banker gangstarz
So what do they hope to gain, here?
ank of America Corp. (BAC) said it will contribute $50 billion over the next 10 years to address climate change, the latest company to boost its investments toward environmental goals.
The new set of goals will be effective on Jan. 1, following the anticipated completion of the bank’s current 10-year pledge of $20 billion, which it said is four years ahead of schedule.
…The bank’s new initiative includes lending, equipment finance, capital markets and advisory activity and carbon finance, as well as advice and investment help.
Bank of America will focus on promoting energy efficiency; renewable energy, including wind, solar and hydropower; lower-carbon transportation like electric and hybrid vehicles; and water and waste treatment and disposal initiatives.
…The company has spent $17.9 billion toward its initial pledge, including $8.4 billion for energy efficiency activities, including low-cost loans and grants for retrofitting low-income neighborhoods for energy efficiency. It spent $5 billon on renewable energy projects, including helping the San Jose Unified School District in California to run on solar energy. An additional $1 billion went to consumer financing of hybrid vehicles.
Oh. Bullshitte.
Shares were down 4 cents to $7.52 in recent trading. The stock is up 35% so far this year.
wow. “up 35% so far this year.” From $53.57 on 9.29.06… From $5.56 on 12.20.11…
How’s that Greeeen, unicorn-funded utopia workin out fer ya?
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8 Comments!
I was going to ask what the stockholders thought about this, but I imagine they approve. After all, there’s a 20%-50% premium attached to anything that’s ‘Suthtain-a-Bull™’. More profit that way.
Meanwhile, the stock keeps going down. I’m not sure that most of them get the correlation. Maybe, when it hits zero, they think they’ll be able to trade their stock for magic beans.
Which, if I have anything to do with it, they will. Magic Beans LLC™ (a division of Hog Whitman BS Enterprises™) will be happy to trade some magic beans for your worthless BOA stock, for a small commission, of course. In gold, thank you. Uranium235 and/or Plutonium also accepted. Please call first for current spot price.
They have been extorted by the government. I have a good friend who’s pretty high up in management of the bank. He says that even the liberals were going WTF? after Dodd/Frank.
Community organizers, ambulance chasers & unions are legal extortion.
That’s how they got in a precarious position before. They caved to pressure to provide loans to deadbeats.
They only 13 cents per share on 10.7 billion shares last twelve months while the dividend is down to .5%.
I’d say that was pretty typical for a government run whorehouse.
It may not be producing much green energy but it’s doing a great job lining pockets.
Claire, here’s you another reason to run screaming…..
Policy Order Resolution
O-4
IN CITY COUNCIL
June 18, 2012
MAYOR DAVIS
WHEREAS: High intake of soda and other sugar-sweetened beverages increases the risk of obesity and diabetes; and
WHEREAS:
New York City has a plan to limit the serving size of soda and other sugar-sweetened beverages sold in restaurants; now therefore be it
ORDERED:
That the City Manager be and hereby is requested to refer the matter of a ban on soda and sugar-sweetened beverages in restaurants to the Cambridge Public Health Department for a recommendation.
Hog – you left out the contact information in your ad for Magic Beans LLC™. I’d like to trade you some fairy dust and unicorn farts. ;>D
It’s too bad, really. The staff at the local branch are *so* nice.
“… including low-cost loans and grants for retrofitting low-income neighborhoods for energy efficiency. It spent $5 billon on renewable energy projects, …”
I remember the Old Days, when banks were in business to make money, by lending to people who needed it and were going to pay it back before there are snowball fights in Hell.