Brian Moynihan-Wall of Shame
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You may pause music down below
Brian Moynihan
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Brian Piggy Moynihan Theme Song
Brian Thomas Moynihan (born October 9, 1959) is an Americanbusinessman and the President and CEO of Bank of America. He also joined the Board of Directors, following his promotion to President and CEO.
Early life
Moynihan was born in Marietta, Ohioin 1959.[1] He graduated from Brown University in 1981, where he majored in history, co-captained the rugby team, and met his future wife, classmate Susan E. Berry.[5][6]
He earned a J.D. from the University of Notre Dame Law School,[7] before returning to Providence, Rhode Island to join Edwards & Angell LLP, the city’s largest corporate law firm.[6]
Career
Moynihan has held numerous banking positions before assuming the role of President of Consumer and Small Business Banking atBank of America in January 2009.[2] He originally joined Fleet Boston in April 1993 as Deputy General Counsel, after being recruited from Edwards & Angell by Fleet’s then-CEO, Terrence Murray.[7] From 1999 to April 2004, he served as Executive Vice President, with responsibility for Fleet’s brokerage and wealth management divisions after 2000. After Bank of Americamerged with FleetBoston Financial in 2004, Moynihan joined the bank as a president of global wealth and investment management.[8]
From December 2008 to January 2009, Moynihan served as General Counsel for Bank of America. From October 2007 to December 2008, he served as President of Global Corporate and Investment Banking, and he also became the CEO of Merrill Lynch after its sale to Bank of America in September 2008.[2]
| Brian T. Moynihan | |
|---|---|
| Moynihan at the annual World Economic Forum in Davos, January 2010 | |
| Born | October 9, 1959 (1959-10-09) (age 50) Marietta, Ohio, U.S.[1] |
| Alma mater | Brown University University of Notre Dame Law School |
| Occupation | President and CEO of Bank of America |
| Salary | $718,859.00 (salary in 2007) $10,104,274.00 (total compensation in 2007)[2] |
| Spouse | Susan E. Berry |
| Children | 3[1] |
1. Click to read Brian’s “Is it Fair”
2. Click: Blogger Writes Brian
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Bank of America CEO was paid $7.5 million last year, six times previous year’s total
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Piggybankblog posted on 03/28/12
Piggybankblog posted picture
Cross linked story with washingtonpost.com
By Associated Press, Updated: Wednesday, March 28, 1:26 PMAP
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The figures are according to an Associated Press analysis of a regulatory filing Wednesday. In 2010, Moynihan’s pay package totaled $1.2 million.
The board said the stock award to Moynihan was justified because the bank turned a profit after losing money in 2010, and because it ended the year with a stronger balance sheet.
Moynihan, 52, took over as CEO in 2010. Besides the lawsuits, his first year was marked by mounting losses in credit cards and vastly reduced income from checking accounts. Bank of America lost $2.2 billion.
Last year, it fought a tide of lawsuits that cost the company $14 billion. Worried over how deep the mortgage problems were, the Federal Reserve refused to let Bank of America increase its stock dividend.
Its stock lost 58 percent of its value in 2011, and Bank of America lost the title of No. 1 bank by assets to JPMorgan Chase. However, Moynihan pledged to cut costs, focus the company and shed parts of the business, and he shuffled the management.
Bank of America posted earnings of $1.4 billion in 2011 and raised $34 billion by selling assets that it did not consider central to its business.
Meanwhile, the investment bank Jefferies Group said Wednesday that it paid its CEO, Richard Handler, $1.1 million last year, down from $47 million in 2010. Handler and another top executive offered to forgo their bonuses.
Investors lost confidence in Jefferies in November after the bankruptcy of MF Global, the brokerage once led by former New Jersey Gov. Jon Corzine. Investors were worried that Jefferies, like MF Global, was too exposed to European debt.
For all of 2011, Jefferies stock was down 48 percent.
The AP uses a calculation that isolates the value a company’s board places on the CEO’s total pay package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
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Brian Moynihan, President of BofA Requested to Disclose his Own Alleged Fraud to Audit Committee
Los Angeles, March 6, in notice to Brian Moynihan President/CEO of Bank of America Corporation (BAC), Los Angeles resident, Dr Joseph Zernik, provided Mr Moynihan with evidence of Mr Moynihan’s own alleged fraud and other criminal conduct, starting on December 10, 2008, with the appointment of Mr Moynihan as General Counsel of BAC, following the ouster of Mr Timothy Mayopoulos as General Counsel. Accordingly, Mr Moynihan was requested to comply with the law – Sarbanes Oxley Act (2002), and disclose his own alleged fraud and criminal conduct to the Audit Committee of BAC. [1] -click sound, Read Story
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Evidence of Brian Moynihan, Bank of America Racketeering Filed with Law Enforcement, US Congress
Dysfunctional courts and dysfunctional banking regulation are tightly linked.
Washington DC, May 5 – Dr Joseph Zernik, Los Angeles County Resident, filed with law enforcement, with banking regulators, and with chairs of congress judiciary and banking committees detailed evidence – over 70 records – of conduct by Bank of America and its president/CEO Brian Moynihan – amounting to alleged racketeering at the courts in Los Angeles County, California. [1] The overall conduct compellingly evidenced ongoing conduct, which was initiated by Countrywide Financial Corporation prior to its takeover by Bank of America, amounting to obstruction and perversion of justice, retaliation, harassment, and intimidation of victims, informants, and witnesses, money laundering, monetary transactions in property derived from prohibited activities, tampering with witnesses, and other extortionist conduct.-click sound, Read Story
John Wright’s response:
After reading this, I am very concerned now that there is a reason the Bank of America attorney has made sure that my case has been moved out of the California Supreme court and into Federal court. As well as my case was taken off the docket and is being reassigned to a different Judge. Is it possible that Bank of America has this Judge in their pocket and Bank of America will be successful in getting my case dismissed? Which incidently, I was told by Joseph Zarnik himself that the same BofA attorney spoken about above, is the attorney working against me. GREAT!Please feel free to comment below or send me an email if you are scared of Bank of America. I refuse to be afraid of Bank of America because You can take our homes Bank of America, but you will never take away from us the American spirit and our pride. You may have won the battle Satan, but you will lose the war! A wicked man walked a wicked while, but he only lasted a wicked while Brian.
I shall fear no evil and I AM FIGHTING BACK! Do you hear me Bank of America? I AM FIGHTING BACK!
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Wall of shame is dramatic license only. There is no other purpose.
For the record, I use a lot of dramatic license in my blog. Therefore, all persons talked about in my blog are to be considered innocent until proven guilty by a court of law. This is a peaceful demonstration where dramatic license is used in an abstract way. Please be advised that nothing in this protest is to be construed or defined as suggesting that there will be a consequence or penalty given if such protest does not produce a result. There will be absolutely no consequence issued whatsoever. Please contact me right away with any concerns that there is anything on my blog to suggest otherwise.
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5 Comments
If B of A had split the difference with the American People on the underwater mortgages, the average loss would have been $50,000 per home on loans from 2005 until 2009. On 1,000,000 homes it would have been a loss in revenue of 50 billion dollars. This is not money they would have had to pay out, it is only money they would have lost in potential revenue.
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Many people would have saved their homes and would continue to be B of A customers for the rest of their lifetimes.
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Many would have still lost their home, but would have held B of A in high esteem and that would have been good for future business.
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Business in this country would have continued to prosper, because we the people prosper, they spend their money and everyone prospers.
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As it is, B of A has paid out far more that $50,000,000,000 in legal fees, lawsuits, settlements and additional employees. As their reputation continues to deteriorate, so will their business.
The sad thing is, they are taking the American people and the American way of life down with me. All because the principle executives are too arrogant to admit that they have made a mistake.
Eventually, their arrogance will cause them to make one mistake too many and they will fall.
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The corporation may not fall, it is an entity. But the entity is made up of people, many of whom have forgotten their humanity. They blame one another, they blame us, their customers, but the truth is they have become the henchmen of evil and they do not know how to stop.
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Ezekiel 22:12 In you they take bribes to shed blood; you take usury and increase; you have made profit from your neighbors by extortion, and have forgotten Me,” says the Lord GOD.
13 “Behold, therefore, I beat My fists at the dishonest profit which you have made, and at the bloodshed which has been in your midst. 14 Can your heart endure, or can your hands remain strong, in the days when I shall deal with you? I, the LORD, have spoken, and will do it.
We shake our heads at the arrogance and inhumanity of Kadafi’s regime, but how are our Corporate Executives any different? They live in luxury and spoil their own children at the expense and harm of their own employees and customers.
This is how Hitler turned his people against one another. History remembers him as a vile and evil man.
How will history remember these executives years from now? Will they be the Hitler’s and Stalins of the future generation? Is this really the legacy they want to leave behind? Is the money worth is? Worth cheating their friends and neighbors, worth cheating the innocent of the land?
My name is Sherry and I am fighting back….and I am not alone.
B of A stock has dropped from 13.31 to 12.64 in one month’s time. I don’t hear anything good being said about B of A. Isn’t it about time B of A remembers who their customers are and begin to work with the integrity that they claim to value?
So….on May 11, 2011 there was a stockholder meeting. In that stockholder meeting General Counsel Ed O’Keefe admitted that Bank of America paid over 1.5 billion last year in legal fees. That was just last year, that doesn’t include legal fees since this fiasco began.
There are an estimated 7,000,000.00 homes underwater. Not all of them are B of A/Countrywide loans, but let us assume for a moment that they are.
These homes are anywhere from $25,000.00 to $200,000.00 underwater in their mortgages. If B of A had split the different with the homeowners they would have lost approximately an average of $50,000principle per underwater mortgage of POTENTIAL income….and not actual income for a total of 350,000,000,000. (That’s a lot of 0′s). This would not be actual income loss, but rather potential income loss.
B of A could have also lowered the average interest rate to 4%, again a potential income loss without actually have to pay out any costs. The 1.5 billion in legal fees is outgoing income that has no cap in sight. This act of wisdom would have saved millions in foreclosures and defaults. It would have saved billions in legal fees and settlement cost, but more importantly, it would have created more revenue in the act of good will. Good will is always a good business decision for future business.
Your own 9 million dollar bonus could have saved many homes of hardworking fellow citizens. I don’t begrudge you a generous salary, Brian, I just begrudge you having to steal from the hardworking American people to get it.
By the way, I notice that BAC stock is down to 12.2 today, a drop of 41%, but then I guess you knew that since you already sold your widow stock. Not all captains go down with their ship, do they?
Brian,
Since the beginning of May, B of A stock has dropped from
12.64 to 11.38 a difference of 1.26 per share.
With a listing of 10,132,963,000 shares, that amounts to a loss of $12,767,533,380.00 in one months time (we won’t even talk about the yearly loss).
Had you done the right thing by the American Homeowner and modified their loans you would have taken a much smaller loss and your revenue and stock would already be on the incline.
We may be small and insignificant to the elite CEO’s of this country, but we matter. You should have realized that long ago.
Enjoy your bonus, I hope it buys you the happiness you deserve for leaving a legacy of destruction to the American People.
Today’s stock report: $10.71 per share down .67 per share since May 26th. Are you still blaming the homebuyers? Or have you looked in the mirror lately?
When is B of A going to get serious about modifying their customer’s loans?