Friday, February 23, 2007
Illegal aliens bank of choice
You may have heard that BofA has a program in the LA area where without a social security number you can get a credit card. Coming under fire for the program, and for good reason, the CEO (Kenneth Lewis) got a letter published in yesterdays WSJ in response.
First, it's funny that he tries to pretend its not about making money on illegals when this program is in the LA area only. Then he tries to claim this is just about helping customers (illegals) build a credit history. And he says "we have an obligation to serve all those in our country who are legally eligible to receive services. To do less would be discriminatory and unfair."....really, if they are in your BofA branch signing up for one of these accounts and they are here ILLEGALLY would that meet you standard for "legally eligible"?
Lewis then tries to hide behind the Patriot Act...which apparently weakly allows financial institutions to accept some foreign government forms of identification when opening an account. Well, that's just flat out wrong. Kenneth even makes the statement that the bank needs to "do our part to support the security of our nation's financial systems". Ya, like taking foreign IDs which have little or no integrity to the process in the countries who issue them as a way to establish financial operations in the US...good job Kenneth...ya, you're a real patriot and doing your part for national security and unity.
But best of all is when little Kenny employs the first law of the 2nd grade rules of universe...in describing the credit cards that probably all Al-Qaeda cells in the country use "They are offered at Bank of America and many other financial institutions as a way for customers to build their credit history."
Bank of America is no longer the bank of America in my eyes.