Has Bank of America declared Obama administration outlaws?

By Daniel Tencer
Thursday, October 15th, 2009 -- 10:04 pm
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bankofamerica Has Bank of America declared Obama administration outlaws?Bank of America, the nation's largest bank and the recipient of $45 billion of taxpayers' money through the TARP bailout, has suggested that the Obama administration are outlaws.

"Since when does law apply to this administration?" asked BofA spokesman Bob Stickler, as quoted by CNN.

Stickler was discussing the issue of pay for the bank's outgoing CEO, Ken Lewis. As the Wall Street Journal reported, Lewis, who announced his retirement from the bank last month, has agreed not to take any compensation for his work as CEO this year on the urging of President Barack Obama's new "pay czar," Kenneth Feinberg.

Though Feinberg reportedly pressured Lewis not to take any compensation for 2009, Lewis will still walk away with a total of $69 million in compensation, because that was negotiated before the position of pay czar was created, so Feinberg has no jurisdiction over those payments.

But, in the CNN report, the BofA expressed doubt as to whether the Obama administration would allow Lewis' $69-million golden handshake to stand. "Since when does law apply to this administration?" Stickler asked, musing about the possibility Lewis would lose his compensation package.

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"This accusation should not go unanswered, especially when it comes from a taxpayer-bailed-out bank," opines blogger Teddy Partridge at FireDogLake. "Will House Financial Services Committee chairman Barney Frank call Mr. Stickler up to Capitol Hill to ask him exactly what laws he thinks the Obama Administration has violated?"

Bank of America has been the target of consumer outrage over the past year, as it collected $45 billion in taxpayers' money, on top of more than $100 billion in loan guarantees it secured from the government.

In January of this year, consumer's rights advocates were dismayed to discover that BofA had used some 75 percent of a $20-billion bailout installment to pay bonuses to executives at Merrill Lynch, the brokerage BofA purchased in 2008.

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Story comments are below...

  • donofcali
    Having BOA, and the rest of the investment banks for that matter, proclaiming that Obama is an outlaw, would be the ultimate Badge of Honor for Obama.

    FDR was the proclaimed enemy of the major 1930's era bankers (swindlers). The bankers are the problem, not the solution.
  • theghostpony
    BOA.

    What better reason to enact a corporate death penalty do we need than this.

    .
  • Notorious Kelly
    B of A is bake sale money compared to the shenanigans at the Fed.

    END THE FED!
  • turnip
    Very true, although it's a closed system.. What one does over here, or over there, it's all part and parcel of the same corrupt system. But I agree, keep the focus on the head of the snake, aka, the Fed.
  • jimbo701
    Ken Lewis should count his blessings that his retirement doesn't consist of 25 years in a federal prison.
  • Sonny
    The United States Government is an ongoing criminal enterprise, aided and abetted by multi-national corporations.
  • Particle in Motion
    And what, you would like stuff run by B of A or some such benevolent group of greedy bastards? No, you think they are all in collusion together the government scum and the business scum. What alternative do you offer?
  • turnip
    I would suspect that 'Sonny' would like the governance of the country returned to the people. The consent by the people to be governed was limited, and subject to certain protections being in place to prevent abuse and tyranny. . even economic tyranny. Since those protections have been legislated away, and the limits have been far exceeded, that social contract is invalid. We all know it, try to catch up.
  • LiberalJesus
    You still didn't answer the question turnip. 'Return to the people' is a slogan. People with all their cute slogans, aka, the Becks, Palins and their lot are full of 'slogans' condemning goverment. But I never hear how they, "the people" are going to run or implement a system that will work, is fair and is workable to phase in, or dove tail the present system without causing a total meltdown of the markets, which as much as people hate to hear it, we were on the brink of. I shudder to think what things would be like if we allowed "the people" who did all these shady derivatives dealing and who ran the banks to run the system because they ran their system into a ditch by greed. The goverment ( we, the taxpayers) are bailing them out. Just so we are clear....do people not run the goverment now or are we talking aliens or cyborg-machines, or surrogates? Anti goverment speeches, while most patriotic (and aren't all anti goverment souls such patriots!.....as if) does nothing to address the problem, no solutions pretty much trumps out cute speeches and slogans. I am reminded of the few times CNN bothered to pose questions to teabaggers. When asked what they would rather see or had been done, all one heard were slogans condemning liberals or President Obama, but no ideas....at least no SANE ideas. Solutions and ideas get things done, not slogans. Yes turnip, we all know it, but what are the alternatives or solutions? I do not pretend to have any so I limit my critisism to topics I can offer a solution. As much as anti-gov folks rail about our present system, mention a European or Asian type goverment and the howls of "socialism, facism, this-ism, that-ism becomes the cry. There aren't many systems out their folks! I didn't mention the middle east or third world because...well really, need we even go there? I still support full nationalization of the banks because private control of the very blood of our economy should be in the hands of "the people" and not the hands of a select few bankers who call all the shots, even going so far as to threaten the President and the country with massive ruination if they didn't get their bailout...for their failures....which wrecked our economy.....who they are now rewarding those who led those failures with huge bonuses. I have a solution...but its very illegal and extremely violent and I do not wish to go down that road. There has to be a better way. I thought voting was the way but I am sadly mistaken.
  • stevelaudig
    I wish the Unions would start going after BOA. This company has become a criminal monster.
  • po
    yeah, big boy, go spouting off about the rule of law . . . i'm all for the rule of law applying to your sorry ass. the law of bankruptcy comes to mind because you ran your bank into the mf'ing ground and we bailed your sorry ass out. oh, but you were too big to fail. seems to me that your its only your CEO (and I'm certain every other other indispensable excutive''s) 'compensation' that's too big.

    this may just throw me over the line -- i may pull all of my accounts out of there today.
  • pitbullstew
    well? I dunno about that remark, but so far as I am concerned with respect to B-O-A?
    It is they who are beyond the law!
    As one who has had them loot my account with run away fees?
    I have long since closed my account there, never to return.
  • conservatve
    Clearly it is time for divestiture or nationalization. A bank this big, especially one that is broke and derives most of its income not from legitimate service but from nuisance fees, is a time bomb for our economy.
    We need to start restructuring and spinning off the many banks swallowed by this company in their quest to eliminate competition. Bank of America grown so big they cannot be managed, and they cannot make a legitimate profit. If they are allowed to continue they will ruin us all.
    They are now preparing for terror in commercial loans and credit cards, meaning anyone who is close to the edge will be saddled with a punitive and usurious interest rates until they are driven to collapse by their bank, who will then want taxpayer bailout.
  • momctague
    outrage
  • emkay
    The classic example of "calling the kettle black"!
    No racial pun intended.
    I am so sick of these Corporate Scumbags and their Govt. Enablers!
    If only "We The People" had some cajones!
  • nix73
    Bank of America has been the target of consumer outrage over the past year? Try decades... That is with an S! BofA are slimy and always have been the sooner they are broken up and sold off the better.
  • texasaggie
    I can't add anything to the outrage that decent people have expressed at this sorry excuse for a human being's comment. I can, however, list some of the things that BoA has done to me.

    They've always had a surcharge for using their credit card overseas and in addition, they've calculated the base charge on VERY favorable exchange rates from foreign currency. Now they have added another 3% if you use your credit card in the US but buying from a foreign corporation, even in dollars.

    They have a web site that you can use to pay on line, but the way the web site is set up makes it difficult to pay the full amount rather than the minimum. Since they aren't always too careful to send emails telling you when a bill is due or for how much, one time I missed a payment. Since then I've kept a positive balance so that it doesn't happen again. The problem is that they don't want you to do that so they send you a check for the positive balance and then get you when you miss another payment because you assumed that you had the money in the account to pay it.

    The credit card I have with them is for the benefit of progressive causes. I wrote to the people who sent me the credit card and asked if they could switch to a bank with more integrity. They responded that originally they were with a totally different bank, but through a series of transactions, BoA obtained their account. They understood my problem because they weren't exactly happy with BoA either, but they were legally tied to those SOB's.
  • Phil E. Drifter
    I want to leave meaningless comments on the internet that no one will read too.
  • Elmer
    From the point of view of the Bankers, anyone who managed to fleece the Government out of billions in bail out money, deserves a big big share of the proceeds.

    In other cases, certain bankers may deserve the big bonuses to keep them happy and to reward them for doing things which might risk send them and their bosses to jail if they got to talking too much. Bernie Madoff isn't talking about his activities, but he is alive, and speculation is maybe he or someone else would not be alive long if chose to talk. People are killed for a lot less money than was played with here.
  • Hologram5
    Barney Frand isn't going to do anything because he is in bed with all these criminal bastards.
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