Bank of America Responds to the 99%: This Is Your Bank (Updated)

Bank of America Announces “Your Bank of America” Campaign, Partnership with Taxpayers to Revamp U.S. Banking
Date(s): 18-Apr-2012 9:00 AM

As future clouds, opportunities arise for public synergy

CHARLOTTE, N.C.–(BUSINESS WIRE)–Apr. 18, 2012– Bank of America today announced the launch of an unprecedented campaign to reach out to the American public for guidelines on how banking should happen. The campaign, Your Bank of America (www.yourbofa.com), leverages the American public’s disaffection with today’s banking practices into a full suite of real banking solutions.

“We may not have all the answers, but we’re confident that those answers exist,” said Brian Moynihan, Chief Executive Officer of Bank of America. “We want to make sure the American people are well positioned to assert control and implement changes in the direction of banking, in the eventuality that such control becomes feasible.”

“Bringing in the public sector is a good strategy for earning buy-in at a difficult time for our industry,” said Moynihan. “But this is not just a PR campaign: as the public uses our new website to share ideas of how banks should be run, we will see many ideas that are quite far ahead of the market norm. Running a bank in a sane and common-sense way isn’t rocket science—and that’s something the customer knows best.”

Wow. Call me skeptical, but is crowdsourcing really the way to go for banking? The site is live, at yourbofa.com, and includes some doozies such as this one (why would they admit this?)

Part of our Bank’s strength has come from our predominance within key industries. From 2009 to 2010, for example, we invested more than $4 billion in coal, more than any other bank. This has led some to claim that we are responsible not only for exacerbating the global climate crisis, but for contributing to thousands of deaths due to cardiac and respiratory diseases, as well as 1.6 million lost work days due to heart attacks, chronic bronchitis cases, asthma attacks, and the like.

But the best part is of course the “your ideas” section, which features a fully-functional “Enter your idea here” blank with voting up and down arrows. Some at the top of the list include…

 I want my bank to pay bankers a reasonable amount (not exorbitant amount), and require they are tied to community by residence or other factors.

I want my bank to disavow and remove itself from all illegal money laundering, financing of violence and militarism, drug trading, ponzi-scheming, and theft of houses through foreclosure on properties

Bank branches should give temporary shelter to foreclosure victims.

What do you think? Brilliant PR campaign? Scam? Last-ditch effort? Regardless of the outcome, the 99% and those at Occupy Wall Street have changed the conversation for good.

Note: yes, something is weird about all this. Check the WHOIS or see my “support” links on the right for clues :)

Edit (12:16PM EST) – A “press release” denouncing the website has gone out, read below:

Bank of America Denounces Hoax, Will Not Need Bailout, Warns Public Not To Be Confused By “YourBofA.com” Fraud
The malicious website (YourBofA.com) that is fraudulently representing itself as a Bank of America re-branding effort is misleading the public; those behind it will be prosecuted to the fullest extent the law allows.

CHARLOTTE, N.C.–(BUSINESS WIRE)–Apr. 18, 2012– A website launched today at the domain YourBofA.com is a fraud, and does not represent the views of Bank of America, its affiliates or subsidiaries. Bank of America is not making plans to enter into federal receivership, and will not need the public’s help to become a “better bank.”

“This kind of massive fraud and deception serves to confuse and demoralize a public that is already confused and demoralized by the marketplace,” said Matthew Swain, Bank of America spokesperson.

Swain also noted that Bank of America has no plans to re-brand itself “Your Bank of America,” and does not intend to solicit or use input from the public to determine future business practices. “Suggesting that Americans can rebuild a bank any way they please is not only dangerous, it’s reprehensible in that it gives people false hope,” said Swain.

Banking is too complicated for ordinary people to understand,” said Jeff Walburn, Risk Management, Bank of America. “That’s not to say people are stupid—just that a bank has a lot of moving parts. There’s a reason there are bankers, and we see this every day.”

Bank of America reiterates that it got a clean bill of health in the recent Federal Reserve stress test, and despite troublesome debt and litigation, and even criminal charges, the company is poised to take advantage of its size to continue its amazing story of unprecedented growth.

“Just like in the non-financial sector, there are always going to be winners and losers,” said Walburn. “There are a lot of sour grapes out there, and we can’t do anything about that.”

Emphasis in bold is mine. Ahhhhh, this is getting good!

  • MB

    You know this isn’t real, right?  I’d bet that the Yes Men are behind this.  I am on their mailing list.  I have never been a Bank of America customer.  Yet I received this email.

    • http://www.thenailthatsticksup.com/ Sam

      I’m sure they are too; just wanted to get the info out there while it was fresh.

  • Sarah Husband

    I wanted to thank you for your last three posts, they have been awesome, inspiring, and informative.

    • http://www.thenailthatsticksup.com/ Sam

      Thanks, Sarah!