The Magazine of Corporate Responsibility

Tag Archive for ‘Bank of America’

Corporate Citizenship in an Age of Uncertainty

Columnist Gael O’Brien thinks corporate citizenship may be entering its greatest test. Will a Trump presidency have the effect of muting CEO voices for fear of reprisals and Twitter attacks in a government now controlled by one political party? Or will corporate citizenship, acting out of a bigger sense of purpose, gain increased public trust and support?

Where Wells Fargo Goes From Here

Columnist Gael O’Brien examines efforts by a group of values-driven shareholders to pressure the scandal-ridden Wells Fargo bank for a report containing some structured self-examination. A Roman Catholic nun who’s active in the campaign says Wells Fargo officials “come back to us and tell us they are living by their vision and values….We are betrayed because they haven’t been living by that.”

Building Confidence in Banks: The Payoff in Jobs

Columnist Gael O’Brien speaks with Gallup Chairman and CEO Jim Clifton about a new book in which he argues that successful entrepreneurship and job creation are the most pressing issues facing the world. A critical part of addressing those challenges: the banking industry and its relationships with small business. “Banks,” says Clifton, “are one degree away from us, not six degrees.”

Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions

In March 2011, the Federal Reserve made a controversial decision to permit 19 leading U.S. financial institutions to pay out $33 billion to shareholders, including many of their own top executives. Pulitzer Prize winner Jesse Eisinger’s in-depth account of the Fed’s momentous decision sheds light on the inner workings of one of the most powerful but secretive economic institutions in the world.

Why a Federal Judge Trashed the SEC’s Settlement With Citigroup

A federal judge in Manhattan rejected a proposed settlement between Citigroup and the U.S. Securities and Exchange Commission over a failed security that the bank sold to investors. “If the allegations of the Complaint are true, this is a very good deal for Citigroup,” said U.S. District Judge Jed Rakoff as he refused to sign off on the $285 million proposed settlement agreement.

What’s Happened to the Big Players in the Financial Crisis?

Widespread demonstrations in support of Occupy Wall Street have put the financial crisis back into the national spotlight lately. So here’s a quick refresher on what’s happened to some of the main players, whose behavior, whether merely reckless or downright deliberate, helped cause or worsen the meltdown.

Banks Funding Destructive Mountaintop Removal Mining

Many major banks invest in companies that engage in the environmentally destructive practice of mountaintop removal (MTR) coal mining, whereby the tops of mountains are removed by explosives to expose thin seams of recoverable coal. Despite some banks’ stated intent to limit such financing, a Sierra Club/Rainforest Action Network “report card” indicates that few are yet walking the talk.

Panera Cares: An Experiment in Corporate Responsibility

Columnist Gael O’Brien discusses an innovative corporate responsibility initiative launched by Panera Bread, the national cafe-bakery company. “Panera Cares” has opened community cafes in three cities – Clayton, Missouri; Dearborn, Michigan and Portland, Oregon – based on a pay-what-you-can model where those who can pay more do in order to cover the cost of others.

For One Whistle-Blower, No Good Deed Goes Unpunished

Whistle-blowers, truth-tellers and fraud-spotters pay a miserable price on Wall Street. They are vilified. They are fired. Sometimes they are even sued. Instead of being sought after, they become persona non grata. Pulitzer Prize winner Jesse Eisinger reports on the case of David Maris, a one-time star analyst for Bank of America.

A Test Where the Banks Had the Questions and Answers

Later this month, the U.S. Federal Reserve is going to let banks know how they did on its most recent round of “stress tests,” a follow-up to the tests the Fed conducted in the wake of the financial crisis. But reporter Jesse Eisinger says something seems different this time around. It’s almost as if the banks knew their results, even before the testing was complete.