Bank of America's Billion Dollar Lie - My 100th Episode
The Notorious Banker
English - June 04, 2020 16:56 - 1 hour - 83.8 MB - ★★★★★ - 54 ratingsBusiness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Congrats to myself for making it 100 episodes. Tells you there is a lot to talk about with big banks!
This topic is hard for me to talk about, because it's about racism and discrimination, but it needs to be told.
The Billion Dollars isn't a donation to charities (mostly)
They do give to some medical facilities in Chicago, DC and LA, but Only 0.02% of it is going to that ($2 Million) to be spread out over 38 locations!
The bulk of it is committing to lending to African-American owned businesses and for African-Americans to get home loans, or in other words, so Bank of America can give them money to borrow, which was the law already (fair lending) so black people can pay it back with interest. In other words, BofA is actually going to MAKE money on this..
Second, Bank of America is touting "Further recruitment and retention of teammates in low-to-moderate-income and disadvantaged communities to build on work the company has already done to serve clients locally."
Meaning? They are spending money on themselves to hire and keep their people. What?!?! Plus, they are including an already promised and enforced pay raise to $20 an hour as part of their "Giving" here (from what I gather with the wording of it)
Check out my twitter thread about it here!
They refer to the death of George Floyd and Protests as "The events of the past week". Look, giving people jobs and pay raises internally is NEEDED AND DESERVED, but it's not charity because you worded it that way (thats why I hate BofA pr).
There are some parts of the $1 Billion commitment I don't understand, but some are crystal clear.. $1 Billion is not leaving BofA's pockets!!!!
To capitalize on George Floyd and the hurt the country is going through by giving people the impression you are actually giving money away is gross. I went off on the podcast. Contains Mature Language!
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