BofA Puts U.S. Taxpayers At Risk Again!!


Well, we see where the lunatics are going to be well financed for another 10 years.

Bank of America Corp , which has faced criticism for dealings with coal companies in recent years, on Monday set a new 10-year, $50 billion goal to provide loans and other financing for environmentally friendly energy projects.

The second-largest U.S. bank announced the initiative as it nears the early completion of a 10-year, $20 billion goal set in 2007…… and to make $100 million in grants to nonprofit organizations and other groups promoting low-carbon use.

Amanda Starbuck, director of the energy and finance program at Rainforest Action Network, on Monday said the group was disappointed with the bank’s announcement.  “This new commitment completely skirts that issue and makes no strong commitments around actually reducing the coal, the climate emissions, the fossil fuels the bank is financing,” she said.

Other banks have also made environmental commitments in recent months. Wells Fargo & Co has pledged $30 billion in loans and investments, while Goldman Sachs Group Inc is targeting $40 billion in investments.

Bank of America received $45 billion in bailout money from the U.S. taxpayers.

Here’s the problem with this.  It’s a hustle with the taxpayers left holding the bag.   This is how it works.  The U.S. government provides grant money to start a “green business” initiative.  The banks provide credit for federally backed loans towards the initiatives.  All of this would be fine, except…… can anyone name me one green business venture which is fiscally solvent without the propping and financing of a government?  I can’t think of one.  But, our banks are going to loan these business ventures money?  There’s only two reasons I can think of where loaning money to these ventures makes any sense.  One would be that we taught these banker monkeys too well and have convinced them that we won’t allow them to fail, so they’re reckless with their money.  Or two, they’re only loaning money with the backing federal guarantees.

With the subsidies for much of the alternate energy sources and the like in high question, none of this is good news.  It tells me the people are going to spend $billions more on useless crap which will drive up the cost of energy and fuel, and either way it goes, the U.S. taxpayer will get stuck with the bill, again. 

Story here.

h/t to

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5 Responses to BofA Puts U.S. Taxpayers At Risk Again!!

  1. philjourdan says:

    Those clowns bought my mortgage. And even though I was 2 months AHEAD on the payments, they screwed up and were dunning me for being late. Needless to say, they had to eat those words.

    I am just waiting to refinance away from them. I have already cancelled all the credit cards I had with them (they bought those accounts as well). I now pay my mortgage at a branch (no mail, no EP). And each time the tellers ask me if I am interested in more of their services. Poor tellers. Just doing a job and completely clueless.

  2. David says:

    Hers is the thing. CAGW is so passe. No one I know wants to talk about it. Most do not believe in it. But the CAGW driven polices, like above, like CARB in Calif, Like the european carbon taxes they roll on. The CAGW proponents do not really want to talk about CAGW any,more. They know how weak the case is, but do not care as it is and was a political movement all along. When the house is built, the tools are no longer necessary.

    • suyts says:

      Agreed. It isn’t quite dead yet, but if we keep up the pressure, it will die, but, like you say, the garbage that it brought will be much more difficult to remove.

  3. David says:

    Janet Reno, as Clinton’s US Attorney, filed 17 lawsuits against the banks, essentially forcing them to make the loans they did. Now they are again playing ball with our facist in Chief.

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