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Greed loves Greed: Amway names Bank of America as the 2012 Partner of the Year

October 25, 2012

The pro-business newsletter Michigan Loves Manufacturing, ran a Press Release from Amway earlier today, which announced that the Ada-based company has named Bank of America as their 2012 Partner of the Year.

The Press Release talks about the value that Bank of America brings to Amway distributors, also known as Independent Business Owners (IBOs), such as providing each distributor with a VISA card.

Such news is unsurprising, since a company built on direct sales that uses people in a pyramid scheme would give an award to one of the more notorious banks in the US.

The list of reasons why Bank of America is one of the most hated businesses in the country are numerous. Among the criticism are:

  • Bank of America is one of the biggest banks that has been gobbling up community and regional banks for years, which gives them the power to dictate and increase fees with few options for the public.
  • Bank of America is currently foreclosing on more homes in the US than any other lending institution.
  • Bank of America has spent millions lobby the US Congress to pass laws to their benefit or to deregulate the industry. For example they spent millions to oppose bills like the Credit Cardholders Bill of Rights and the Foreclosure Prevention Act, Helping Families Save their Homes Act, Mortgage Reform and Anti-Predatory Lending Act, all of which would have directly benefited consumers.
  • Bank of America has contributed over $22 million to both Republican and Democratic candidates since 1990, according to Open Secrets.
  • Bank of America is one of three major financial institutions facing charges of money laundering.
  • Bank of America has received public bailouts and loan guarantees totaling $199.2 billion plus an undisclosed amount from the Federal Reserve’s $8 trillion in emergency programs. This includes $45 Billion in TARP funds.
  • Last May, Bank of America paid $22 million to settle charges of improperly foreclosing on active-duty troops. The firm spun these foreclosures as being Countrywide’s fault for having started them before becoming part of Bank of America.

Considering Amway’s history of financial scamming, buying politicians and funding campaigns that hurt some of the more vulnerable populations in the country, their award to Bank of America.

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