Bank of America started out in San Francisco in 1904 as an emblem of American capitalism. Founded by a first-generation Italian-American named Amadeo Giannini – it was even originally called the Bank of Italy – the bank set out to serve immigrants denied credit by other banks, and it was instrumental in helping to rebuild the city after the devastating earthquake of 1906. But like many of the truly bad ideas in history, the present-day version of Bank of America was the product of a testosterone overdose. The concept of an overmassive, acquiring-everything-in-sight, bicoastal megabank was hatched in the terminal inferiority complex of a greed-sick asshole – actually two greed-sick assholes, both of them CEOs of Southern regional banks, who launched a cartoonish arms race of bank acquisitions that would ultimately turn the American business world upside down. Read more: rollingstone/politics/news/bank-of-america-too-crooked-to-fail-20120314#ixzz2WttGg5US Follow us: @rollingstone on Twitter | RollingStone on Facebook rollingstone/politics/news/bank-of-america-too-crooked-to-fail-20120314
Posted on: Sat, 22 Jun 2013 00:29:33 +0000
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