these they manage, but they do control 20% of the mortgages in the U.S. Foreclosure rates are expected to increase another 25% this year. Meanwhile, Bank of America plans to fire 30,000 working people, while giving their execs multi-million dollar bonuses. Last year, their top execs (like CEO Brian Money Hands Moynihan) received roughly $10 million each in bonuses. Bank of America spent over $600,000 lobbying congress last year, and they payed less in taxes than you did. And thanks to the Citizens United supreme court ruling, which determined that corporations have the same rights that we do, there is no limit to what they can spend on political campaigns.