Amy Goodman
@DemocracyNow·3.2M subscribers·19.4K videos
Reporter Matt Taibbi Says Fraud and Bailouts Are the Secrets to Bank of America's Success
Posted
March 22, 2012
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March 22, 2012
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19:22Now Playingdemocracynow.org - In his new article, "Bank of America: Too Crooked to Fail," Rolling Stone reporter Matt Taibbi chronicles the remarkable history of the rise of Bank of America -- an institution he says has defrauded "everyone from investors and insurers to homeowners and the unemployed." Taibbi describes how the Bush and Obama administrations have repeatedly propped up the financial institution, which received a $45 billion taxpayer bailout in 2008. Bank of America has also received billions in what could be described as shadow bailouts. The bank now owns more than 12 percent of the nation's bank deposits and 17 percent of all home mortgages.
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