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Bank Of America’s Director Tells Rick Perry ‘We’ll Help You Out’

Marie Diamond
Think Progress / News Analysis
Published: Saturday 20 August 2011
“Of all the GOP candidates, Perry is the most fervently opposed to banking regulation.”
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A top Bank of America executive was caught on camera yesterday whispering to Gov. Rick Perry (R-TX), “Bank of America. We’ll help you out,” as the GOP presidential candidate attended New Hampshire’s Politics and Eggs breakfast. The executive has been identified by the financial website Zero Hedge as James Mahoney, Director of Public Policy for the bank. Mahoney is on the board of directors for the New England Council, the sponsors of the Politics and Eggs breakfast.

But far from being just a regional banker, Mahoney is a key national executive. In a statementabout the incident, bank spokesman Lawrence Di Rita told Politico the only “help” Mahoney was offering was nonpartisan policy expertise. Di Rita said Mahoney does policy and not lobbying for the bank. This unsolicited reassurance from a top Bank of America emissary comes just days after Perry appeared to publicly threaten the chairman of the Federal Reserve, Ben Bernanke.

Over the years Gov. Perry has benefited greatly from Bank of America’s financial support, and it appears that largesse will continue as he seeks the presidency on a platform of — coincidentally enough — bank deregulation. His gubernatorial campaigns have received$125,900 from Bank of America’s PAC and executives since 2003. During the 2010 cycle alone, Perry’s campaign received $30,160 from the bank’s PAC and executives. According to Texans for Public Justice, Bank of America has also given generously Republican Governors Association, which Perry led until recently and just happens to be his largest donor, contributing $4 millionbetween 2001 and 2010.

It’s no mystery why banking executives are rushing to give Perry their support. Of all the GOP candidates, Perry is the most fervently opposed to banking regulation. As Matt Yglesias pointed out, in his book Fed Up, Perry expresses the extreme view that all banking regulation and consumer financial protection is unconstitutional.

Bank of America has been in a world of financial trouble recently, with its stock down more than 50 percent since January, as it faces a growing wave of mortgage litigation. In recent weeks it has been engaged “in the corporate version of a yard sale.” The bank announced today that it will be cutting at least 10,000 jobs, laying off 3,500 workers this quarter alone. As ThinkProgress has reported, until now Mitt Romney has been the candidate with the most backing from Wall Street.

Moving our money out of the

Moving our money out of the big banks IS the answer, but it needs to be done in an organized, coordinated way so that our impact has ripple effects. In other words, the value of our withdrawal needs to be great than the dollar amount we take out, and that happens when we use our institutions to publicize our "big bank boycott" movement. I propose that the first target should be our own progressive organizations--MoveOn, ColorOfChange,TrueMajority, etc. If they bank with the big guys, they should be held accountable, and if they don't, they should be pushing their members to move their money.

What crooks!

What crooks!

Keeping it Honest: Mahoney is

Keeping it Honest: Mahoney is a key national executive. may be asking
Governor Perry “the job creator,” if he can pay BA tellers a minimium wage with no benefits just as Perry worked with others in private sector such as Wallmark, Carl’s, etc to create a record of 550, 000 jobs minimum wage jobs that, of course had No health benefits. Further, the fact checked record is that 145, 000 children were taken off State Health programs as well as one of the highest high school drop-out rates in the Nation. Governor Perry’s Texas leadership style that brags about has the highest number of minimum wage jobs in the nation and the highest number of Americans that have no health insurance! O, yes, almost forgot! This fiscal conservative accepted the President’s American Recovery and Reinvestment Act of 2009 at the urging of President Obama, which was response to the economic crisis, to create new jobs and save existing ones; Spur economic activity and invest in long-term growth. However, this Governor pocketed a total of $ 17,114, 746,523 in funds and used those much republican criticized Recovery funds to balance his State budget that was in red! Hum…. Just keeping it Honest in the State of Texas! But please do fact check it!

This answers the question of

This answers the question of how Parry wasn't in the race until he was leading it. All of the runners trying to catch their breath at every turn, and as they come around another bend, there's Parry in the lead.It should have been obvious he had a ride to the front. A limosine driven by a reporter for Fox.

I will cancel my BofA credit

I will cancel my BofA credit card on Monday. What little money I have is in a credit union. If there was any doubt our government is owned by corporate America, this comment should dash that doubt. Unless we overturn Citizens United it is only going to get worse. Can we impeach Roberts, Alito, Thomas, Scalia and Kennedy? These guys also represent corporate America and are dangerous.

Pulling all of my accounts

Pulling all of my accounts OUT of this corrupt organization...Will cost me, but not as much as those voters who think B of A will help them!They should belong to the American taxpayer after the bailout...or some of them should be in jail or bankrupt ....

Bank of America, Chase ,

Bank of America, Chase , Wells Fargo - Citibank in opinion of many are all part of the TARP scam pushed on taxpayers. Thank s Bush



It's chilling.

Kudos for catching a post at ZH, btw ( None of the corporate media picked it up and very few online publications, particularly liberal ones. This is the first mention I've seen outside of ZH (though I heard Denninger ran it too.)

ZeroHedge is a massive investigatory and . . . actually, if you've got a clue about math, economics or finance, it's one of the most challenging and influential destinations on the web. It's wild west meets Harvard in drag on Wall Street. Consider: The organizing theme of the site is Fight Club (as in the movie.) The mad genius who runs the place goes by the pseudonym of Tyler Durden (from the same film.) Word is that he used to be a big-time trader in real life, but was unjustly prosecuted for some bullshit trivial offense and banned for life by the SEC.

Tyler Durden is out for absolute vengeance. All he has to do is tell the truth. And I've never seen such a glorious spectacle of it before. He strips the entire financial system naked on a daily basis. Everybody with a clue reads it. It's the Anti-Wall Street Journal in almost every way.

We don't see enough liberals over there, imo.

Get corporate America out of

Get corporate America out of government!! The combination is deadly!!

Bank of America's James

Bank of America's James Mahoney should be in prison along with the rest of the US Bank leaders who have raped the public. They should share cells with the Wall Street brokers who assisted in the RAPE. Reading things like this points out that we are little different from Syria - only a bit more sneaky in destroying its population.Congress has become an international embarrassment - the UNITED States is united no more. A really disgusted New Yorker being raked over the coals.

Read Russ Baker's book,

Read Russ Baker's book, Family of Secrets and you will see how banks have been involved in our government for decades if not for a century. Move all your money from any bank and put into a credit union after you investigate whether that credit union has been giving money to PACs to badmouth candidates they don't want elected, etc...

Boycott! Take your money out

Boycott! Take your money out of Bank of America ASAP! Let's help ourselves out!

The only question I have

The only question I have about this is why the BofA felt it was necessary to make this promise. I would have expected both Perry and everyone at BofA to consider it a given.

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