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The Mechanics
« Tax Enforcers Crash CME Emeritus Event with Tax Bill Can Chicago's Health Care Problems Be Healed? »

Chicago Thu Apr 05 2012

Bank of America Ignores Citizen Tax Enforcers

The "99% Ciizen Tax Enforcers" now have a following with their third consecutive day of delivering tax bills to some of the biggest corporate tax dodgers.

Dozens of protesters chanted and marched outside of the Bank of America building pushing the local branch to close for nearly an hour. A few customers tried to enter but did not blame the protesters. A couple people even walked away saying they would close their accounts.

Once again the enforcers wore black suits, sunglasses, and carried briefcases. Security prevented them from presenting the $1.9 billion tax bill to a bank representative. A call by security to headquarters upstairs resulted in the enforcers waiting 20 minutes then told it would be another 20-30 minutes. They would also have to wait outside.

The message was clear. No one was coming. "Several years ago I worked as a foreclosure counselor, said Elizabeth Parisan a researcher with Stand Up! Chicago. "I remember Bank of America being one of the worst saying they would be right with you and then hanging up."

Under the recent settlement between big banks and multiple state's Attorney General gives Bank of America a pass in the alleged fraud against homeowners. The Home Affordable Modification Program should help homeowners restructure their loan in order to stay in their houses. But BofA put up roadblocks to prevent many of these according to a lawsuit.

As the bank installed single point of contacts for homeowners, as directed under consent orders with federal regulators in April, Mackler was promoted. As a SPOC, he allegedly escalated homeowners' concerns up the hierarchy and allegedly learned another BofA employee told at least one homeowner to voluntarily cancel her HAMP request with the promise of a private modification -- a violation of HAMP guidelines.

The settlement released BofA from this lawsuit and further prevents the American public from learning the depths the banks went to defraud their consumers.

Since the bank bailout by the federal government through the Troubled Asset Relief Program, Bank of America posted $5.5 billion in profits while paying in no taxes. The bank did pay back the $45 billion they received from TARP. Companies are expected to pay a marginal tax rate of 35 percent but have lobbied Congress and state legislatures for favorable tax loopholes that they regularly utilize to their advantage.

From 2008 to 2011 Bank of America spent more than $15.77 million in lobbying expenditures, according to OpenSecrets.org. Portions of the lobbying undoubtedly goes to loosening regulations but the creation and protection of tax loopholes cannot be dismissed.

The Citizen Tax Enforcers were rebuffed at Exelon on Monday and in their attempts to confront the Chicago Mercantile Exchange.

Watch the tax enforcers try to deliver their bill at Bank of America:

Originally posted at The Political is Personal

 
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Paul Bucklaw / March 28, 2013 12:48 PM

They treated you so nicely. I got harassed by a guard and was told that BOFA didn't want the donation I was trying to give them.

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