Bank of America settlement of record $17bn

In the largest fine ever levied by the US government against a single company, Bank of America has agreed to pay $16.65 bn regarding the sale of flawed mortgage products. Of this amount, $9.65bn will go to the justice department, six US states and other government agencies and a further $7bn will go to consumers struggling with home loan payments and the demolition of derelict properties.   ... →

US banks risk public health and climate by financing coal

Rainforest Action Network, BankTrack and the Sierra Club released the “Coal Finance Report Card 2012”, their third annual ranking of the largest financiers of mountaintop removal coal mining and coal-fired power plants. The report looks at the stated policies for mountaintop removal and coal financing from each of the largest US Banks and assigns a letter grade to how well they uphold these policies based on investments, transactions and ownership of coal mining and coal burning utility companies.   ... →