Union Starts Campaign Against Bank Of America Rescue

[Omaha Steve]

http://money.cnn.com/news/newsfeeds/articles/djf500/200901151619DOWJONESDJONLINE001069_FORTUNE5.htm

January 15, 2009: 04:19 PM ET

(Updates to include Bank of America declining to comment.)

By Meena Thiruvengadam
Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- A major labor union Thursday launched a campaign against Bank of America Corp. (BAC), accusing it of continuing poor business practices despite taking billions in taxpayer dollars.

The effort comes as the U.S. Treasury Department is reportedly finalizing a deal to provide billions in additional aid to the nation's largest bank to help it digest its acquisition of Merrill Lynch & Co., and as lawmakers are sparring over the release of a second tranche of bailout funds.

Treasury already has provided Bank of America with $25 billion in capital through its controversial $700 billion Troubled Asset Relief Program. Congress has released half of the funding for that program.

"It is clear so far that the money we've spent has not changed anyone's business model," said Andy Stern, president of the Service Employees International Union. "Why are we going to give them more bailout money if they're going to keep making the same mistakes?"

A Bank of America spokesman declined to comment for this article.

The union's campaign includes e-mails to 500,000 people, the distribution of flyers at Bank of America's Charlotte headquarters, an online video and a Web site urging a stop payment on the bank's bailout funds unless it changes its ways.

FULL story at link.

[defendandprotect]

1. How about collapsing some of these branches . . . ?

Do we need a bank on every block?