What will be the consequences for Bank of America in our upside down world?

June 15, 2013 at 5:17 am in Class War, Corporations by IfLizWereQueen

For those who may not have noticed, here in the “land of  the free and the home of the brave” we live in an upside down world where people who report wrong-doers are punished instead of the wrong-doers.

Thus I wonder when this morning I read the latest news of allegations of Bank of America employees from Reuters:  If found guilty, (which is highly likely since not one person but six former Bank of America employees allege the bank refused eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents) what will be the punishment meted out to Bank of America?

I know what would happen to the average citizen who pulls theses kinds of alleged criminal activities if found guilty.  They would get 10 to 20 years in prison.  But in our upside world, I can’t help but wonder if the Wall Street crazed investor class leadership we have in Washington will find the whistleblowers guilty and throw them in jail. And it’s not just the Republicans who are pulling this crap, its the corporate centrists who run the Obama administration as well so don’t start with the party BS.  BOTH are equally culpable.

It is beyond time for all Americans to start participating in politics–like it or not–and stop sending millionaire members of the investor class to represent the majority.  It should be more than obvious by now that these people represent themselves and Wall Street corporations.  How much more evidence is needed?

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June 14 (Reuters) – Six former Bank of America Corp employees have alleged that the bank deliberately denied eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents.
The bank allegedly used these tactics to shepherd homeowners into foreclosure, as well as in-house loan modifications. Both yielded the bank more profits than the government-sponsored Home Affordable Modification Program, according to documents recently filed as part of a lawsuit in Massachusetts federal court.

The former employees, who worked at Bank of America centers throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp and Bed Bath & Beyond Inc.
For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing.

About twice a month, the bank cleaned out its HAMP backlog in an operation called “blitz,” where it declined thousands of loan modification requests just because the documents were more than 60 months old, the court documents say.

The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not.

Proclaim the Queen!