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‘Restructuring’ Bank of America to cut 16,000 jobs: report
Bank of America plans to cut 16,000 jobs as part of a major restructuring plan by the end of 2012, when it would no longer be the largest US banking employer, the Wall Street Journal reported Thursday. The cuts will take the banking giant’s total employment to 260,000, the Journal…
Countrywide whistleblower reveals rampant mortgage fraud part of ‘everyday business’
Countrywide Financial was one of the subprime lenders at the heart of the financial crisis; its predatory lending practices resulted in disgustingly large payouts for executives while sticking low-income borrowers with explosive mortgages they hadn’t a hope of paying back. The New York Times‘ Gretchen Morgenson called Countrywide, “Exhibit A…
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