bank of america

Bill McKibben 6-29-2022
Illustration of a oil spraying from the top of a piggy bank

Illustration by Matt Chase

SOMETIMES, WHEN YOU'RE reading a murder mystery, a new clue appears as if out of thin air—the coroner phones the detective to report that the corpse was drugged with some rare toxin, or an image conveniently appears on old CCTV footage. There was a similar moment in the climate fight this spring, when investigators came up with something remarkable: a number definitively linking the biggest banks in the world to the biggest crisis in the world.

We’ve known for quite a while, of course, that Chase, Citi, Wells Fargo, and Bank of America have been lending vast sums to the fossil fuel industry—more than a trillion dollars since the Paris climate accords were signed. But it took investigative research by a climate consultancy called South Pole to make clear exactly how massive that money was. They found, in essence, that if you kept $125,000 in the banking system (your retirement account, or your college savings fund), then that money emitted more carbon than all the other actions of a normal American life combined. That cash is recycled into pipelines and liquefied natural gas terminals—you might as well be spending it to drill oil wells in your backyard.

The main focus of the South Pole report was not individuals; it was the biggest companies on Earth, and it showed that while Google and Microsoft and Apple were busily trying to reduce their carbon footprints, their cash hoards were producing vast clouds of greenhouse gases simply by sitting in the bank. Google’s emissions were up 111 percent accounting for the new data—that is, their cash produces more carbon than everything else they do.

Image via RNS/David Gibson

Critical to the success of the movement is the fact that corporations are not simply tolerating activists such as Daly.

Instead, they increasingly see the socially responsible agenda as good business; and, perhaps more important, so do investment firms that are responding to the growing demand for portfolios that reflect a client’s values while also making money as effectively as any other investment.

I didn’t expect to get hit on during Super Bowl XLVIII.

I mean, I was expecting the usual stuff — the testosterone-fueled web hosting pitch, the adorable animals selling beer – but this was shameless. Someone really did their homework, because company after company turned up with things I like to hear: healthy families; cute biracial kids; a nation of immigrants; a thriving main street; victory for the marginalized; solving the world’s most pressing social ills. Check, check-check.

Progressive values, you are currently the it-girl for advertisement pickup artists. Enjoy it?

I, for one, do not.

Don’t get me wrong, commercials that celebrate our society as diverse and affirming are far more appealing than the advertising tropes we’re used to. But they also veil or flat-out misrepresent the structures and practices of the companies telling them. Without a significant shift towards justice on the part of these companies themselves, their social good stories shouldn’t charm us — they probably should leave us with a bad taste in our mouths.

Jesse James DeConto 12-13-2013
il_76/Shutterstock

'This Little Light of Mine' takes on a whole new meaning in the context of the civil rights movement. il_76/Shutterstock

We used to sing this song in Sunday School, as far back as I can remember, way back when I was learning to use a big-boy potty and tie my shoes. The little light was our faith in Jesus, and letting it shine was sharing it with others, who didn't know him. Jesus loved the little children, all the children of the world, red and yellow, black and white, they were precious in his sight, Jesus loved the little children of the world. He would make us FISHERS! of men, FISHERS! of men, FISHERS! of men, if we followed him, if we followed him, if we FAW! LOWED! HIM! I should dare to be a Daniel, dare to stand alone, dare to have a purpose firm, dare to make it known. Even if they fed me to the lions.

It took almost 30 years for me to really see "This Little Light" in action. Before that, it was mostly an ideal standard that made me feel guilty for not living up to it, a measuring stick that set me in competition with all the other little lights around me; if I shined a little brighter, you'd try too. But two years before Occupy Wall Street demanded economic reform at the national level, the candles lit in Charlotte, N.C., as hundreds of protestors marched on Bank of America and Wachovia in the fall of 2009. In the midst of the subprime mortgage crisis, with people facing ballooning interest rates and foreclosures on their homes, organizers delivered a theological statement against what they called "usury" — the Old Testament sin of collecting interest from the poor.

According to the Chicago Tribune, new study from Northwestern University attempts to shed light on what the 1 percent actually believes about charitable giving and social problems. The study found that of the more than 100 interviewees with a median annual income of $7.5 million, most were enthusiastic about philanthropy and 92 percent were involved in some kind of volunteer activity.  Furthermore, the great majority of respondents cited budget deficits, unemployment, and education as the most pressing issues in the United States today. 

So, maybe the 1 percent isn’t so different from the 99 percent? 

Wrong. 

 

Cathleen Falsani 12-16-2011

Ken and Meredith Williams have been waiting 79 days for the Bank of America in Georgia to close on their home loan.

The bank has delayed the closing three times. And the Williams, who live outside Atlanta and want to buy a modest home in the city nearer to their work offices, have grown frustrated with the hold-up and ... clever couple that they are ... their ire turned to humor.

They started a blog chronicling their misadventures with the banking behemoth, created a Twitter account to bombard the bank with message through it's @BoA_Help account, and then made a music video — Ken plays the guitar and sings while Meredith, in one scene, dances in the background in the parking lot of the Bank of America branch in Lawrenceville, Ga.

It's hilarious and, they hope, effective.

See the video and read the Williams' tale of woe inside...

Shane Claiborne 10-27-2011

On Nov. 5 folks all over the world will divest from Wall Street and its banks … in order to invest in a better world.

Ideologies alone are not enough. There came a point in the movement to abolish slavery where ideology required responsibility. As one abolitionist said, “The only way to be a good slave-owner is to refuse to be a slave-owner.” To truly be against slavery also meant that you didn’t drink sugar in your tea, because sugar was produced with slave labor.

So on November 5, my wife and I will be joining the “Move Your Money” celebration, moving our money from Bank of America to the non-profit credit union here in Philadelphia.

It is one small step away from the vicious cycle that continues to see money transfer from the increasingly poor to the increasingly rich.

It is trying to take to heart Jesus’ command to “Get the log out” of my own eye.

It is a move towards Gandhi’s call to “Be the change you want to see in the world.”

It’s one little step towards being less of a hypocrite tomorrow than I am today.

Rev. Billy Talen 8-10-2011

The Christianized Jesus -- the turning of a radical into a conservative shadow of his former self -- explains our problem of establishing and celebrating freedom fighters today. It is important that our progressive heroes be given their deserved fame, an accurately reported fame, and this is crucial in ways that impact our own activism.

Jesus of Nazareth was not a Peak Performance Strategist as the prosperity preachers would have it. Nor was he a foreigner-hating patriot as the tea party would argue. Obviously American politicians and their lobbyists pursue so many policies that are against the teachings of Jesus but are supported by mainstream Christian opinion. In fact, Jesus' parables and sayings push the spiritual revolution of gift economies, and of justice through radical forgiveness.

Chuck Collins 7-15-2011

Bahamasphoto © 2010 John Hilliard | more info (via: Wylio)
As Christians concerned about poverty, it is time to turn our full attention to the injustices of an "offshore tax system" that enables corporations and the wealthy to dodge taxes and impoverish countries around the world.

As members of Congress in the United States debate deep and painful budget cuts, people of faith should raise our voices against an unfair system that enables profitable U.S. corporations to dodge taxes, depleting an estimated $100 billion from the U.S. Treasury each year. Instead of cutting $1 trillion over the next decade from programs that assist the poor and ensure greater opportunity, we should eliminate these destructive tax gimmicks.

Recent reports show that aggressive tax dodgers such as General Electric, Boeing, and Pfizer, avoid billions in taxes a year. They use accounting gymnastics to pretend they are making profits in offshore subsidiaries incorporated in low- or no-tax countries like the Cayman Islands, thereby reducing their tax obligations in the United States. This system is unfair to domestic businesses that have to compete on an un-level playing field.

Chuck Collins 3-28-2011

Across the United States, there is a new movement emerging to dramatize the immorality of corporate tax dodging in the face of drastic budget cuts.

 

Sheldon Good 12-10-2009

Do you think you'll get a Christmas bonus this year? I know one person who will -- the new chief executive who will take over for Ken Lewis at Bank of America.

Jennifer Kottler 12-09-2009

I'm mad as hell, and I'm not going to take it anymore

Eugene Cho 10-21-2008

The conversation we have on God's Politics can be very intense.

The work of loving mercy, seeking justice, and walking humbly can be pretty merciless, ruthless, and humiliating. The recent financial meltdown has only increased the national and global anxiety.