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Bank of America is ACORN ‘Partner’ and Major Funder
NLPC ^ | September 21, 2009 | Peter Flaherty

Posted on 09/21/2009 10:04:59 AM PDT by jazusamo

ACORN/BoA

Bank of America has received $45 billion in taxpayer TARP funds, and has slashed its dividend to a penny. Yet it is one of ACORN and its affiliates' biggest funders.

Our review of annual tax returns for the Bank of America Charitable Foundation, Inc. for the last three years (2006, 2007, 2008) found more than $3.6 million in grants to ACORN and its affiliates. Those grants include a grant of $2 million to ACORN Housing, Inc. last year, and direct grants to ACORN Housing, Inc. offices in Baltimore, Maryland and San Bernardino, California, the locations of undercover video stings.

On its website, ACORN Housing, Inc. describes its relationship with Bank of America as a “partnership.” The Bank of America website lists no less than 26 ACORN offices where:

Bank of America works with Association of Community Organizations for Reform Now (ACORN) Housing to provide special mortgage products to potential homeowners in NAME OF CITY.

Unlike many public companies, Bank of America Corporation does not disclose individual grants it makes to nonprofit groups. We do not know what direct funding Bank of America Corporation provides to ACORN and/or its affiliates. It is obvious, however, that ACORN and/or its affiliates market and/or administer loan programs for the bank.

Although legally a separate entity, Bank of America Charitable Foundation, Inc. is controlled by Bank of America Corporation. Its 30-member board of directors is comprised of Bank of America Corporation executives or employees of the foundation itself. Its sole source of revenue in 2008 was a donation of $167 million from Bank of America Corporation.

Today, I wrote Bank of America CEO & President Ken Lewis:

National Legal and Policy Center, a Bank of America Corporation shareholder, asks that Bank of America Corporation and the Bank of America Charitable Foundation, Inc. end funding of, and sever all relationships with, the Association of Community Organizations for Reform Now (ACORN), ACORN Housing, Inc., and ACORN’s many affiliates, which may number as many as 360 organizations.

On the “Corporate Governance” page of the Bank of America website, Lewis states:

At Bank of America, we are committed to upholding the highest standards of corporate governance and ethical conduct in all we do.

Last week, the United States Senate voted 83-7, and the House of Representatives voted 345-75 to stop taxpayer funds from going to ACORN. Congressional action will be circumvented, however, if Bank of America Corporation and Bank of America Charitable Foundation, Inc. continue to fund ACORN and its affiliates.

My letter to Lewis concludes:

Taxpayers, shareholders, customers, employees and business partners demand that you end your partnership with ACORN and its affiliates without delay.



TOPICS: Business/Economy; Crime/Corruption; Culture/Society; News/Current Events
KEYWORDS: acorn; bankofamerica; bofa
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To: jazusamo
Can you post the address you used to write President Lewis?

Bank of America is my bank......for the time being.

Leni

21 posted on 09/21/2009 10:26:04 AM PDT by MinuteGal ( Americans ! FLIP THIS HOUSE ! (( Congress in 2010 ! ))
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To: MinuteGal

Sorry, that was Peter Flaherty who wrote the article that wrote B of A. I wish he would have listed it.


22 posted on 09/21/2009 10:32:59 AM PDT by jazusamo (But there really is no free lunch, except in the world of political rhetoric,.: Thomas Sowell)
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To: jazusamo

They are paying protection money, buying peace. Yes, they should stop but understand why they had to do it.


23 posted on 09/21/2009 10:33:54 AM PDT by NonValueAdded ("The President has borrowed more money to spend to less effect than anybody on the planet. " Steyn)
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To: Admin Moderator

Thank you very much.


24 posted on 09/21/2009 10:34:10 AM PDT by jazusamo (But there really is no free lunch, except in the world of political rhetoric,.: Thomas Sowell)
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To: jazusamo

me too...if acorn is declared no charitable can the bank still get away with huge donations?


25 posted on 09/21/2009 10:34:34 AM PDT by dalebert
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To: Bloody Sam Roberts

“Bank of Amigos”...


26 posted on 09/21/2009 10:34:34 AM PDT by WOBBLY BOB (ACORN:American Corruption for Obama Right Now)
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To: jazusamo
Bank of America works with Association of Community Organizations for Reform Now (ACORN) Housing to provide special mortgage products to potential homeowners in NAME OF CITY.

Bank of America? How "special" ? Child sex slaves "special" - twisted tax information "special" how "special"?

27 posted on 09/21/2009 10:35:43 AM PDT by GOPJ (When I hear "New York Times"-fair or unfair-what I hear is "New York Times Whore House"...)
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To: jazusamo

CRIMNALS FLOCK TOGETHER.


28 posted on 09/21/2009 10:36:45 AM PDT by Ann Archy (Abortion....the Human Sacrifice to the god of Convenience.)
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To: jazusamo

Seems like the referenced websites better be cached/saved soon, before they disappear.


29 posted on 09/21/2009 10:37:32 AM PDT by fightinJAG (Mr. President: Why did you appoint a Communist to your Administration?)
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To: StarFan; Dutchy; alisasny; BobFromNJ; BUNNY2003; Cacique; Clemenza; Coleus; cyborg; DKNY; ...
https://www4.bankofamerica.com/search/Search.do?questionbox=acorn&locale=en_US
30 posted on 09/21/2009 10:39:54 AM PDT by nutmeg (Obamunism is destroying America)
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To: jazusamo

I’m so glad I cancelled all my accounts with them a few months back.


31 posted on 09/21/2009 10:44:44 AM PDT by coconut47
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To: HereInTheHeartland
Also just an FYI, the nations largest mortgage lender; who is Bank of America’s competitior; does NOT fund ACORN.

If you are talking about Wells Fargo, you are not exactly correct. Wells has not directly given ACORN the kind of money Bank of America has or promoted it. But in 2007 Wells adopted a set of "responsible lending principles" (link here) for its mortgage operations as a direct result of threats and constant protests by ACORN, and it did join ACORN's "advisory council" which is a shakedown operation to get $100,000+ in grants from lenders in return for it not protesting at the lenders' offices.

32 posted on 09/21/2009 10:45:50 AM PDT by Dems_R_Losers (U.S. Out of My Doctor's Office!!)
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To: OSHA

Exactly. ACORN shook down all the banks for years—and with the muscle of our government behind them. Poor Jesse Jackson and Al Sharpton are pikers compared to the ACORN gang.


33 posted on 09/21/2009 10:45:57 AM PDT by 9YearLurker
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To: nutmeg

Thanks for the ping!


34 posted on 09/21/2009 10:47:21 AM PDT by Alamo-Girl
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To: dalebert
isnt this conflict of interest

It was a shakedown.

35 posted on 09/21/2009 10:48:31 AM PDT by P-Marlowe (LPFOKETT GAHCOEEP-w/o*)
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To: nutmeg

Gee no suprise there eh


36 posted on 09/21/2009 10:50:29 AM PDT by SevenofNine ("We are Freepers, all your media belong to us, resistence is futile")
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To: Dems_R_Losers
If you type in ACORN in their search box; you come up with this:

https://www.wellsfargo.com/press/ActivistResponse,

That's not very ACORN friendly

37 posted on 09/21/2009 10:53:56 AM PDT by HereInTheHeartland (Just say no to Soylent Green health care)
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To: fightinJAG

I don’t know how to do that kind of thing but i did copy and paste top two link contents to a file.


38 posted on 09/21/2009 10:54:54 AM PDT by jazusamo (But there really is no free lunch, except in the world of political rhetoric,.: Thomas Sowell)
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To: jazusamo

Most corrupt administration in history.


39 posted on 09/21/2009 10:56:13 AM PDT by BJClinton (Any "healthcare reform" without tort reform is a fraud.)
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To: jazusamo

Yaaa....and we ALL are wondering why these banksters haven’t yet received the Jeff Skilling/Ken Ley treatment the Bush administration handed out so quickly.


40 posted on 09/21/2009 11:08:47 AM PDT by mo
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