Dems Flee Bank of America

The Democratic National Committee is withdrawing its funds from the Bank of America to Amalgamated Bank, a union-0wned bank. What do they know that we don’t?

Union-Based Bank Draws Democrats

WASHINGTON—Some prominent Democratic and progressive organizations are scaling back financial ties with Bank of America Corp. and switching accounts to the nation’s largest union-owned financial-services firm.

The latest convert is the Democratic National Committee, which is set to announce in the next few days that it is moving some of its banking business to union-owned Amalgamated Bank after years of working with Bank of America, a Democratic Party official said.

People involved in the switch said that the DNC intends to move all its business to Amalgamated but that the process wouldn’t be completed until after the election. The party official declined to discuss reasons for the move. …

Asked about the DNC’s action, a Bank of America spokesman said Friday, “We’ve had a longstanding business relationship with the party and that continues.”

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4 comments to Dems Flee Bank of America

  • innertrader

    I’m never do business with a union bank or BOA!!! The lines are being drawn, are you a socialist or an American?

  • Philip Hormbrey

    BoA is a Realtors nightmare when it comes to dealing with distressed properties. Their shareholders need to be made aware that their operatives in this field are incompetant, dollar-wasting, irrational,half-wits. If you think large socialist governments are inefficient, then you should see large capitalist bank conglomerates!! Too big to fail?? No way. Loss mitigation, in this case, seems to be proof that if you pay peanuts you’ll get monkeys. Can not wait to see them broken into many small parts !!

  • Bob

    Yes, BOA is not a customer friendly bank for sure. But the DNC has really shown their political adjenda to move America into a Socialistic State by supporting the unions adjenda: “One Union, One Government under Socialism” Check out their the SEIU website America!! This election is about a free America or a Totaliarian Socialistic Government.

  • Philip Hormbrey

    Please Bob, please what propaganda are you reading?? It all started with the actor/puppet president Reagan. He was told to mouth requests for de-regulation. It became a mantra. Eventually the Repulsivecunt majority hustled Clinton into repealing Glass-Steagall. A legal barrier that had been put in place under FDR to prevent main-street banks from gambling with ordinary peoples funds that were insured by the FDIC. It had initially been a device to prevent a recurrence of the depression of the 30s. It worked well for 60 years, but memories are short[in America non-exisitent!!] So what happened when it was repealed? What do you think? The same bunch of arrogant, greedy, irresponsible, selfish,amoral, 1%,Wall St and City of London jerks took the middle class to the cleaners with the MBS scam. It is outrageous that no body is in jail. Totally outrageous. You know what MBS bundling was about. Like selling a Ferrari with a clapped-out 4-cyl mill under the hood. It was deceipt/fraud/a scam. But just like Galbraith predicted,[shorter history of financial euphoria] , everybody walks away just like nothing happened. That is except for those who lost their life savings. There is nothing, repeat nothing, free about what the far right and the 1% have lined up for the US. Thank God [or your personal equivalent]for the SEIU, at least one functional Union that was not bought off, subverted or destroyed by the right wing. There is nothing at all wrong with what Europe knows as a “mixed economy”.A degree of Socialism to cover infrastructure,education,healthcare, together with a free market to allow for inovation, enterprise, and entrepreneurs. Do you realize how much potential is lost in this country because of the lack of opportunity afforded those of lesser means. Why is Europe currently in the economic hell it is now? Because of the Banksters worming their way in, and selling the same Kool-Aid, same as in the US. No wonder France has moved back to a leftist President for a dose of sanity and honesty. Hopefully all of Europe, UK and eventually the US will wake up. In the words of John Lennon “POWER TO THE PEOPLE”!!!!