Finally, someone gutsy is suing ’socialist-when-it-suits-them’ Bank of America

7 years ago

California lawyer, Ben Pavone, has thrown down the gauntlet against ’socialist-when-it-suits-them’ Bank of America

Bank of America (capitalist when it comes to profits, socialist when it comes to not taking its lumps) lowered his credit to close to his outstanding balance and raised his interest rate, right when he asked for an increase in his credit.

His argument?

Bank of America has taken billions in taxpayer money, is still paying itself and its people billions in bonuses, AND in turn is screwing its customers with increased interest rates and lowered credit limits.

Here’s a thought:

  • Banks have destroyed the economy,
  • Banks have further harmed the economy by taking billions of bailout dollars
  • taxpayers suffer from the resulting economic slowdown,
  • banks re-offend by harming customers, jacking up interest rates and fees

If we were talking about a physically violent bully, we’d throw the bum in jail and lock him up for a very long time, ensuring no return to society and no recidivism.

Instead, banks make money coming and going and no one (but the occasional brave person like Pavone) dares to stop it.

Following the lead of Ann Minch, whose Youtube Debtors Revolt has launched a mass of new revolts, Ben Pavone is using what he has that most Americans do not have: his law degree and his expertise. He knows the language that we don’t know: that B of A is possibly in “anticipatory repudiation of the (credit card) contract” and he is “treating…(B of A) as in breach”.

The good thing is he’s willing to brawl with Goliath.  The bad thing is it takes a special background like a law degree, to be able to fight off Goliath’s abuses.  Most customers suffer deep loss in their credit scores, higher interest rates and no borrowability to get them thru the bad economic times.

Hope he takes B of A to court and prevails.  The mighty can fall, you know…  The tobacco industry used to be protected from lawsuits and now they are fair game.  Lets hope banks become vulnerable to self-defense attacks by their customers.

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