To: President Donald Trump
Ask President Obama to Break Up Bank of America
Dear President Obama,
In 2008-2009, Bank of America publicly took $45 billion in TARP bailout funds and secretly took another $91 billion in emergency Fed loans. According to Bloomberg, it made $1.5 billion in profits off of those loans.
Now it is moving $22 trillion in dangerous derivatives out of its Merrill Lynch subsidiary into its FDIC-insured bank.
We are done with bailouts of the big banks.
You told us that the Dodd-Frank Wall Street reform bill would end the bank bailouts. You promised us that Dodd-Frank would give regulators all the power they needed to break up the big banks. Now its time to live up to your promises.
Banks that are too big to fail are too big to exist.
Its time to break up BofA before it breaks us.
Why is this important?
BofA is a massive zombie bank. It claims $2.2 trillion in assets equivalent to 15% of our entire economy, yet it is trading for $5 a share.
This zombie just got a lot more dangerous. BofA is trying to move $22 trillion in derivatives out of its Merrill Lynch subsidiary and put them into its FDIC-insured bank. The Fed favors the move, FDIC does not. In this pile could be massive amounts of bad European debt, the same kind of debt that brought down Jon Corzine's MF Global.
Taxpayers don’t backstop MF Global, we do backstop BofA. Tell President Obama, no more bailouts!
Visit our site for bank-busting activists, Bankster USA (www.BanksterUSA.org), a project of the Center for Media and Democracy, for updates on the financial services re-regulation fight in Congress and for progressive net-roots campaigning against the big boys on Wall Street.