Bank of America to stop financing mountaintop coal mining.
Bank of America to stop financing mountaintop coal mining.
Today, Bank of America announced it would begin phasing out financing of mountaintop removal operations in Appalachia. The bank is making the change after activists from Natural Resources Defense Council flew executives over coal mine sites and personally introduced them to local residents affected by mountaintop removal. From Bank of America’s release:
Bank of America is particularly concerned about surface mining conducted through mountain top removal in locations such as central Appalachia. We therefore will phase out financing of companies whose predominant method of extracting coal is through mountain top removal. While we acknowledge that surface mining is economically efficient and creates jobs, it can be conducted in a way that minimizes environmental impacts in certain geographies.
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Hurrah for environmental activists!! And kudos to BofA!!!!
December 4th, 2008 at 5:32 pmYOU MEAN…..BANK OF ARABIA WON’T BE FINANCING AMERICA’S DESTRUCTION
VERY ATYPICAL
December 4th, 2008 at 5:35 pmThis announcement came after, among other things, the BoA executives saw what’s displayed on the post, only at ground level. That came as a result of the activism of brave, dedicated, hard-working folks at organizations like Coal River Mountain Watch.
We’re going to win this thing.
Should you want to discuss the issue, Mountaintop Removal is always a hot topic at The Head-On Radio Network (”The H.O.R.N.”), America’s Liberal Voice. Click “Listen Live” and you’re right in the thick of things.
December 4th, 2008 at 5:39 pm“…will phase out financing of companies whose predominant method of extracting coal is through mountain top removal.”
Smells like loophole time.
BofA isn’t altruistic by any means, but this is at least a starting point.
December 4th, 2008 at 5:40 pmB of A is cutting off funding while BushLand is quickly trying to remove any real restrictions on dumping this crap in the watershed. I just wonder if the bank would have made this move in the middle of the Bush administration or if McCain had won.
December 4th, 2008 at 5:51 pmif the bank would have made this move in the middle of the Bush administration or if McCain had won….
….most likely not….but maybe a strong Dem gov will make a difference.
December 4th, 2008 at 5:55 pmFaith the size of a grain of sand can move mountains, club baby seals or kill 90% of the oceans’ largest fish.
December 4th, 2008 at 5:58 pmAmazing the concessions one can extract when one can rub their fookin noses in their criminality, innit?
December 4th, 2008 at 5:59 pmThis does not change my opinion of B of a what so ever. They are predator scum….we may later see another motive or reason.
December 4th, 2008 at 6:05 pm“Bank of America is particularly concerned about surface mining conducted through mountain top removal in locations such as central Appalachia”–after having had this 20+ year practice just now brought to their attention.
December 4th, 2008 at 6:11 pmI guess they must be incredibly selective in the news they’ve been reading and watching. I’m guessing at the least that NONE of the CEO’s watch PBS.
Yanno, I’m not altogether fond of the banks, the big corporations, the oil companies, coal mining companies – or any of them.
That said – considering the rapine and pillaging of the planet that has been gleefully and greedily presided over by the Botch criminal administration — ANY change for good must be encouraged and supported, however small.
December 4th, 2008 at 6:18 pmIf I remember right, environmental activists during a BoA conference call called out CEO Ken Lewis, and Lewis turned red and looked as if he was about to go off on them but felt restrained because the board of directors were present.
December 4th, 2008 at 6:40 pmI have had accounts at BOA for the last 40 years. That initially was in California. They allow me free checking and financial services since I am an old fart and long term customer. They did not change policies when they were absorbed into some bank in North Carolina which adopted the BOA corporate identity.
December 4th, 2008 at 6:48 pmThey also let us set up a small account for our granddaughter that mirrors off my spouse’s investment account and pays interest.
you mean to tell me these clowns making 12 million of year couldn’t figure out lopping off the top of a mountain is a very, very bad thing without flying over one? are you freaking kidding me?
December 4th, 2008 at 6:56 pmWaltTheMan
My experience was not so good.
1. Years ago with my divorce I assumed all responsibility of debt with my name on it to preserve my credit. I paid the accounts off and closed them including B of A. A few years later I am harassed with phone call from bill collection agency. B of A allowed my ex to re open the account, an account with my name on it, did not pay and the debt went into charge off status. For 10 months I put up with the harassment of bill collectors, B of A would not listen to me or even check.. they did not care. I even called the sheriff in the area whee the bill collectors were located and filed a report. 10 months of my life and I am still pissed. Finally, I contacted a credit agency, trans union, and through the fraud dept I was able to get this straightened out.
2. about 4 years ago I accepted a credit card offer from B of A, used the card and they gave me a very handsome available credit and low fixed rate. I was having some work done on my home, needed a little extra small cash for an order change so I paid my utilities with the credit card and the contractor with cash. Apparently this was a red flag to B of A. I have an excellent pay history and pay more than min payments. B of A sent a letter, removing my available credit and increased my interest rate by 9%. I called the number on the letter and they acted like a pack of thugs… could not give me any reasons. And it turned out they lied stating I canceled my card with that phone call which I did not. I am going to guess if I did not pay the utilities with the card, none of this would have happened.
No big problem losing the card and I have lost any respect I once had if any.
December 4th, 2008 at 8:39 pmI’ll have to ask my conspiracy-theory friends what this means.
Most conspiracy people say bankers are evil and are behind everything bad. Bank of America’s behavior does not fit the paradigm.
http://www.youtube.com/watch?v=WugcAuQMP1s
December 5th, 2008 at 6:34 amI don’t care what BofA does, I still will never again do business with them.
December 5th, 2008 at 8:36 amHooray!!
December 5th, 2008 at 9:29 am