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it's good it doesn't merit fact is it isn't changing the overall structure of of banking and that example of bank of america basically taking the risk of mostly what was its bad acquisition of merrill lynch which was something that was supported by the treasury department and the federal reserve and the new york federal reserve when it happened in the fall of two thousand and eight so now they're stuck with all these derivatives that are there are like leaking and bleeding value and there are investors in those the rivers their partners are saying wait put it in the part of the bank that's safer and the part of the bank that's safer is the part with the deposits in the individual loans and everything else and because we did not get to a situation in our legislative process and regulatory process where we divided those two things out so that could not happen you could not take the risk of a really bad bed under if it is in a really bad acquisition into your customer poor folio because we didn't allow that legislation to pass or even talk about it in any reasonable meaningful way this is a situation that we h
it's good it doesn't merit fact is it isn't changing the overall structure of of banking and that example of bank of america basically taking the risk of mostly what was its bad acquisition of merrill lynch which was something that was supported by the treasury department and the federal reserve and the new york federal reserve when it happened in the fall of two thousand and eight so now they're stuck with all these derivatives that are there are like leaking and bleeding value and there are...
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Nov 1, 2011
11/11
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WMAR
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why have an extra $60 a year give to bank of america. >> reporter: even washington weighed in. >> get the heck out of that bank. >> reporter: much like a politician, bank of america said its vow was evolving. when it became clear the public hated it, bank of america flip flopped. in a statement the bank said our customers' voice are important to us. we are not charging t and will not be moving ford with plans to do so. b of a said it needed the revenue. >> there were things put in place that did not compel banks to institute these fees. >> reporter: other banks also ditched the idea to add debit card fees. bank of america comes four days after what has been dubbed bank transfer day, the date customers were going to take their accounts somewhere else. >> this has driven people to change their minds on where to keep their money. some have transferred or thought about transferring it out of beg banks into local banks or credit unions. the area credit unions say they are getting new customers because of the fees and customer service and customers are realizing that credit unions can offer
why have an extra $60 a year give to bank of america. >> reporter: even washington weighed in. >> get the heck out of that bank. >> reporter: much like a politician, bank of america said its vow was evolving. when it became clear the public hated it, bank of america flip flopped. in a statement the bank said our customers' voice are important to us. we are not charging t and will not be moving ford with plans to do so. b of a said it needed the revenue. >> there were...
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actually what it means is instead of this behind the scenes probation and conversations where bank of america stock doesn't take direct hits are specific actions that means they're going to come out with something like what happens in europe when the. european regulators do testing of all the banks and they said this bank you need to have these many billion more euros in terms of your capital buffer and you have to increase by this percentage point you know that it will get up yes and so what it would be is would be very public to be the first whoever basically come out and say bank of america you have to increase your capital by x. percent and that's going to impact a couple things one is going to impact the price which bank of america then go out and raise their capital and to it's going to hit their stock which is going to lower the value of all their their shareholders and brian and it definitely does not want that and neither does warren buffett i guess right but another hour five billion dollars was that they have america now really quickly to yesterday everybody was freaking out the ma
actually what it means is instead of this behind the scenes probation and conversations where bank of america stock doesn't take direct hits are specific actions that means they're going to come out with something like what happens in europe when the. european regulators do testing of all the banks and they said this bank you need to have these many billion more euros in terms of your capital buffer and you have to increase by this percentage point you know that it will get up yes and so what...
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Nov 5, 2011
11/11
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FOXNEWSW
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right, but let's say what happens now you get what you wish, a run on the banks and everyone takes money out of bank of america and starts taking their money out of wells fargo and money out of citigroup. third world ring a bell to you? >> first of all, i think it's pretty clear that the large banks who have-- you know, bank of america has one out of every three customers in this country. what people want with the move your money movement is just some accountability. there's a feeling crash the economy, they're foreclosing on my neighbors, you know, who are unemployed because of that financial crash, or because of a terrible loan that-- >> wait a minute. you say that crashed the economy, does washington, under either party's control have anything to do with it or-- >> absolutely, i think there's a lot of frustration about the nexus between washington and wall street. you're seeing that both from the tea party and the occupy wall street movement. >> neil: iment with a-- wait a minute you'd rather going to credit unions and favored banks courtesy washington, than individual institutions that have much more money
right, but let's say what happens now you get what you wish, a run on the banks and everyone takes money out of bank of america and starts taking their money out of wells fargo and money out of citigroup. third world ring a bell to you? >> first of all, i think it's pretty clear that the large banks who have-- you know, bank of america has one out of every three customers in this country. what people want with the move your money movement is just some accountability. there's a feeling...
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Nov 1, 2011
11/11
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, i'm a bank of america customer and gave me pause to think about going somewhere else. that's common. >> a lot of the smaller banks at credit unions and smaller banks were banking on customers to come in and give them new business as a result of this. bank of america hasn't announced yet if they will take back the fees. we will wait and see what happens. >> at some point, bank of america is going to have to come forward and say d woops. >>> we want to know what you think about the bank fees and the transfer day, head to our facebook fan page, join the conversation. is it something where you are like me, bank of america customer and said wait or happy where you are. >>> groups are pushing for johnson and johnson to remove harmful chemicals from the baby shampoo. they are urged to remove the chemicals. the campaign says it has cancer causing chemicals. johnson and johnson says they are reducing and phasing out the chemicals and more on this at 5:00. >>> need help with the halloween candy? get cash for it. den
, i'm a bank of america customer and gave me pause to think about going somewhere else. that's common. >> a lot of the smaller banks at credit unions and smaller banks were banking on customers to come in and give them new business as a result of this. bank of america hasn't announced yet if they will take back the fees. we will wait and see what happens. >> at some point, bank of america is going to have to come forward and say d woops. >>> we want to know what you think...
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and so what it would be is to be very public to the fed or whoever basically come out and say bank of america you have to increase your capital by x. percent and that's going to impact a couple of things one is going to impact the price at which bank of america then go out and raise their capital and two it's going to hit their stock which is going to lower the value of all of their shareholders and want him to definitely is not like that and that it is warren buffett i guess right now there are five billion dollars was that they have an america now really quickly too yesterday everybody was freaking out the markets are reacting to the fact that supercommittee had failed but i think to actually tied together i know the markets were not freaking out because if you have a good view with each other and so you know where does that symptom come from for the media or is this just another sign that we don't really accurately know how to read the markets because we start blaming it on things they don't actually have anything to do with it's because the media is very uninformed because you have a lot
and so what it would be is to be very public to the fed or whoever basically come out and say bank of america you have to increase your capital by x. percent and that's going to impact a couple of things one is going to impact the price at which bank of america then go out and raise their capital and two it's going to hit their stock which is going to lower the value of all of their shareholders and want him to definitely is not like that and that it is warren buffett i guess right now there...
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Nov 1, 2011
11/11
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saying it's not us. >>> many banks got on board with the fees behind bank of america. when customers started like this revolt, bigger banks backed off. customers were threatening to go to credit unions or community banks, transferring accounts. it's about the pow the power of the customer. >> bank transfer day is coming up november 5th. it will be interesting to see if bank of america will follow behind. big banks like sun trust, one of the banks that went ahead and took that, jp morgan and wells fargo after the backlash, involved in transfer, like you said, many of the banks are doing away with the fees. sun trust also announced it eliminated the $5 fee scheduled to take place on november 2nd. excuse me. comes who already pay the fees will be reimbursed. wells fargo canceled plans to test debit cards in five states. bank of america hasn't decided if they plan on cancelling fees. it's in the hands of the customer. do they want to keep some of their consumer base. listen to what people are saying and the possibility of bank transfer day. >> they are going to come up with
saying it's not us. >>> many banks got on board with the fees behind bank of america. when customers started like this revolt, bigger banks backed off. customers were threatening to go to credit unions or community banks, transferring accounts. it's about the pow the power of the customer. >> bank transfer day is coming up november 5th. it will be interesting to see if bank of america will follow behind. big banks like sun trust, one of the banks that went ahead and took that, jp...
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Nov 17, 2011
11/11
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>>pam: this dramatic scene as protesters took over the bank of america >> branch on davis. dozens of protesters sat inside the bank part of a protest march that started early. police arrived. confrontation's became heated. charles clifford is alive. >>charles: charles right now, we are in the financial district. let me show you inside of this lobby. inside, they have literally set up a tent. and on the far side you can see the san francisco police department is slowly going through. they are slowly gently taking these protesters out one by one. a rusting these people one by one. there are probably 50 protesters it-are arresting them one by one. this has been going on for one hour. once the rest has been made the take them out side wants the are rest has been made. this wants debate take the suspect outside the bank, they take them over to davis street and load them on the spobus. perhaps 100 protesters have been watching but inside the arrests have been peaceful. there has been a bit of a scuffle outside of blocking the entrance. however, the bulk of the protest has moved to
>>pam: this dramatic scene as protesters took over the bank of america >> branch on davis. dozens of protesters sat inside the bank part of a protest march that started early. police arrived. confrontation's became heated. charles clifford is alive. >>charles: charles right now, we are in the financial district. let me show you inside of this lobby. inside, they have literally set up a tent. and on the far side you can see the san francisco police department is slowly going...
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Nov 17, 2011
11/11
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tonight's "street critique" guest thinks better days are ahead for the embattled bank of america. she's hilary kramer, author of "the little book of big profits from small stocks." below six per share, it shrinking in market value. what do you expect out of it? >> bank of america should hit $10 a share in the next 12 to 18 months, tom, there's so much going for this company, including scale, the fact that they have branches, they have a consumer as well as a commercial bank, and they have a loyalty that they are trying to win back on customers, and that's part of the reason i think the stock fell, in addition to the fact that of course they had a bad quarter, even though they still made $6.2 billion. but a bad quarter because of interest rates, and the weak capital markets. but at the end of the day, bank of america, they're capital position is much stronger than it has been, even in 15 years. >> tom: here's the knock on b of a, it's been unable to raise its dividend, regulators aren't allowing it to increase its payout to shareholders, it face us more lawsuits over its mortgage bu
tonight's "street critique" guest thinks better days are ahead for the embattled bank of america. she's hilary kramer, author of "the little book of big profits from small stocks." below six per share, it shrinking in market value. what do you expect out of it? >> bank of america should hit $10 a share in the next 12 to 18 months, tom, there's so much going for this company, including scale, the fact that they have branches, they have a consumer as well as a commercial...
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Nov 17, 2011
11/11
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KRON
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san francisco police say they took 95 people into custody after they stormed a bank of america branch in the financial district. kron4's charles clifford has more. >> reporter: just after 2:00 pm this afternoon, hundreds of protestors stormed into the lobby of the bank of america building here on california. the clerks and staff at the bank were caught off guard as the mostly 20-something crowd took over a large section of the lobby. two sfpd officers inside the bank warned the demonstrators they would be arrested if they didn't leave. it was apparent that many of those inside had no intention of going anywhere other than to jail. they assembled a tent and waited for police to move in. and move in they did, around 3:00. the sfpd and the the sheriff's department began entering the building in force. protestors outside tried to block the entrance. authorities pushed their way in and moved into the lobby in full riot gear and surrounded the squatters. not wanting the worsen the situation, officers and deputies began arresting the protestors slowly, one at a time. for the most part, they
san francisco police say they took 95 people into custody after they stormed a bank of america branch in the financial district. kron4's charles clifford has more. >> reporter: just after 2:00 pm this afternoon, hundreds of protestors stormed into the lobby of the bank of america building here on california. the clerks and staff at the bank were caught off guard as the mostly 20-something crowd took over a large section of the lobby. two sfpd officers inside the bank warned the...
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Nov 5, 2011
11/11
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million to $10 million line of credit by his company from b of a to another bank. >> i've seen the homes taken away from them. >> reporter: bank of americaued a response saying every customer is important to us. we are sorry to hear about mr. box's plans. it is important our customers are aware of all bank of america does for the community, this is especially true regarding bank of america's extensive work to help keep people in their homes. the bank points out it's modified more than 195,000 mortgages in california since the housing crisis began in 2008. but the u.s. treasury cited b of a for not performing sufficiently on modifications for el jill boar roars here a. the catholic church in east san jose many of the 15,000 complaining of being on the verge of foreclosing on their homes so the church did a survey. >> we did a survey of the parishoners and bank of america was the bank with the most foreclosures in the parish and the bank doing the least number of loan modifications for the struggling families. >> reporter: they've made a move to die vest to a smaller bank. box hopes the break-up with b of a will start to help others preven
million to $10 million line of credit by his company from b of a to another bank. >> i've seen the homes taken away from them. >> reporter: bank of americaued a response saying every customer is important to us. we are sorry to hear about mr. box's plans. it is important our customers are aware of all bank of america does for the community, this is especially true regarding bank of america's extensive work to help keep people in their homes. the bank points out it's modified more...
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Nov 2, 2011
11/11
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by the way, bank of america isn't the only one doing this. >> dana: bank of america had -- >> bob: that entity had worse roll out than herman cain is bank of america. they did not hold a press conference. they said it was done -- i know some of the guys that work there. i can only imagine it came on top of them quickly. now they have had to backtrack. a flip-flop. >> eric: obama in a couple of hours will fly to france and meet with g-20. and talk about a lot of things. no one is reporting this. he is meeting with the l-20, a group of labor leaders. he is going to be the trumka about this. financial transaction. half of 1% of every transaction, whether you are buying a piece of real estate or making a stock -- >> greg: this is a big deal. big deal. because when you find out about this bank fee, you don't have to pay. you go somewhere else. if a government builds you somewhere -- >> kimberly: that's how the free market works. >> bob: that is probably while you are on the shtick. you're usually a sane and rational person. most of the bank hidden charges in fine print. if you are someone li
by the way, bank of america isn't the only one doing this. >> dana: bank of america had -- >> bob: that entity had worse roll out than herman cain is bank of america. they did not hold a press conference. they said it was done -- i know some of the guys that work there. i can only imagine it came on top of them quickly. now they have had to backtrack. a flip-flop. >> eric: obama in a couple of hours will fly to france and meet with g-20. and talk about a lot of things. no one...
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Nov 4, 2011
11/11
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KPIX
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fox is pulling close to $8 million of his company's money out of bank of america. plus several hundred thousands of dollars of his own money. as part of the "occupy wall street" movement bank transfer day is the tomorrow when they are asking people to pull money out of big banks. he runs a wholesale distributor of beer, water and energy drinks. he says, quote, the only way to influence is through personal examples. so fox is doing his part along with a group called pact, people acting in community together. they say they fully support the move. >> it's a personal thing. people don't need to make a big public statement. they are just doing it. >> reporter: fox will hold a press conference this morning. what we know is that it will cost him $30,000 to pull his money out. it may take about 6 months to do so. >> have we heard anything from the bank side whether it's bank of america or any of the other corporate banks saying how much this could hurt them as people really start taking their money out of banks this saturday? >> i think it depends on how much money is pulle
fox is pulling close to $8 million of his company's money out of bank of america. plus several hundred thousands of dollars of his own money. as part of the "occupy wall street" movement bank transfer day is the tomorrow when they are asking people to pull money out of big banks. he runs a wholesale distributor of beer, water and energy drinks. he says, quote, the only way to influence is through personal examples. so fox is doing his part along with a group called pact, people acting...
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Nov 24, 2011
11/11
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KQEH
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>> bank of america, as i've said, too big to fail, a lot going for it. it a long-term play. a lot of people ask me questions. boy say you'd want to slowly continue to buy into a position of bank of america, and we should see a recovery. but again two to five years out. >> tom: do you bone everything we mentioned tonight including pmi? >> amazon i don't open, but i may be playing the options there, some announcements coming about their black friday. >> tom: option to buy from hilary kramer. e-mail us at nbr.com. here's what we're watching for tomorrow: the markets are closed for thanksgiving and we will bring you a special program: "women in leadership: pamela newman." you may not know her name, but in the insurance business, she is one of the most influential women in america. her client list includes donald trump, warner music group and the "new york times." just as the holiday season begin, nokia siemens is cutting 17,000 jobs worldwide. that's nearly a quarter of its workforce. the unprofitable joint venture of nokia and siemens expects the reduction to be completed within
>> bank of america, as i've said, too big to fail, a lot going for it. it a long-term play. a lot of people ask me questions. boy say you'd want to slowly continue to buy into a position of bank of america, and we should see a recovery. but again two to five years out. >> tom: do you bone everything we mentioned tonight including pmi? >> amazon i don't open, but i may be playing the options there, some announcements coming about their black friday. >> tom: option to buy...
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Nov 1, 2011
11/11
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WJLA
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today, bank of america customers are rejoicing after the banks about face. after weeks of consumer frustration and complaints, bank of america is nixing its plan to charge a $5 fee each time a debit card is used. >> $60 a year is beyond what i would be willing to do. >> will local customer was so out rage, she petitioned more than 200,000 signatures. this customer was ready to close his account this week. >> i have to leave bank of america. >> this comes on the heels of other major banks jumping ship. chase and wells fargo announced last week that neighbor counseling similar fees. >> it is kind of like what people did to netflix. maine bank of america is going the same way. >> -- maybe bank of america is going the same way. >> we did not find much sympathy on the streets of d.c. >> i do not think anybody needs more fees. especially from a bank. >> even the president spoke about this. customers should not be mistreated. this move comes before saturday, which is being touted around as a bank transfer date. thousands of customers were expected to move their acco
today, bank of america customers are rejoicing after the banks about face. after weeks of consumer frustration and complaints, bank of america is nixing its plan to charge a $5 fee each time a debit card is used. >> $60 a year is beyond what i would be willing to do. >> will local customer was so out rage, she petitioned more than 200,000 signatures. this customer was ready to close his account this week. >> i have to leave bank of america. >> this comes on the heels of...
SFGTV: San Francisco Government Television
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Nov 2, 2011
11/11
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when you say bank of america, i kind of get a heart attack. you know the bank of italy and their headquarters was in san francisco and now they are in north carolina. i know how the takeover took place. todd and charles -- hopefully they will look at ways of investing and stay away from any entity that has a lot of toxic loans. any entity that has participated in that algorithms, where they brought the downfall of our economy. thank you very much. >> thank you. >> i believe i need a motion. >> so moved. sion? all those in favor? opposed? the motion carries. next item. >> item 12, authorizing the general manager of the san francisco public utility commission to execute on behalf of the city and county a lease for the chevron pipeline company pursuant to charter section 9.108 and requests the director of real-estate division prepare and submit legislation to the board of supervisors to approve a 20-year police in alameda county to operate and repair existing petroleum product pipelines for an annual rental payments based on appraisal in the amoun
when you say bank of america, i kind of get a heart attack. you know the bank of italy and their headquarters was in san francisco and now they are in north carolina. i know how the takeover took place. todd and charles -- hopefully they will look at ways of investing and stay away from any entity that has a lot of toxic loans. any entity that has participated in that algorithms, where they brought the downfall of our economy. thank you very much. >> thank you. >> i believe i need a...
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a lawsuit claimed that bank of america processed its debit card transactions in the order of highest to lowest dollar amount so it could maximize the overdraft fees customers had to pay the bank raked in about four point five billion dollars from overdraft fees alone and despite the settlement bank of america insists that there was nothing improper about the process sequence. that's a pretty ball the statement bank of america thought they were doing nothing wrong when they manipulated the processing of purchases made on their customers debit cards by charging thirty five dollars for each overdraft fee calculations show that over the course of ten years the bank brought in four point five billion dollars so bank of america made a killing off of ripping off its customers and they think that there's absolutely nothing wrong with that now thankfully a federal court disagreed and thought of the bank was out of line in this practice yesterday judge james king ordered b. of a to pay four hundred ten million dollars for a settlement and it's being labeled as a win for banking customers and un
a lawsuit claimed that bank of america processed its debit card transactions in the order of highest to lowest dollar amount so it could maximize the overdraft fees customers had to pay the bank raked in about four point five billion dollars from overdraft fees alone and despite the settlement bank of america insists that there was nothing improper about the process sequence. that's a pretty ball the statement bank of america thought they were doing nothing wrong when they manipulated the...
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Nov 17, 2011
11/11
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KRON
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>>charles: hundreds of protesters stormed into the lobby of the bank of america building--bankamerica. thought the crowd took over a large section of the lobby. about a half an hour later, two police officers inside the bank wanted demonstrators that there would be arrested if they did not leave. it was apparent that many inside did not have any intention of going anywhere. people began entering the building and the authorities and to the building by force in full wire---full riot gear. officers and deputies began arresting protesters slowly, one at a time. they faced little resistance and were able to clear the bank by 6:00 p.m.. >>charles: if you are wondering why the protesters targeted bank of america, many of those out today were thick students. one of the board of regents is from bankamerica. >>pam: protesters then marched to the state building where they held another rally. reggie kumar shows us what happened there. >>reggie: about 200 occupy ss students held signs that say banks must pay. they also chanted uc regents have to go. they rallied in front of the state building to s
>>charles: hundreds of protesters stormed into the lobby of the bank of america building--bankamerica. thought the crowd took over a large section of the lobby. about a half an hour later, two police officers inside the bank wanted demonstrators that there would be arrested if they did not leave. it was apparent that many inside did not have any intention of going anywhere. people began entering the building and the authorities and to the building by force in full wire---full riot gear....
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Nov 2, 2011
11/11
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WUSA
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i am excited about it, obviously. >> you actually left bank of america in all of this. ank where you say you're going to stay. bank of america contacted you at one point. what did they say? >> they were trying to explain the fee. they said they were doing it because they were trying to be more transparent with their fees which, you know, i understand, but it doesn't really explain this new fee. it's not like this fee had been lurking in the background of your bank account and, all of a sudden, they were telling you about it. >> when they are trying to explain the fee to you, did you say, look, i'm 22, i have two part-time jobs and working paycheck-to-paycheck and this is another fee i don't want to dole out annually. >> i did. i felt like they didn't care about that and i felt like they didn't take those stories into account when they announced the fee. >> the little person says i'm going to take on a big old bank of america or some other conglomerate big corporation. >> the little person becomes very big when they take to the internet like molly did and when people like
i am excited about it, obviously. >> you actually left bank of america in all of this. ank where you say you're going to stay. bank of america contacted you at one point. what did they say? >> they were trying to explain the fee. they said they were doing it because they were trying to be more transparent with their fees which, you know, i understand, but it doesn't really explain this new fee. it's not like this fee had been lurking in the background of your bank account and, all...
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former secretary of state condoleezza rice opening up about a white house poison scare right after 9/11. >>> a modern day banking account. forced bank of america to give customers a break. she became the face and voice of a fed up american banking public. she's going to join us live. it's almost 16 minutes after the hour. (screams) when an investment lacks discipline, it's never this obvious. introducing investment discipline etfs from russell. visit russelletfs.com r a prospectus, containing the investment objectives, risks, charges, expenses and other information. read and consider it carefully before investing. your new progresso rich & hearty steak burger soup. [ dad ] i love this new soup. it's his two favorite things in one... burgers and soup. did you hear him honey? burgers and soup. love you. they're cute. [ male announcer ] progresso. you gotta taste this soup. and started earning loads of points. you got a weather balloon with points? yes, i did. [ man ] points i could use for just about anything. ♪ keep on going in this direction. take this bridge over here. there it is. [ man ] so i used mine to get a whole new perspective. ♪ [ ma
former secretary of state condoleezza rice opening up about a white house poison scare right after 9/11. >>> a modern day banking account. forced bank of america to give customers a break. she became the face and voice of a fed up american banking public. she's going to join us live. it's almost 16 minutes after the hour. (screams) when an investment lacks discipline, it's never this obvious. introducing investment discipline etfs from russell. visit russelletfs.com r a prospectus,...
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for each overdraft fee calculations show that over the course of ten years the bank brought in four point five billion dollars so bank of america made a killing off of ripping off its customers and i think that there's absolutely nothing wrong with that now thankfully a federal court disagreed and often the bank was out of line in this practice yesterday judge james king ordered b. of a to pay four hundred ten million dollars for a settlement and it's being labeled as a win for banking customers and undoubtedly it's one of the largest settlements of its kind but when you really break it down it starts to look less and less like a victory so let's look at some of those numbers bank of america has been ordered to pay out four hundred ten million dollars to more than thirteen million of its customers but if b. of a actually brought in a four point five billion dollars in fees that reason the settlement in a class action suit is only paying out ten percent of what it brought in not even coming close to the amount of money they made off of their shady practices now barry himmelstein a lawyer one of the customers is estimated the ave
for each overdraft fee calculations show that over the course of ten years the bank brought in four point five billion dollars so bank of america made a killing off of ripping off its customers and i think that there's absolutely nothing wrong with that now thankfully a federal court disagreed and often the bank was out of line in this practice yesterday judge james king ordered b. of a to pay four hundred ten million dollars for a settlement and it's being labeled as a win for banking...
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Nov 5, 2011
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did business with bank of america. t not anymore. >> today i want to announce that i'm die investing my personal bank accounts from the bank of america immediately. >> reporter: fox says he is pulling out hundreds and thousands of dollars from his personal account because he says bank of america is not working with customers desperate to modify their loans to keep their homes. >> have just seen the bank become less and less responsive to the needs of a community. >> reporter: fox says he also plans to move an 8 to $10 million line of credit held by his company from b of a to another bank. bank of america issued this response, saying every customer is important to us. we are sorry to hear about mr. fox's plans. it is important our customers are aware of all that bank of america does for the community. this is especially true regarding bank of america's extensive work to help keep people in their homes. the bank also points out it has modified more than 193,000 mortgages in california since the housing crisis began in 200
did business with bank of america. t not anymore. >> today i want to announce that i'm die investing my personal bank accounts from the bank of america immediately. >> reporter: fox says he is pulling out hundreds and thousands of dollars from his personal account because he says bank of america is not working with customers desperate to modify their loans to keep their homes. >> have just seen the bank become less and less responsive to the needs of a community. >>...
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conclusions. >>> and now, we turn to that david versus goliath story, the victory of people power against a huge bank. bank of america announced today it is reversing itself on those new $5 customer fees. and we have been covering this since the beginning. you'll remember the young woman who started the petition against the bank, raising fees after the taxpayer bailout. customers moved in, it spread like wildfire. we tracked down the head of the company to try to get answers and abc's matt gutman, who did that, has been on the story from the beginning, and takes us inside the grass roots revolution and what happened tonight. >> reporter: it took 33 days. 300,000 petitioners. and one molly katchpole. >> i won! i know! so exciting. >> reporter: when katchpole, just 22, was first features on abc news last month, she had just launched an online petition demanding bank of america repeal its, quote, outrageous $5 debit fee. >> it's crazy. it's at 125,000. >> reporter: today, 306,000 signatures. >> i just happened to be the person that started the petition. but if it wasn't for the 306,000 people who signed it, it wouldn't
conclusions. >>> and now, we turn to that david versus goliath story, the victory of people power against a huge bank. bank of america announced today it is reversing itself on those new $5 customer fees. and we have been covering this since the beginning. you'll remember the young woman who started the petition against the bank, raising fees after the taxpayer bailout. customers moved in, it spread like wildfire. we tracked down the head of the company to try to get answers and abc's...
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Nov 1, 2011
11/11
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all were experimenting with a fee just like bank of america, they too are backing off. alysts say they are not surprised by the reversal. >> bank of america was out on a limb. they were on their own. it is far more difficult for a bank to stick to its guns on an issue like this one that of its competitors are doing the same. >> nobody likes to be a long. bank of america officials said in a statement, our customer forces are the most important to us. ' as a result, we are not purging a secret we will not be moving forward with any additional plans to do so. bank of america dismisses the fees, do they have other fees and chart -- a store for millions of customers? that is coming up on nightly news at 6: a space 30. -- 6:30. >> early this morning an area of low pressure moving away from the mid-atlantic but not before producing a bit of precipitation during the mid at dawn hours preconceived the last of the showers moving out fairly quickly, really before dawn and most locations. the skies were clear. the system offshore made its way through the area, there was a little bit
all were experimenting with a fee just like bank of america, they too are backing off. alysts say they are not surprised by the reversal. >> bank of america was out on a limb. they were on their own. it is far more difficult for a bank to stick to its guns on an issue like this one that of its competitors are doing the same. >> nobody likes to be a long. bank of america officials said in a statement, our customer forces are the most important to us. ' as a result, we are not purging...
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morgan bank of america creditors to m.f. global are saying our claims come ahead of the customers is that it's not proper you know when you're involved in this sort of bankruptcy litigation everybody says that sort of stuff i think that there's some insurance on the accounts and there's some guarantees but if it turns out that the creditors have a superior claim to people who are opening accounts why the hell would i ever open an account with anyone again mattress sales are going to pick up because that's going to become the new banks it's unthinkable that somehow an outside credal or is going to have a superior claim to. somebody who actually had their money with a brokerage firm in this case it's a combination of s.c.c. and commodities futures regulators who are supposed to be watching this look at the key takeaway from all of this is regulators can only do so much if someone is intent on stealing they going to steal what you have to do as a regulator or a government is make sure that when these people get caught they're ge
morgan bank of america creditors to m.f. global are saying our claims come ahead of the customers is that it's not proper you know when you're involved in this sort of bankruptcy litigation everybody says that sort of stuff i think that there's some insurance on the accounts and there's some guarantees but if it turns out that the creditors have a superior claim to people who are opening accounts why the hell would i ever open an account with anyone again mattress sales are going to pick up...
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let's talk about bank of america, though. because this is score one for the consumer. >> let me shift over here because this headline on cnnmoney.com says it all. bank of america axes that $5 deppity ca itit itity debit car. this is music to a lot of people's ears. score one for the little guy lo people's ears. score one for the little guy. you were loud enough, you went to other banks. banks are listening. other banks canceled it fee. bank of america says they canceled it because they listen to their customers. anyway, it's a victory. >> small victories. >> carter evans, thank you. "american morning" continues now. >>> one of herman cain's accusers talk. the feds looking for $600 million after mf global goes bust. a man once on the short list for the treasury secretary right in the middle of it. >> including a president? >> including a president. >> former secretary of state, condoleezza rice talking about a poison scare at the white house. 24 hours that could have drastically changed history. >>> proof that one woman can cha
let's talk about bank of america, though. because this is score one for the consumer. >> let me shift over here because this headline on cnnmoney.com says it all. bank of america axes that $5 deppity ca itit itity debit car. this is music to a lot of people's ears. score one for the little guy lo people's ears. score one for the little guy. you were loud enough, you went to other banks. banks are listening. other banks canceled it fee. bank of america says they canceled it because they...
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Nov 17, 2011
11/11
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they're occupying a bank of america m the financial district now. police are taking them into custody one by one. abc 7 is outside of the bank for us with the latest. >> you can see there is a large group gathered inside of the bank. ask as they protest police are resting them one by one. some in the neighborhood of 20 protestors have been arrested by now. you can see those who are remaining are still very persistently holding up signs and chanting. their chants. and there is yet another protestor being led off by a pair of police officers. i want to show you what happened earlier. protestors actually marched in and began to occupy it. they were chanting loudly. and they continued their chants z their cries for reform of the financial system and public education system as it took over and shut it down. and there are protestors sitting inside of the bank more than two hours at this point. and they are now sitting down on the ground quite peacefully and police officers now continue to lead them off one at a time. we're told they're being led out of the
they're occupying a bank of america m the financial district now. police are taking them into custody one by one. abc 7 is outside of the bank for us with the latest. >> you can see there is a large group gathered inside of the bank. ask as they protest police are resting them one by one. some in the neighborhood of 20 protestors have been arrested by now. you can see those who are remaining are still very persistently holding up signs and chanting. their chants. and there is yet another...
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it wasn't for the 306,000 people who signed it, it wouldn't have gone anywhere. >> reporter: bank of america and other banks said they needed the money to make up for revenue lost, after new federal regulations went into effect. but when rivals, wells fargo, jpmorg jpmorgan, and others scrapped fees, bank of america followed suit. our customers' voices are most important to us, the company said in a statement. as a result, we're currently not charging the fee and will not move forward with additional plans to do so. some lawmakers who shared the public's outrage over the fee celebrated the news. >> they withdrew them because the american people said, enough is enough, in terms of the greed of wall street. >> i hope it is the beginning of a trend. >> reporter: tahman bradley, abc news, washington. >>> there's breaking news from the world of baseball. the dodgers, one of the most revered franchises in sports, is for sale. overnight, we learned that owner frank mccourt and major league baseball have reached an agreement to sell the team. it's an abrupt about-face from mccourt who had been fight
it wasn't for the 306,000 people who signed it, it wouldn't have gone anywhere. >> reporter: bank of america and other banks said they needed the money to make up for revenue lost, after new federal regulations went into effect. but when rivals, wells fargo, jpmorg jpmorgan, and others scrapped fees, bank of america followed suit. our customers' voices are most important to us, the company said in a statement. as a result, we're currently not charging the fee and will not move forward...
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tonight we begin with consumers rising up against a big bank in this era of great anger over financial wrongdoing. that big bank, bank of america has backed down. while there is another allegation tonight of bad behavior at a big money firm. this first story this evening is about small amounts. fees to use your own bank debit card. and those fees add up quickly. so while bank of america has backed down, others argue banks have to make their money somehow. and consumers should be alert for new charges. so we begin here tonight with nbc's tom costello at a bank of america branch in chevy chase, maryland. >> reporter: for a lot of folks, the idea they had to pay to use their own money to make a purchase, that was too much. so after weeks of mounting pressure, of protests, people pulling their accounts, of other banks saying they're not going along, today bank of america threw in the towel. in the end it may have been one bank fee too many. >> they're stealing from you, that's the bottom line. >> to the streets of l.a. >> we're disgusted, we're tired of being ripped off. >> it's unnecessary for people that are hardworking right now
tonight we begin with consumers rising up against a big bank in this era of great anger over financial wrongdoing. that big bank, bank of america has backed down. while there is another allegation tonight of bad behavior at a big money firm. this first story this evening is about small amounts. fees to use your own bank debit card. and those fees add up quickly. so while bank of america has backed down, others argue banks have to make their money somehow. and consumers should be alert for new...
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you could see other fees from bank of america. ane king has more in the bloomberg business report. >> good morning. this is a victory for consumers. bank of america stepping away from the $5 debit card fee. lenders may find other ways to make up lost revenue like increasing existing fees. they struggle to replace the $8 billion in revenue they will lose things to the debit card rules. european leaders holding an emergency talk today to keep their debt crisis strategy from falling apart. futures are in recovery mode this morning. yesterday was a big down day. walmart promising a super saturday event this weekend with price cuts on electronics. freak cupcakes for the kids -- free cupcakes for the kids. doors atening its midnight this year and there will stay open 24 hours for those who want to shop around the clock. a discount for the military. procter and gamble inking a deal with drew brees. a father figure will appear as the primary caregiver during the cold and flu season. i'm jane king reporting for wbal-tv 11 news. >> thank you
you could see other fees from bank of america. ane king has more in the bloomberg business report. >> good morning. this is a victory for consumers. bank of america stepping away from the $5 debit card fee. lenders may find other ways to make up lost revenue like increasing existing fees. they struggle to replace the $8 billion in revenue they will lose things to the debit card rules. european leaders holding an emergency talk today to keep their debt crisis strategy from falling apart....
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and tonight, bank of america backs off that fee for using a debit card. it seems like a victory, but what else might the banks be planning. >>> the long wait for millions of people still in the dark and the cold after that freak early snowstorm. and tonight a new report is warning we can expect more extreme weather ahead. >>> women's health tonight. this is confusing. remember the advice to drink a glass of wine a day? now there's reason to worry about that, and the complication is breast cancer. >>> and a mother's legacy. her daughter grew up to be the secretary of state. remembering the extraordinary woman who raised one of the most powerful women in the world. "nightly news" begins now. captions paid for by nbc-universal television >>> good evening. tonight we begin with consumers rising up against a big bank in this era of great anger over financial wrongdoing. and that big bank, bank of america, has backed down. while there is another allegation tonight of bad behavior at a big money firm, this first story this evening is about small amounts. fees to
and tonight, bank of america backs off that fee for using a debit card. it seems like a victory, but what else might the banks be planning. >>> the long wait for millions of people still in the dark and the cold after that freak early snowstorm. and tonight a new report is warning we can expect more extreme weather ahead. >>> women's health tonight. this is confusing. remember the advice to drink a glass of wine a day? now there's reason to worry about that, and the...
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and sure one isn't alone bank of america's profit in millions of dollars of similar fees to similar unemployed americans i wonder why six hundred fifty thousand americans have move their money to local credit unions because the way the banks are behaving is very very. after the break journalists enter at your own risk but last night's raid in occupy wall street did the nation's fourth a state of journalism and what it means for democracy its and its military. what drives the world the fear mongering used by politicians who made decisions. through bit through to be made who can you trust no one who is you and you with a global missionary see where we had a state controlled capitalism is called fascism when nobody dares to ask me do you r t question more. for. for. your take my take is the second of the show when we answer your questions comments criticisms and opinions here in the big picture last week i told you about secular students who attend private religious colleges and are being and from forming student groups based around atheism and ministers of the university of dayton not
and sure one isn't alone bank of america's profit in millions of dollars of similar fees to similar unemployed americans i wonder why six hundred fifty thousand americans have move their money to local credit unions because the way the banks are behaving is very very. after the break journalists enter at your own risk but last night's raid in occupy wall street did the nation's fourth a state of journalism and what it means for democracy its and its military. what drives the world the fear...