The Bank of America Declaration
Bank of America, the nation's largest banking institution, is under fire from a patriot group for various infractions, including a corporate stance against the Second Amendment to the U.S. Constitution, according to Justin Combs of Arctic Patriot.
Combs is one among several concerned citizens who are circulating a declaration that calls on Americans to close their accounts, sell their stock, and cease doing any business at all with Bank of America.
While Combs states that Bank of America is not the source of the problem in the banking industry, it is a big part of it due to its sheer size and its willingness to throw its weight behind politicians who work to undermine the protected rights of the people as delineated in the Constitution.
Of particular concern to Combs and others who have signed the declaration is the bank's contention that gun rights are not consistent with its official Code of Ethics, according to the posting at Arctic Patriot.
Bank of America's top executives are donors to the Barack Obama campaign.
Among the infractions listed in the declaration is Bank of America's takeover of Merrill Lynch, for which it received $118 billion dollars in a government backdrop to purchase the rival corporation, and another $20 billion dollars from the taxpayers in a bailout in 2009.
According to the New York Times, the banking giant had already received a capital infusion from Treasury before taking the added $20 billion:
The second lifeline brings the government’s total stake in Bank of America to $45 billion and makes it the bank’s largest shareholder, with a stake of about 6 percent.In addition, the declaration states that Bank of America illegally foreclosed on the homes of active service men and women, for which it paid a settlement out of court in the amount of $20 million dollars.
According to Combs, the motivation for the group's actions against Bank of America is the belief that currently in the U.S. there is a fuzzy line that separates government from large mega-corporations, and that in order for the nation to return to its founding principles such a line must be clearly drawn that separates the two.
The unity and partnership of government and large corporations is one facet of fascism, a totalitarian system in which individual citizens have few rights in lieu of the collective rights of government and large business entities.
Another of the nation's largest banks, JPMorgan Chase, is also under fire for squandering at least $2 billion dollars within the last month, in spite of a massive government bailout in 2009.