by Jeff Taylor
Not that it is any surprise, but Bank of America is not lending money. All of its money went to pay back $45b. in TARP so that the bank could go back to paying massive bonuses to top execs without federal interference. Check out what WBTV found out was going on just a few minutes from BAC HQ in Uptown:
Bob Rush, owner of a small construction company in Mooresville, started the New Year overwhelmed by what he calls blessings – $1.7 million dollars in signed contracts – job assignments ready and waiting. … Could be…if the banks hadn’t frozen his company credit and loans.
“A line of credit is a lifeline,” he says. “That’s what it is. It’s a lifeline.” …
“We were told by our friend in banking that if a company had development or contract attached to their name in any way shape or form,” Rush reads, “no consideration would be given for any lines of credit regardless. …
Well, Rush says insiders have told him “that they’re waiting for the government to more or less give them the money to write the loans.” He shakes his head. “The big banks, they just used us.”
And they do not even care that Bob in Mooresville knows about it. They know that Bob has no hope of buying off congress and regulators they way they have.
So the bankers just sit back and laugh.