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Bank of America gives bailout money to ACORN

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posted on Feb, 14 2009 @ 07:51 AM
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Philadelphia Examiner - watchdog politics


As President Obama decides how to spend the last half of the bailout money that was supposed to rescue the banks, it was reported that Bank of America has been giving money to ACORN, an organization that has been accused of corruption at every level, including voter fraud.

During the last presidential campaign the Obama campaign paid ACORN $800,000 for a Get-out-the-Vote effort that was originally misrepresented to the Federal Election Commission. Authorities and the FBI started seizing records of ACORN voter registration drive, triggered in one state by the discovery of fraudulent use of names of the Dallas Cowboys lineup on registration forms. During the campaign, irregularities were being investigated in Missouri, Kansas, Nevada, Wisconsin, New Mexico, Ohio and North Carolina. This is the same organization through which Obama trained future leaders for the Association of Community Organizers for Reform Now. (ACORN)


This article alleges - while Bank of America was laying off workers and giving bad loans, it was also accepting bailout money and giving money away to Obama's buddies at ACORN.

Bank of America official statement

2 million dollars went to ACORN during the time that Bank of America was in so much trouble. A breakout of what they gave away, while the bank was in distress, is available at the link.




posted on Feb, 14 2009 @ 07:54 AM
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reply to post by FlyersFan
 


Well it looks like the "jesse jackson" extortionist racket that was once the "rainbow" thugs have all moved to ACORN..........



posted on Feb, 14 2009 @ 08:52 AM
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We The People bail out ourselves.

Like the corrupt govts and bankers,

We The people print money right from our home printers.

Yay!



posted on Feb, 14 2009 @ 09:09 AM
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reply to post by FlyersFan
 


Excuse me for asking, but when exactly was Bank Of America in trouble?
If I recall correctly Bank Of America was one of the few banks who did not give out bad loans, and therefore, did not get into any trouble. The only reason they are getting bailout money now is because they took over another company, who did get into trouble, after the crash and collapse of certain other financial institutes. I recall the President of Bank Of America being applauded for his foresight in not getting involved in the questionable tactics of the other Banks. During the whole crash period, when everyone else was talking about taking their money out of their banks, I did not have to worry in the slightest because Bank of America was not even slightly at risk of collapsing.

Or did John Titor go back and change the timeline again, and I missed it?



posted on Feb, 14 2009 @ 09:31 AM
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Originally posted by defcon5
when exactly was Bank Of America in trouble?

If they weren't in trouble then they shouldn't have gotten the bailout money. At any rate - they got bailout money AND they were giving money to ACORN.


Or did John Titor go back and change the timeline again,

There's a great thread here about time line shifts. I didn't know about those until I read the thread. I think there may be something to it. (the time line shifts .. not John Titor)



posted on Feb, 14 2009 @ 10:04 AM
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Originally posted by FlyersFan
If they weren't in trouble then they shouldn't have gotten the bailout money. At any rate - they got bailout money AND they were giving money to ACORN.

The only reason that BoA has needed bailout money is on behalf of Merrill Lynch:

The administration, the Federal Reserve and the Federal Deposit Insurance Corp. also agreed to participate in a program to provide guarantees against losses on approximately $118 billion in various types of loans and securities backed by residential and commercial real estate loans.
The bulk of these holdings were assumed by Bank of America when it acquired Merrill Lynch & Co. Inc. in a deal that closed earlier this year.
Bank of America Corp. already had been granted $25 billion from the bailout fund that Congress passed on Oct. 3, but found it needed more as it sought to cope with rising losses related to its acquisition of Merrill Lynch.


WASHINGTON (Reuters UK) - Bank of America Corp will receive $20 billion (13 billion pounds) in fresh government investments and a federal backstop against $118 billion of bad assets it holds to help it absorb Merrill Lynch & Co, U.S. officials said on Friday.
As part of an emergency plan announced by the Treasury Department, the Federal Reserve and Federal Deposit Insurance Corp, Treasury will provide Bank of America, the largest U.S. bank by assets, with $20 billion in fresh capital from a government bailout fund in exchange for preferred stock.
The government also agreed to share in losses on the troubled assets, which Bank of America took on when it paid an estimated $19.4 billion for Merrill on January 1.

They were sitting quite pretty before that deal went through to try to save Merrill. Therefore, technically BoA has not done anything that you are accusing it of doing, they are only getting money because of the bad assets they absorbed on behalf of Merrill’s abuses. The people they are laying off are some employees of Merrill Lynch, BTW, not BoA. If they had let Merrill flop on its own, they would not have needed a dime from the government. I believe that the Government is favoring the banks, who kept their noses clean of the fiasco, and who have tried to save other institutions during the crash, by giving them priority to that money. Rightfully so IMHO.


Originally posted by FlyersFan
I think there may be something to it. (the time line shifts .. not John Titor.

Stranger things have happened in the last 9 years, that is for certain.



posted on Feb, 14 2009 @ 12:53 PM
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reply to post by FlyersFan

Actually it would seem there's more to this than just the ACORN angle. The total geographical grants including regional grants are:

Illinois - $4,000,000
California - $1,700,000
Washington, DC - $1,500,000
New York - $637,500
Georgia - $500,000
Maryland - $250,000
Minnesota - $250,000
Massachusetts - $200,000
Florida - $197,500
Texas - $180,000
Arizona - $112,500
Texas - $180,000
Nevada - $100,00

It's interesting that Illinois is receiving more than twice the amount of the next highest state. Also, I would venture to guess that when you look through the Washington, DC organizations receiving these "grants", you'd find interesting links and individuals with ties to the Chicago area. I don't have time to check them now but I intend to.

There's more to this than meets the eye.



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