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Anonymous Leaks Internal Bank of America Emails
euphemistic writes "Reportedly the information Wikileaks was set to disclose about a particular bank back from December, 'a massive batch of internal Bank of America emails' has been leaked. While the site hosting it seems to currently be down due to the obviously gigantic amount of traffic interested in this leak, the leak is said to pertain to the Bank of America's improper foreclosure on homes. 'The report came from a former employee with Balboa Insurance — a risk management and insurance firm. The employee reportedly corresponded with Bank of America employees and was told to falsify loan numbers on documents to force Bank of America to foreclose on homeowners.'"
Switch to a local credit union. That is, by far, your best alternative.
As someone who has worked for a big bank, I can assure you that while there are pockets of AMAZINGLY retarded people that commit blatant fraud, it is mostly just a large group of MOSTLY retarded people committing fraud and not really recognizing that's what they're doing.
I worked hand in hand with the foreclosure group and I think I can summarize what's really been happening:
1) Overwhelming Workload + Incompetent Staff = Mistakes
a) Leads to massive spike in hiring through temporary agencies and the introduction of a much larger group of incompetent people into the process.
2) Convoluted, counterproductive processes + people who can't use excel spreadsheets = Mistakes
a) See 1a
3) Incentive Structure - This one's a bit harder but most banks use production based incentive structures to pay employees beyond their base pay. The more work you do, the more money you make. If it's easier to get rid of a "file" (troubled loan) by tossing it to the foreclosure group and having it roll through that process than it is to help someone save their house, guess what happens. If it takes you an hour to successfully help someone (which it doesn't, it takes days or weeks) or 10 minutes to move their file to foreclosure and therefore out of your stack, and you get paid based on how many files you move out of your stack, guess where all your files go.
4) Banks DONT LIKE TO RESCIND SALES. It costs them money.
To me, this is all SUPER old news. I watched this happen in real time for years and the news was always WAY behind on what was happening and WHY. It's not as simple as "banks are greedy and committing fraud/crime." That's certainly a part of it, but not nearly half of it. Realistically it's "There's too much work to do and the people doing it truly don't understand what they're doing"
It's way easier to recognize what's really happening when you look at how things are done at the bottom. Listening to CEOs and PR reps is a waste of time, they have no idea what's really going on underneath them.
The problems we have always faced are the result of incompetence, period. More to the point the problem is people.
Sorry to reply off-topic, but I want to post this as high up as possible:
http://www.mediafire.com/?9gig97gio0g3b7b
Here is the torrent file. BoA seems to be sockpuppet-rushing TPB to mark the torrents as fake.