Our actions to restore our nation to its original founding principles are coming to a crossroads. We have been divided in our efforts through an inability to focus upon one issue as a whole. Most of our efforts have been (and still are) focused on the 2012 elections and political ideologies. Our nation was founded on Liberty, not political power and agendas. We need a tangible goal now to show that patriots (not partisans) still control our destiny. One goal, one victory will show that We the Peopleare in control of Liberty’s future.
We believe that the recent events surrounding the Bank of America can become this goal to win our first battle. This institution has decided that the 2ndamendment of the Constitution of the United States is not in line with their bank’s code of ethics. We understand that this amendment’s purpose was to protect us from an abusive government. It appears that they feel it may be used to protect us from abusive financial institutions as well. And they may be correct: the distinction between government and financial institutions in our country is gone.
The Bank of America is the country’s largest bank with assets of $2.3 trillion. This bank currently has $75 trillion in credit derivatives.
Here is a list of additional grievances:
This financial institution has been found guilty of laundering South American drug money in 2006 ($7.5 million settlement).
They received $20 billionin US Treasury support with an additional $118 billion government backstop to buy Merrill Lynch.
They failed to properly disclose employee bonuses and financial losses at Merrill Lynch before shareholders approved the merger of the companies: $150 million settlementwith the SEC.
Bank of America Illegally Foreclosed on Active Service Members’ Homes. Settlement agreement was $20 million.
Their purchase of Countrywide resulted in a loss of $65 billionto stockholders.
They paid $335 millionto settle Countrywide’s housing discrimination claims.
They paid $410 million to settle a class-action lawsuit affecting more than 13 million Bank of America customers who accused the bank of charging excessive overdraft fees for electronic transactions.
Bank of America moved approximately$18 trillionworth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. This transfers the risk from the bank to the taxpayers since the FDIC cannot cover this amount.
Their executives are major donorsto the president’s reelection campaign.
The president will give his acceptance speech for the Democrat nomination for president at the Bank of America Stadiumin Charlotte.
Warren Buffett injected $5 billion into Bank of America for special considerations for stock warrants and a 6% annual return for ten years. This bank's regular personal savings account pays 0.05% annually.
We propose the following actions to be taken immediately:
No institution has maligned the principles and morality of our nation as the misnamed Bank of America. It is past time to stand up with actions instead of words.
Additional Signatories in order of their acceptance of this declaration: