Sacramento Deposit Bank

Privatizing Unemployment: Bank of America's Sacramento Coup

In a letter dated August 9, California’s Employment Development Department (EDD) announced it was discontinuing the practice of mailing unemployment claim checks to EDD recipients. Instead, the letter explained, the EDD was introducing “electronic benefit payments” that could be tapped via an EDD Debit Card. 

EDD cited only one argument for the change: “You will no longer be waiting for checks in the mail.” 

What the EDD’s letter did not fully explain was that, under the new system, in order for the state’s 2.2 million unemployed to retain access their all-important EDD checks, they must first agree to become customers of Bank of America. 

Many people take pride in not entrusting their money to corporate financial behemoths like Bank of America (BofA), preferring to store their savings in local banks and federally protected credit unions. The reasons have everything to do with BofA’s history and practices. BofA currently is the subject of a class-action lawsuit stemming from its alleged mishandling of home foreclosures and separate lawsuits claiming predatory lending practices. 

The Bank of America is emblematic of the reigning kleptocracy that has come to define the prevailing domestic and global financial model. In 2010, the Charlotte-based BofA reported $10.4 billion in revenues and (for the second year in a row) paid no taxes. By claiming $2.2 billion in losses and invoking a $12.4 billion “goodwill impairment,” BofA actually qualified for a $1 billion “tax benefit” payment from the IRS. (BofA might not have run up such huge losses if it hadn’t doled out $2.2 million in campaign contributions to politicians and their PACs. But, in fairness, if it hadn’t been for those political payoffs, BofA might not have received a $45 billion government bailout, courtesy of the US taxpayers.) 

“Bank of America takes its role as a corporate citizen very seriously, and pays taxes in accordance with all applicable laws and regulations,” BofA’s Jerry Dubrowski maintains. But the DC-based activist group US Uncut calls BofA an “aggressive tax dodger” and raises the obvious question: “We pay our taxes. Why don’t they?” One answer to this question is strategic: Unlike the average taxpayer, BofA maintains 115 offshore tax havens around the world in the Bahamas, Cayman Islands, Hong Kong, Ireland, Luxembourg, Singapore, the US Virgin Islands and elsewhere.

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Article source: http://www.gobankingrates.

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