Bank of America is ACORN ‘Partner’ and Major Funder

NLPC ^ | September 21, 2009 | Peter Flaherty

[jazusamo]

Bank of America has received $45 billion in taxpayer TARP funds, and has slashed its dividend to a penny. Yet it is one of ACORN and its affiliates' biggest funders.

Our review of annual tax returns for the Bank of America Charitable Foundation, Inc. for the last three years (2006, 2007, 2008) found more than $3.6 million in grants to ACORN and its affiliates. Those grants include a grant of $2 million to ACORN Housing, Inc. last year, and direct grants to ACORN Housing, Inc. offices in Baltimore, Maryland and San Bernardino, California, the locations of undercover video stings.

On its website, ACORN Housing, Inc. describes its relationship with Bank of America as a “partnership.” The Bank of America website lists no less than 26 ACORN offices where:

Bank of America works with Association of Community Organizations for Reform Now (ACORN) Housing to provide special mortgage products to potential homeowners in NAME OF CITY.

Unlike many public companies, Bank of America Corporation does not disclose individual grants it makes to nonprofit groups. We do not know what direct funding Bank of America Corporation provides to ACORN and/or its affiliates. It is obvious, however, that ACORN and/or its affiliates market and/or administer loan programs for the bank.

Although legally a separate entity, Bank of America Charitable Foundation, Inc. is controlled by Bank of America Corporation. Its 30-member board of directors is comprised of Bank of America Corporation executives or employees of the foundation itself. Its sole source of revenue in 2008 was a donation of $167 million from Bank of America Corporation.

Today, I wrote Bank of America CEO & President Ken Lewis:

National Legal and Policy Center, a Bank of America Corporation shareholder, asks that Bank of America Corporation and the Bank of America Charitable Foundation, Inc. end funding of, and sever all relationships with, the Association of Community Organizations for Reform Now (ACORN), ACORN Housing, Inc., and ACORN’s many affiliates, which may number as many as 360 organizations.

On the “Corporate Governance” page of the Bank of America website, Lewis states:

At Bank of America, we are committed to upholding the highest standards of corporate governance and ethical conduct in all we do.

Last week, the United States Senate voted 83-7, and the House of Representatives voted 345-75 to stop taxpayer funds from going to ACORN. Congressional action will be circumvented, however, if Bank of America Corporation and Bank of America Charitable Foundation, Inc. continue to fund ACORN and its affiliates.

My letter to Lewis concludes:

Taxpayers, shareholders, customers, employees and business partners demand that you end your partnership with ACORN and its affiliates without delay.

[Antoninus]

That does it. I’m closing my fr3@king account.

[Jet Jaguar]

ACORN Ping!

FReep mail me if you want on/off the list.

[InterceptPoint]

isnt this conflict of interestisnt this conflict of interest

No. It's extortion in the same manner as practiced by Jesse Jackson and perfected by ACORN. In a nutshell: Give us money and we won't sue you for racial discrimination in your loaning practices.

[Guenevere]

Bush administration too!
..all complicit!

[stephenjohnbanker]

“The ACORN story gets more disgusting with each new revelation. The NEA (teachers’ union) also contributes to ACORN. WHY???? They must want to insure the election of leftists who will keep their odious agenda alive in our public schools.”

Exactly.

[stephenjohnbanker]

Bush isn’t getting a free ride on this either.

[MaxMax]

Grants? So BOA funneled the bailout money to ACORN?

[mojitojoe]

Huge shadow government! Wake up people.

[dalebert]

right...extortion is a better word

[cowtowney]

Citibank is a big supporter of ACORN also

[jazusamo]

Bump!

[Silly]

I have an account at Bank of America. I guess I’m going to have to close the account, picket outside their brand new skyscraper in Manhattan, and let others know about it.

[jer33 3]

City Officials Take Pledge for Affordable Housing

Houston Chronicle Online
3/30/2005
Saucier, Heather

At a recent meeting hosted by the Association of Community Organizations for Reform Now (ACORN), Houston Councilmen Gordon Quan and Adrian Garcia, along with Councilwoman Ada Edwards, pledged their support for an ordinance that would ensure that affordable-housing funds are used to help low- and moderate-income residents. ACORN’s Toni McElroy criticized the city’s insistence that a family of four earning $48,000 annually can afford a $125,000 home, especially since HUD statistics show that a household of this size making a yearly salary of $48,800 can only afford a dwelling priced at $122,000. Quan told attendees of the ACORN meeting that the city’s Project Houston Hope program planned to acquire 250 tax-delinquent properties in Acres Homes, Trinity Gardens, Clinton Park-Fidelity, Settegast, Sunnyside, and Independence Heights and transform them into affordable housing. However, rather than endure foreclosure auctions that force the city to compete with private developers with plans of erecting upscale homes, ACORN is pushing for a land bank program that would allow the property to be sold at public auctions.

[GOPJ]

Thanks for the ping.

[dalebert]

per greta bank of america didnt show up for congress today...

[jazusamo]

Thanks, I guess it’s not surprising. Congress was forced to at least look like they’re going to do something and evidently B of A can’t take the heat.

[evilC]

Bank of America is a big user of H1-B visas. They are increasing their use of offshore workers.

Just think of the jobs they could keep in the US for $167 million per year.

In giving a donation or paying more for US workers, they are giving up profit. I guess that keeping a computer programmer or call center operative employed does not gain Ken Lewis the same SWPL kudos that a donation to Acorn does.

Bank of America spends huge amount on charitable operations but seems to have forgotten that charity begins at home. Most workers would prefer a job to a “cheap” mortgage or a new art gallery.