Oh yeah, Ken Lewis, CEO BOA, is making lots of money for BOA – 45 trillion from the Treasury and did nothing to settle with countrywide lawsuits or help BOA homeowners. I am one homeowner who has a security backed fraud mortgage. Ken Lewis gets away with anything. Madoff got put in prison.
Mr. Obama simply did what the board of directors did not have the backbone to do. And, yes, he should extend that firm decision-making to the Insurance and Banking industries. When I worked, if the department was not making money, I was gone. What is good for a manager should be good for a CEO, ANY CEO.
The people of this country elected Barack Obama based on his promises for change. We Americans are now confronted with the fact that change in and of itself is not necessarily a good thing. Case in point is the recent decision of President Obama to relieve GM CEO Rick Wagoner of his job. First of all one must ask whether the government has any business firing the CEO of a Public Corporation. That is one for the Supreme Court to mull over! The second and equally significant question is this: In the American system of government, should one man have the power to make such a decision?
Our forefathers, in their great wisdom, created a separation of power by forming the presidency, the Senate, and Congress. They thus created a “dictator-proof” government; one that has worked well for over two hundred years.
The proper procedure would be for President Obama to present his “plan” for the American Automotive industry to the Senate and Congress for approval, assuring the proper democratic process. Then and only then can we Americans have a voice in the matter. We can communicate our approval or disapproval of this plan by calling, emailing, or writing our representatives in government. In my opinion by removing the CEO of GM President Obama is crossing a line that he should have never been allowed to cross. This one action demonstrates a giant step towards a socialist government, and frankly it scares the hell out of me!
This is a dumb question. First, the man in charge of GM has been there since 2000, so he IS responsible for a lot of the dumb decisions that brought them to this point. Not all, but a lot of them. He deserves to be fired, and it would be hard for GM to move forward until he is.
I have two issues with the “bank CEOs” nonsense. First, a lot of banks aren’t actually in trouble – they took bailout money because they were told to by the government, and they’re counting the days until they pay it back. Should a CEO of say, Wells Fargo, be fired if he’s done nothing wrong and the company is fine? For what? Revenge? Get real, people.
Finally, check out most of the CEOs of these big banks that ARE in trouble. They’ve been there a year. Two years. They were brought in to solve the crisis, maybe, or were coming in as it was starting. The executives responsible? They’re already GONE, golden parachutes at all.
Lynching bank CEOs may make a good soundbite and may feed the loony populist rage going around, but otherwise it’s worthless.
Why doesn’t someone look at why we are turning over big taxpayer dollars to a private (for profit)business such as Chrysler. We (taxpayers) will never get value for our investment. Since the compnay is not listed on any stock exchange; we are locked outside – but still paying for their private wealth machine.
Not just “Yes”, but “HELL YES!” They should be fired with no severance pay or benefits, just like any other under-performing employee. They are FAILURES; pure and simple.
FAILURES
Yes, and without golden parachutes (by the way, how big was Wagoner’s?) Some of the former bank CEOs should be given arrest warrants.
YES – there should be equality of treatment of CEO’s between automakers and financial services outfits.
Ditto treatment of the companies too.
Will bank CEO’s be turfed? NO. There are a whole lot of reasons why, many of them listed in comments in this forum.
All these bankrupt outfits should have been put in structured bankruptcy (as is being suggested for GM). Then a lot of needed structural changes can occur: Make them smaller than “too big to fail”, improve the governance structure (empower shareholders who are currently powerless), change consist of the Board of Directors, find new company leadership, change executive compensation, eliminate wasteful recreational activities, no new jets, no bonuses, change labor contracts, and a host of other adjustments.
Why are the financial services companies “hands off”?
“Should the government force the CEOs of bailed out banks to resign”
OF COURSE.
In fact the big banks should all be placed in receivership, their management should be liquidated.
This fellow breaks it down pretty good.
Are we talking about banks or big-box financial services stores? The former seem to be fine. The latter seem to be in deep kim-shee!
The big-box financial services stores need to be broken up with their banking operations moved into new, independent companies. The CEO can stay with the remainder of the financial services organization where Wall Street hucksterism might be beneficial.
The financial services company will be required to retain all of the strange financial instruments like mortgage backed securities and credit default swaps. This would allow the CEO to show the country and the world why he is paid the big bucks.
Wall Street CEOs and execs did not get the boot like GM CEO Richard Wagoner. No, instead they got bonuses!!! Total insanity!
I am a moderate voter, who voted for President Obama. I am also a Michigander-Flatlander, living in Vermont since mid-1990s. I had worked in the auto industry for 10 years at GM during the tenure of Roger B. Smith.
When I heard the news today re: CEO Richard Wagoner, it made me quite angry! It seems as if the Congress, President Obama and his car czar were really mad at AIG execs and Wall Street, but instead took their anger out on Richard Wagoner.
I am well aware that the U.S. auto companies are in part to blame for their financial troubles (i.e. MPG ratings, etc).
HOWEVER, there are other factors like:
1) Oil speculation (and $4/gallon gas) by the same Wall Street investment banks that are being bailed out?!? Wake up Congress!
2) Why did Wall Street ratings agencies (Standard & Poor’s, Moody’s) give GM and Ford “junk bond” status in May of 2005, but then turn around and give AAA ratings to CDOs and other financial schemes and frauds. Why do you think that General Motors was forced to sell 51% of GMAC to Cerberus private equity firm? GMAC WAS the one profitable subsidiary of GM, which helped to prop up the manufacturing divisions. Gee, thanks Standard & Poor’s!!! Your ratings and creditability cannot be trusted by this investor.
3) Health Care: The auto industry is over 100 years old. They have more retirees alive than workers. One thing the auto companies should be commended for is that they have been trying to keep their promises for health care and pensions to retirees (unlike airlines and other businesses). If the politicians in Washington in both parties that “talk” about health care would have been paying more attention to the auto industry, then they might have been able to actually help the auto industry regarding health care costs. Maybe Congress should give up their health care until the rest of America can get health care!
As for Democrats, although I have supported you in the past, I noticed you took Michigan for granted, and didn’t bother to campaign in Michigan Presidential primary. Had the Democrats (i.e. Obama, Clinton, et al) gone to 2008 Detroit Auto Show (like Huckabee, McCain, Romney), maybe they would know more about the auto industry. Hey, Democrats, stop asking me for money. 2009 is NOT an election year! I’d rather give money to a Detroit soup kitchen.
Let’s see, GM lost $10 Billion in 2008 Q4. But the Federal Government has been losing at least $10 Billion per month in War in Iraq and we still haven’t won anything. We can’t blame the $10-12 Billion monthly spending in Iraq all on President Bush. The Democrats also voted for continuous emergency funding; it was an election year, so even they had to “stay the course” as America’s economy was headed for a cliff.
Let’s see, the Democrats were too chicken to impeach the former CEO-Prez, George W. Bush, but they must feel real great about making Richard Wagoner step down.
Let’s see, the Democrats always blame Bush and Reagan, and the Republicans always blame Clinton and Carter. But I have not heard Richard Wagoner blaming Roger B. Smith. No, he just kept doing what he had to do try to keep GM alive.
Remember, the U.S. Auto Industry helped keep our economy going after the 9/11 attacks, and helped to get America out of prior recession. But Washington politicians (and Americans in other states have been most ungrateful, or not paying attention).
I agree with prior post from GM engineer and fellow-Michigander, Juanita. Washington and Wall Street have no credibility! But Michigan and metro Detroit WILL bounce back!!!
Apparently the automakers are not giving out kickback money to the government like the financial institutions are.
Paul,
how about a story, with names, on all of our lovely elected officials that are receiving campaign contributions from companies that are receiving taxpayer bailouts? That would explain the double standard I would bet.
Absolutely, the banks who took the bail out money should have been made to tow the line and under much more scrutiny including booting out the CEO’s and Wallstreet bankers who created this mess. While the auto industry has not been smart their situation was made worse by the Banks credit tightning and Wall Street greed.
OF COURSE OBAMA WILL SEND THE AMERICAN AUTOMAKERS TO THE GALLOWS. Why? Because, more often than not, his middle class constituency buys Hondas, Mitsubishi’s and Toyotas. His rich supporters buy BMWs, Toyotas, Mitsubishis, Mercedes, Volvos, Range Rovers and an occassional Rolls Royce. Ok, before you say that I am ridiculous, go to any university, federal, state, county or city parking lot. The majority of the cars are foreign makes and, with rare exceptions, have OBAMA BIDEN bumper stickers!
Banks produce financial bubbles and car manufacturers – cars. Bubbles made by banks are always good quality, and we still suffer from bursting the last one, and therefore bank ceos are paid well, cause size of bonuses depends on how big bubble was. Cars, instead, have tons of issues, and never perfect. That is why Wagoner must go. Is there anything wrong with this picture?
Should be getting very clear to everyone by now the government is the direct cause of the economic crisis; Chaotic policies and lobbyist-induced spending. The more they do the worse they’ll make the real economy. The only question is — on purpose or blind ignorance?
Hey, Paul just for laughs how about posting the “get over it” bailout-is-needed video again.
What better way to promote your “green” agenda than to confiscate the auto industry and simply make them produce the cars you want. Problem solved. It will be interesting to see who wins and loses in this scenario. My bet is the UAW will be the big winner (follow the money) and those terrible management people will get creamed. Frugal Pete in Rochester N.Y., you hit the nail on the head. Beware of the wolf in sheeps clothing. We are quickly moving from a free market capitalist society to a government run socialist entity who is going to determine what products you get and when we get it. Your healthcare is next.
This is ridiculous.
The auto companies have made many mistakes I admit, but they were the victims of their own mismanagement. They have fallen.. They have suffered. They continue to suffer.
But THEY didn’t take everyone down with them. The Financial Industry did. If one industry need to be raked over the coals and produce some real plans and strategies before they get another dime, its the banks.
Doing what you are doing to GM is OK i guess, but that same plan needs to be applied retroactively to the Wall Street immediately.
Finance has always thought of itself as God’s gift to business.
It doesn’t surprise me in the least that the guy who actually makes *real* products gets canned while the finance guy who shuffles worthless paper gets to keeps his job *and* gets a bonus to boot. It’s very telling of how far the US economy has fallen.
The byproduct of bubbles is very interesting to study. After the Tech Bubble, we had a lot of inexpensive computers on the market which were quickly purchased by businesses that previously couldn’t afford them. This lead to an overall increase in business productivity.
After the Housing Bubble, there are a lot of inexpensive houses on the market that are getting purchased by new families.
What do you have after the Finance Bubble?
A lot of worthless piles of paper that will never get paid because the issuer declared bankruptcy and/or took off to the Caymens, and a tarmac full of luxury used corporate jets.
On the positive side of the Finance Bubble, I suppose there will be a lot of cheap toilet paper.
Of course they should be forced resign….but Politicians realize they need the Bankers as much as the masses do….remember Bankers truly rule the world. Politicians like us to believe that they’re in charge, but the fact is they need campaign finance as much as we need home loans, both of which are either provided by a company who uses Banks to operate or directly from the man behind the curtain himself….a Banker!
If Obama is going to play King and force out Manufacturing Exec’s, Then he should have first done the same to Wall Street Execs and Congressmen who didn’t do their jobs with oversight of Wall Street.
Let’s see here; Bank C*Os are mostly MBAs from the 80s and 90s. Manufacturing C*Os (CEOs, COOs, CFOs, CIOs, ect.) are MBAs from the 80s and 90s. Most of them trained to the same stupid standards that they don’t need to know how to do anything, just how to manage getting it done. The problem lies from the fact that these people hire other MBAs from the same time period, instead of people who know how to do what ever it is they are doing. No matter if it is making cars or banking. Until some one realizes that you can’t fire the experts this will just keep happening over and over. And the MBAs will just keep getting rich as they protect each other. And by the way both Bush II and Obama are the same basic MBA level educated people.
Come on earthlings, return to your home planet. The reason that the financial industry is still operating like it is and with the people it has is because of the MONEY! Follow the money. The Financial industry has lobbied Washington over the last 10 years to the tune of 5 billion. They are still lobbying the Congress, Senators, and President even today only now with our bailout tax dollars. Wake up America and look at how your government operates. The almost bankrupt Big 3 just had less money to spend than the rest. It has nothing to do with weather you produce a product or just an illusion. Just follow the MONEY! Until we get meaningful government campaign financing/lobbyist reform we all continue to get screwed by the Capital G. So sit back and enjoy or vote these useless people out in 2010.
The people running our government should be kicked out.Our SS is underfunded. The Fed spends money that would put any CEO in Jail for false statements.This new Administration is like watching kids in a candy store,problem is it’s our teeth that will fall out.
Not only should they be ousted, they should not receive severance pay. I lost my job of 9 years and got nothing when I was let go. I now work part time making $400 a month. These guys make more money as a bonus than I will ever see in my lifetime! Oust ‘em.
As far as the GM situation…I don’t get it. Why would he get fired and let the real trouble makers stay put. O’bama’s priorities are all screwed up.
Since this is “a government for the people , by the people, and of the people”, we ultimately should have the say as to decisions like these. I am more then fed -up with this administration of incompetents. and feel they should be shown the proverbial “door” before every last person is under their thumb. The next thing I expect from this clown and his band of bozos is to appoint the detainees from Gitmo to prominent cabinet posts since they obviously wouldn’t have any tax problems.
Wagoner comitted one critical error which the bank CEOs took care off; political contributions and lobbying. Would GM have commited more money to bribing…I mean lobbying politicians then GM would get the same royal treatment AIG and CITI are getting. I mean Frank and Dodd are some of the best politicians money can buy.
I think it is only logical that any top bank executives that were on the job during the time that mortgage backed securities and their various derivatives were distributed to the unwary should be removed from their positions. If they didn’t understand risk at that time, why should we suppose they got any better at their job since. It is interesting to note how Mr. Waggoner was forced to walk the plank in contrast to the way failed financial services CEO’s appear to have tenure. Perhaps the very close scrutiny of industrial managers in contrast to the extreme lattitude given to the financiers is explained in part by a subtle class bias present in our society. There was all kinds of hand wringing over the wisdom of extending tens of billions to companies that make actual physical goods where blue collar workers are the prime work force. But in banking, stock brokerage, and especially insurance as in the case of the loathsome AIG, companies that employ only white collar workers were given a much easier time of it when lining up at the government trough.
Yes, the bank CEO’s should be ousted and the board of directors as well. In all cases, the board would have to have approve the basic risky practices that these banks pursued. Taking out the field commander without taking out the generals in the war room is not enough. Both the board and the CEO must go.
When the govt decides who wins and who loses we are in BIG trouble. The banking deal is oh so disgusting. Their business model virtually prevents them from failing. And when they do? The govt steps in and injects them with cash. They get to live in a world that no one else gets to live in.
This is the ultimate double standard. Its an even bigger slap in the face that Obama keeps playing the rhetoric of “Detroit needs to make some more sacrifices”. Look, I know as well as anyone that it was time for Rick to be shown the door. But as a US tax payer, it’s extremely hard for me to watch the rest of the US, including the government humiliate many hard working people’s livelihood while they turn around and let the banks rain bonuses down on unworthy individuals.
GM should have never put themselves in this position, and they did, and now all we get is Federal Motors. I can only pray Ford makes it out of this unscathed… they have seen what the Obama corporate buzz-saw looks like and it isn’t pretty.
The CEOs of financial companies should have been fired long ago. Stan O’Neal was fired at Merrill after he destroyed the company. By the way, Stan got $166 million for his failure (he actually asked for more and the board put their foot down). If this is justice, I am confused.
IT IS SUCH A TRAVESTY WE ARE SELECTIVE IN ASKING RICH WAGONER TO RESIGN. THE VAST MAJORITY OF THOSE DISHONERABLES WHO ALLOWED THIS TO HAPPEN LET IT BE WALL STREET OR WASH DC SHOULD ALL COMMIT HARAKIRI,( THOSE HONARABLE JAPANESE WHO FALL ON THEIR SWORDS IF THEY FAILED THEIR PEOPLE AND THUS FELL ON THEIR SWORDS). ICAN TELL YOU WTHOUT HESITATION THAT 90% OF OUR CEOS AND ELECTED OFFICIALS WILL GO PAILESSLY.THIS WILL THE QUICKEST WAY TO TURN AROUND FOR OUR ECONOMY.
Talk about mis-direction. The real culprits are the Boards of these failed companies. Who’s holding them accountable? The stockholders, that’s who. Why don’t we have some in-depth reporting on who’s on the BOD for BoA, Citi, as well as GM? How can we extract from them what we have lost in IRA and 401k value? THEY are the ones with the fiduciary responsibility.
Now we have the White House hiring and firing management in corporations, and offering warranties on cars? How do you spell SOCIALISM?
Of course bank CEO’s should be ousted, Lewis literally presided over the almost ruin of BAC after buying Countrywide and Merril. Others have done just as bad, continuously lying to the public, gov. and everyone else.
Wagoner is not that much better and should’ve gone out years ago.
It is NOT a matter of scapegoating, it IS a matter of redoing a brutally distorted mechanism that gives out prizes for failure as if it were high performance. And damned be the shareholders
It is truly a double standard, they should all be sent packing without the severance packages? I have tried to understand how and when they determine who stays and who gets closed? The financial institutes created this implosion,and they have rubbed our noses in the mess. I would think the auto industry could file suit.
This makes no sense to me.
The CEOs of the big banks made decisions that have devastated the world economy, and they are getting a free pass. Even if part of their business is profitable (“the core”), overall their management has been absolutely terrible.
Thanks for posing this and please, please hold the banks accountable.
Blah, blah, blah, status quo, blah, blah, reserve currency, blah, blah, blah, bank stability. C’mon guys! The government, not the banking system is the strength in this mess right now. Are you honestly telling me that a global investor is not sophisticated enough to know that the policies put forth by the CEO’s of these banks are the reason for the mess we’re in? Are you honestly trying to convince us that Ken Lewis or Vikram Pandit are the only people in the world who could unwind BofA or Citi? Yes, of course it’s time and past time to have someone fall on their sword. In the past, that would have been sufficient sacrifice to salvage a company’s reputation. No, it’s time to lean on the banks a little more No matter whicch side of the argument you’re on, a little blood from the banks would be a good thing. Time to go, guys. You’ve had your chance. Time to go.
Ah,the beauty of redirection.
All of this should have never occured in the first place.
Make the public watch one hand so the other does whatever it wants.
We are being reamed in so many ways people…
There is one big difference between the auto makers and the banks:
Banks’ core businesses are currently generally profitable (taking in savings and originating loans). Car makers’ core business models are grossly unprofitable (build affordable, good-looking cars that people WILLINGLY want to buy). Absent “mark-to-market”, banks would likely not be in BIG trouble today. Auto makers, led by many long-time CEOs (like Wagoner) made serially unprofitable moves and require a change in products and/or strategies to become profitable again. This requires new ideas and leadership at all levels of their organizations including the CEOs.
Banks simply must mitigate the effect of mark-to-market. Again, banks’ basic business model is still sound: Take in savings, originate loans. Car makers’ business models are not.
What I WOULD do is hold the BOARDS of DIRECTORS MUCH MORE ACCOUNTABLE in BOTH industries (more so than the CEOs) and more than we have to date. How do the the corporate board members get off without scrutiny??? Also, and this is crucial, its the “shadow loan industry”, like Hedge Funds that lend directly to borrowers (a substitute source of loanable funds vs. banks), that require BIG changes and much more oversight and regulation.
See, here is the problem. Bank CEOs will not be forced out like Auto Manufacturing CEOs because the government needs to maintain the status quo in the Financial Industry. The reason the US is so powerful in the world is because our currency is the world’s reserve currency, backed of course by our superior military. Unfortunately we need to continue to protect our dollar hegemony in order to continue as the global power. China is increasingly threatening this power but they have a way to go before they create a stable currency system of their own. Right now they are piggybacking on the US currency infrastructure we have created. The US government will continue to back these failing banks because if they don’t there is a chance that the whole US banking system would fail therefore casuing instability and fear in the world markets causing many nations to abondon the US dollar. If this were to happen, the US economy would fall further and our currency would be replaced as a reserve currency and our dominant position in the world would be servely threatened. This is unfortunate because I feel the Auto Industry actually creates tangible products of value where the Banking Industry creates money out of nothing and adds no value. As a matter of fact they take value away from the consumer by decreasing our buying power through excessive inflation.
Fire the bank CEOs and hold them accountable for the mess they created. Take back all the big bonouses from bank execatives earned through FALSE paper profit. Until there is an accountibility, these people will come back in some othe form and rob.
Bail the current people in America out, not the banks. Once that is done then start up the banks again. It’s the only fair thing to do!!!
ARREST EVERYONE!!!!!!!!!!!!
TAKE BACK EVERYTHING THEY RECEIVED AND LEAVE THEM IN THE MIDDLE OF DEATH VALLEY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Buck stops here.
It does not matter you are involved in this mess or not. You are the top guy. You are charge of the company and if you did not know what was going on then it is your fault. You should have hired better personnel or should request more detail of the business instead of flying around the world in your jet and drinking 20,000 dollar wine. But for love of god, don’t give them a bonus or 100 million dollar going away present.
Chickencross
How about treating GM like Citi and giving them $70 Billion in cash plus buying $300 Billion of their underselling cars? Then treat them like AIG and request that the Senate bailout bill allows the executives to take $400 million in bonuses.
Do the CEOs need to go? Absolutely! Should any Government entity force the move? Absolutely not!
What say will the shareholders have after Obama doesn’t approve other changes or directions at GM and Chrysler?
Why shouldn’t financial and insurance execs be treated just the same as a manufacturing exec? Washington seems to value those businesses more than those that actually PRODUCE A PRODUCT! Americans should be alarmed at that fact, since most of us aren’t Wall Street types. I’m an Engineer at General Motors, and proud to be. We’ve produced some wonderful products, and our quality is great. Malibu is car of the year, and Buick is tops in quality. And if Rick Wagoner deserved to be forced out because every decision he made wasn’t perfect, regardless of how he has improved the corporation…well…if we applied that reasoning to Washington, it would be a ghost town!!
I would suspect that many in the house of congress have a more connected influence to Wall Street then to the auto industry. Why did not congress see all of this coming? That’s what we elected them for. To protect us. Now they are trying to blame everyone else for their ignorance.
I would be ok with the bank CEO’s being forced out…
…as long as all the lawmakers who voted for the Community Reinvestment Act are ousted, along with those who defended Freddie and Fannie from OFHEO regulatory scrutiny.
After all, any good doctor knows you don’t treat the symptoms unless you also treat the cause.
The government SHOULD NOT BE involved with business, PERIOD. This is setting up an extremely dangerous and ultimately fatal relationship. If the government can simply by “divine” intervention simply dispose of a CEO with multiple years of experience, then where does it end? From the looks of it, the government can now just simply take over the running of any big company that is stupid enough to come asking for financial assistance. This will be a deadly precedent that I’m not so sure that businesses will want to participate in. My guess is that, instead of asking for big government handouts, those companies in need will simply fold up the tent and go away, leaving behind absolutely no hope of ever getting back on their feet.
Folks, we are being socialized faster and faster every day. Barack Obama and his small cadre of advisors are the biggest economic terrorists that ever existed. Who needs to worry about al queda or the Taliban, when they live in the freaking White House for Christ’s sake.
We are no longer living in a free country under the rule of a Constitution, we have been co-opted by a Marxist and he is assuming control of this once great nation and an alarmingly fast pace.
Wake up, people. This has got to stop, NOW!
Yes. Wagoner had plenty of time to fix his problems: retiree health care, employee health care, etc.
The executives at bailed-out banks need to be on a much shorter leash, as they are now government employees:
$80k per year salaries
No bonuses, commissions, options or stock grants
Reset rates lower on mortgages today
Start performing, or else.
Anyone who resists should get the boot immediately. We don’t have time for any more of their piddly excuses.
Couple of quick points
apples and oranges
1) the auto makers have been losing market share my for decades. While I really feel for the hard working americans in that industry I don’t think we should be bailing out companies who have been falling behind for decades
2) You need to educate yourself – every BofA employee knows Lewis tried to walk from the ML deal in Dec 2008 and the gov’t said NO WAY but we will support you for helping us out. Lewis deserves an “F” for the Countrywide deal but not for Merrill – blame the gov’t for that one.
I see no evidence that anyone in the Obama administration is qualified to run anything. Let the shareholders of all these companies decide if they believe in their current CEO’s.
The difference between Wagoner and Pandit is simple. Wagoner has been running GM since 2000, and has been with the firm for 32 years. Pandit took over Citi at the very end of 2007 and inherited the mess that he is busy trying to clean up.
Basically, I gather the administration figured that Wagoner has had the last 9 years and has done nothing while Pandit has at least begun the process of cleaning things up enough to warrant keeping his job.
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Yes the Government should force the Bank CEOS out like they did GM CEO.
But no one in the US is ever going to force BOA to be held accountable for any fraud mortgages, credit card issues, anything. BOA does anything thing they want and do not have to answer to anyone. Don’t bother to call OCC that is a big waste of time.