08 May 2013 Bank of America Faces Backlash Over Decision to Drop Free-Market Advocate and Helping to Label Voter Integrity Proponents as “Racist”
Shareholder Activist Questions Corporate Strategy of Cowering to Left-Wing Radicals
Bank of America Claims to Have No More Money to Invest in Free Market Efforts But Has Allocated $70 Billion Toward Green Energy Projects
Charlotte, NC / Washington, D.C. – At today’s annual Bank of America shareholder meeting in Charlotte, N.C., an attorney with the National Center for Public Policy Research criticized Bank of America CEO Brian Moynihan for caving to left-wing race bullies and dropping its membership the American Legislative Exchange Council (ALEC), a venerable network of conservative state legislators.
Bank of America dumped ALEC after a concerted effort by Color of Change, Common Cause and the Occupy movement to defund ALEC by intimidating its corporate members.
“Mr. Moynihan gave no definitive answer as to why the company dropped ALEC,” said National Center Free Enterprise Project Director Justin Danhof, Esq., who questioned Moynihan today.
“Mr. Moynihan basically answered me by saying, paraphrased, we take into consideration all factors when we make decisions, and when we make decisions, we consider all factors, including what groups we are part of,” added Danhof. “That tells us nothing.”
An audio recording of Danhof’s question and Moynihan’s response is available on YouTube here.
“The decision to drop ALEC – combined with the company’s green energy spending – has made it clear that Bank of America is willing and able to do the bidding of the extreme left.”
“Bank of America is lending corporate clout to radical groups making outrageous and unfounded claims against conservative and free-market organizations. Bending to the twisted will of radical left organizations is not a solid business strategy,” said Danhof. “If Bank of America is content to do the bidding of extreme race-baiters, shareholders may want to avoid investing in this company until its leaders recommit to free-market causes.”
And even though ALEC stopped working on the voter integrity issue, Color of Change still has an entire section of its website dedicated to defunding the venerable organization, titled “Tell Corporations: Stop Funding ALEC.”
“It appears Color of Change’s true mission is to gin up false racial narratives to defund conservative and free-market causes,” noted Danhof. “But we will not be silenced.”
Partly in response to corporate members dropping their memberships in ALEC, the National Center announced a new Voter Identification Task Force. In short order, the National Center has become a leading national voice for voter integrity.
Danhof also asked Moynihan why he was spending so much shareholder money on green energy programs.
“Considering that Bank of America has claimed in the past that it dropped ALEC for budgetary reasons, it seems odd that the company has allocated $70 billion for green projects including $100 million for grants to groups who are working to reduce fossil fuel usage,” said Danhof. “When I asked Moynihan if he would provide a list of these organizations who receive this gift of shareholder money, he refused to answer the question. It appears Bank of America hopes to hide these donations from the public and the company’s shareholders.”
“The larger point I was trying to bring to management’s attention is that doing the bidding of left-wing radicals is a never-ending endeavor – environmental zealots are never satisfied,” added Danhof. “This was borne out at today’s meeting where Bank of America’s leadership touted their $70 billion commitment to green programs, yet scores of environmental activists were at the meeting and protesting outside demanding ever more. And if history is an indicator, they will likely get their way.”
Danhof noted that a huge portion of the meeting’s time was dedicated to listening to a series of anti-coal zealots, who dominated the question-and-answer period by making mini-speeches in lieu of questions about why Bank of America should not do business with the coal industry. “These speeches went on and on; perhaps 75% or even 90% of the question-and-answer time of the meeting was taken up by these anti-coal activists,” said Danhof.
“The anti-coal activists even included two rabbis, a woman from Boston and a man, and a minister from somewhere local,” added Danhof. “The female rabbi ended her ‘question’ by singing an Appalachian song of some kind. She was actually a pretty good singer, but a lot of these anti-coal people were just loons.”
A copy of Danhof’s question at today’s shareholder meeting, as prepared for delivery, can be found here.
The National Center for Public Policy Research is a Bank of America shareholder.
The National Center for Public Policy Research, founded in 1982, is a non-partisan, free-market, independent conservative think-tank. Ninety-four percent of its support comes from individuals, less than 4 percent from foundations, and less than 2 percent from corporations. It receives over 350,000 individual contributions a year from over 96,000 active recent contributors. In 2012-13, zero percent of its contributions have come from the fossil fuel industry or related foundations.
Contributions to The National Center are tax-deductible and greatly appreciated.