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Category Benefits
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Maintaining Your BikeMaintaining Your Bike Close
Regular bike maintenance is really important to keep your bike in top condition; it's recommended that it's done every 4-6 months. The gears, wheels, brakes and general wear and tear are the most important things to check.
Watch how bike maintenance is done by the experts and get some tips on what to look out for in this how to video.Chain Lube Work Stands
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Regular bike servicing fine tunes performance and protects the bike so it should last you for years. It's important these checks are done every 6 weeks and a service every six months.
Watch this how to video to find out how to service your bike, so you can keep on riding smoothly.Multi Tools Work StandsCycling at Halfords
With over 100 years of experience in selling bikes Halfords have become established as being the leading Cycle Shop in offering the latest bikes and cycling accessories including the latest Kona Bikes and Boardman Bicycles.
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- Feb 20:
- Trayvon Martin's mom tells students at CSU to vote, be actively aware
- Jul 22:
- Officials: Zimmerman helped 4 out of wrecked SUV
- States unlikely to repeal stand-my-ground laws despite outcry
- Jul 21:
- Rallies honoring memory of Trayvon Martin held nationwide
- Jul 20:
- Obama reflects on George Zimmerman verdict, race in U.S.
- Jul 19:
- President Obama asks 'soul searching' after Trayvon Martin shooting
- Standoff in U.S. over stand-your-ground concept
- Jul 15:
- Federal prosecution of Zimmerman would be difficult
- Zimmerman verdict sparks protests across the country
- What next for Zimmerman and the Martin family
- Jul 14:
- Trayvon Martin case reverberates in Denver as rally protests verdict
- George Zimmerman verdict on Trayvon Martin sparks Denver protest
- Jul 13:
- Zimmerman, Martin families react on Twitter
SANFORD, Fla. — Neighborhood watch volunteer George Zimmerman was cleared of all charges Saturday in the shooting of Trayvon Martin, the unarmed black teenager whose killing unleashed a furious debate across the U.S. over racial profiling, self-defense and equal justice.
Zimmerman, 29, blinked and barely smiled when the verdict was announced. He could have been convicted of second-degree murder or manslaughter. The jury of six women, all but one of them white, reached a verdict of not guilty after deliberating well into the night Saturday.
Martin's mother and father were not in the courtroom when the verdict was read. Supporters of his family who had gathered outside yelled "No! No!" upon learning of the not guilty verdict.
The jurors considered nearly three weeks of often conflicting testimony over who was the aggressor on the rainy night the 17-year-old was shot while walking through the gated townhouse community where he was staying.
Defense attorneys said the case was classic self-defense. They said Martin knocked Zimmerman down and was slamming the older man's head against the concrete sidewalk when Zimmerman fired his gun.
"We're ecstatic with the results," defense attorney Mark O'Mara said after the verdict. "George Zimmerman was never guilty of anything except protecting himself in self-defense."
Martin's family attorney, Benjamin Crump, said after the verdict, "In order for Trayvon to rest in peace, we must all be peaceful."
Prosecutors called Zimmerman a liar and portrayed him was a "wannabe cop" vigilante who had grown frustrated by break-ins in his neighborhood committed primarily by young black men. Zimmerman assumed Martin was up to no good and took the law into his own hands, prosecutors said.
State Attorney Angela Corey said after the verdict that she thought second-degree murder was the appropriate charge because Zimmerman's mind-set "fit the bill of second-degree murder."
"We charged what we believed we could prove," Corey said.
Plea for calm
As the verdict drew near, police and city leaders in the Orlando suburb of Sanford and other parts of Florida said they were taking precautions against the possibility of mass protests or unrest in the event of an acquittal.
"There is no party in this case who wants to see any violence," Seminole County Sheriff Don Eslinger said immediately after jurors began deliberating. "We have an expectation upon this announcement that our community will continue to act peacefully."
The jury reached its verdict after more than 15 hours of deliberation — and a year and a half after civil rights protesters demanded that Zimmerman be prosecuted.
That anger appeared to return Saturday night outside the courthouse, at least for some who had been following the case.
Rosie Barron, 50, and Andrew Perkins, 55, both black residents of Sanford, stood in the parking lot of the courthouse and wept.
"I at least thought he was going to get something, something," Barron said.
Added her brother: "How the hell did they find him not guilty?"
Perkins was so upset he was shaking. "He killed somebody and got away with murder," Perkins shouted, looking in the direction of the courthouse. "He ain't getting no probation or nothing."
Zimmerman wasn't arrested for 44 days after the Feb. 26, 2012, shooting as police in Sanford insisted that Florida's Stand Your Ground law on self-defense prohibited them from bringing charges. Florida gives people wide latitude to use deadly force if they fear death or bodily harm.
Martin's parents, along with civil rights leaders such as the Revs. Jesse Jackson and Al Sharpton, argued that Zimmerman — whose father is white and whose mother is Latino — had racially profiled their son. And they accused investigators of dragging their feet because Martin was a black teenager.
Before a special prosecutor assigned to the case ordered Zimmerman's arrest, thousands of protesters gathered in Sanford, Miami, New York and elsewhere, many wearing hoodies like the one Martin had on the night he died. They also carried Skittles and a can of iced tea, items Martin had in his pocket. President Barack Obama weighed in, saying that if he had a son, "he'd look like Trayvon."
Despite the racially charged nature of the case, race was barely mentioned at the trial. Even after the verdict, prosecutors said the case was not about race.
"This case has never been about race or the right to bear arms," Corey said. "We believe this case all along was about boundaries, and George Zimmerman exceeded those boundaries."
Clashing testimony
One exception was the testimony of Rachel Jeantel, the Miami teen who was talking to Martin by phone moments before he was shot. She said he described being followed by a "creepy-a-- cracker" as he walked through the neighborhood.
Jeantel gave some of the trial's most riveting testimony. She said she overheard Martin demand, "What are you following me for?" and then yell, "Get off! Get off!" before his cellphone went dead.
The jurors had to sort out clashing testimony from 56 witnesses in all, including police, neighbors, friends and family members.
For example, witnesses who got fleeting glimpses of the fight in the darkness gave differing accounts of who was on top. And Martin's parents and Zimmerman's parents both claimed that the person heard screaming for help in the background of a neighbor's 911 call was their son.
Numerous other relatives and friends weighed in, too, as the recording was played over and over in court. Zimmerman had cuts and scrapes on his face and the back of his head, but prosecutors suggested the injuries were not serious.
To secure a second-degree murder conviction, prosecutors had to convince the jury that Zimmerman acted with a "depraved" state of mind — that is, with ill will, hatred or spite.
To win a manslaughter conviction, prosecutors had to convince the jury only that Zimmerman killed without lawful justification.
"Today, justice failed Trayvon Martin and his family. We call immediately for the Justice Department to conduct an investigation into the civil rights violations committed against Trayvon Martin."
Roslyn M. Brock, Chairman of the NAACP
"I think that this is an atrocity. It is probably one of the worst situations that I have seen."
Al Sharpton, political activist
"Things would have been different if George Zimmerman were black for this reason: He never would have been charged with a crime."
Mark O'Mara, Zimmerman's defense attorney
"Avoid violence; it will lead to more tragedies. Find a way for self-construction, not deconstruction, in this time of despair."
Jesse Jackson, minister, activist
"God blessed Me & Sybrina with Tray and even in his death I know my baby proud of the FIGHT we along with all of you put up for him GOD BLESS."
Tracy Martin, father of Trayvon Martin, via Twitter
"In order for Trayvon to rest in peace, we must all be peaceful."
Benjamin Crump, attorney for the Martin family
"Black parents across America are having a conversation with their male children tonight about their safety as they walk the streets of America."
Wellington Webb, former Denver mayor

subset: commoncrawl


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5:30 Dinner
7:00 Lecture
8:00 Book Signing
Please join us on Wednesday, October 9 for a lecture and book signing with Hardball host and best-selling author Chris Matthews on his latest book, Tip and the Gipper: When Politics Worked (Publish Date: October 1, 2013). Tickets for the event are $48 per person and include a dinner preceding the lecture. Books must be purchased at the Reagan Library's Museum Store to receive signature. Books may be pre-purchased during the reservation process.
In Tip and the Gipper, Chris Matthews, Tip O'Neill's former Chief-of-Staff, shares the one-of-a-kind story of the friendship between President Reagan and the Speaker of the House. Drawing not only on his own remarkable knowledge from working with Speaker O'Neill for six years but on extensive interviews with those closest to his subjects, Matthews brings this unlikely friendship to life, rendering a lively and novelistic read and a timely object lesson in how bipartisan cooperation can work.
Following time serving in the Peace Corps in Africa, Chris Matthews worked in the US Senate. He later became a White House presidential speechwriter, and a top aide to Speaker of the House, Thomas P. "Tip" O'Neill, Jr.
In the late 1980s, Chris switched to full-time journalism, serving as Washington Bureau Chief for the San Francisco Examiner. He began his career on television in 1994 as host of a two-hour nightly program on the NBC-owned America's Talking network. Three years later, he launched Hardball, now on MSNBC, which was the title of his best-selling handbook on real-life politics published in 1988. He has been on the air every weekday night since.
He is the author of five best-selling books.
Call 805-522-2977 for more information.


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Congratulations Logress and GGG, hopefully my son (1 year and 4months now) will have a duel with little bringer someday.
Its really nice to be a Dad! You have that feeling right now.
Take your time for family matters. Alteil can wait until its reborn. My motherboard finally crashed for three years of abusive usage. Need to find a good replacement. Until then i'd stay here in the office for online forums checking daily.
Again, Congratulations and my best wishes to you and your new family member.


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Bank of America Corp.
Learn more about Pete Peterson-funded astroturf projects at the Fix the Debt Portal.
This article is part of the Real Economy Project. Take action at BanksterUSA.org.
Learn more about corporations VOTING to rewrite our laws.
|Campaign to Fix the Debt
Company Profile
|Company Name
|Bank of America
|CEO Name
|Brian Moynihan
|CEO Compensation
|CEO Retirement Assets
|Annual Company Revenue
|Territorial Tax Break
|Federal Lobbying/Political Donations ('09-'12*)
|Click here for sources.
2011 data unless otherwise noted.
©2013 Center for Media and Democracy
Bank of America tops the list of the world's largest banks.[1] As of June 2010, the bank had $2.37 trillion in assets.[2] It has the most extensive branch network in the US, being located in 30 states, and is the country's biggest lender. By acquiring Merrill Lynch in 2009, Bank of America became the world's largest brokerage firm. [3]
In 2011, Bank of America reported $94,426,000,000 in revenues ("total revenue, net of interest expense").[4]
NOTE: For information on Bank of America's role in the financial crisis, see the subarticle Bank of America financial crisis.
Ties to Pete Peterson's "Fix the Debt"
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem."
This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.
|About Fix the Debt
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through a special report and new interactive wiki resource, the Center for Media and Democracy -- in partnership with the Nation magazine -- exposes the funding, the leaders, the partner groups, and the phony state "chapters" of this astroturf supergroup. Learn more at PetersonPyramid.org and in the Nation magazine.
Ties to the American Legislative Exchange Council
Bank of America has been a corporate funder of the American Legislative Exchange Council (ALEC)[5], and a member of ALEC's Commerce, Insurance and Economic Development Task Force[6]. See ALEC Corporations for more.
|About ALEC
ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve "model" bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our PRWatch.org site.
Citizen action
March 2011: Activists target Portland, Oregon area Bank of America ATMs
Bank of America ATMs in Downtown Portland on March 1, 2011 were targeted by climate change activists in the area. Notices were placed on the ATMs which informed customers that the ATMs were "temporarily closed until in invests responsibly in renewable energy." Bank of America was targeted for its financial support and investments in the practice of mountaintop removal.[7]
May 2011: Protests target banks in Portland, Oregon
On Friday, May 9th, 2011 two bank branches in downtown Portland, Oregon, one belonging to Bank of America and the other to Wells Fargo, were targeted by approximately 30 activists who showed up to protest the banks' investments in coal projects. Both banks are major lenders to Arch Coal, the second biggest coal company in the United States. Arch Coal was targeted because, along with Ambre Energy, it is responsible for the proposed Millennium Bulk Logistics Longview Terminal near Longview, Washington. Arch Coal also owns the Otter Creek coal mine in Montana, which the company hopes to use as a source of coal to be exported.
Protesters assembled by Portland's Reed College entered the banks as mock coal export trains, which they believed will expose Northwest residents to coal dust, diesel fumes and noise pollution if the coal export facility near Longview becomes operational. A multi-car human "coal train" entered the banks and marched around the bank's lobby, temporarily disrupting business inside. Climate activists chanted "Hey hey, B of A: Stop investing in coal today!" And later, "Hey hey, Wells Fargo: You say coal, we say no!"[8]
August 2011: Fifteen arrested taking action against Peabody in St. Louis, Missouri
On August 15, 2011 fifteen people were arrested in St. Louis, Missouri while protesting the practices of Bank of America (BoA) and Peabody Energy. Over a hundred people marched in protest of BoA's coal investments and Peabody's coal mining activities. The arrests occurred in a downtown St. Louis intersection that connects Bank of America's regional offices and Peabody's world headquarters. The actions were carried out by Midwest Rising! Convergence, a group associated with Rising Tide North America.
Activist Scott Parking wrote, "Midwest Rising was a convergence for climate and economic justice that brought together a diverse coalition of groups fighting home foreclosures in cities like Chicago, St. Louis and Pittsburgh, communications workers on strike against Verizon Wireless, local labor organizers, Appalachian activists fighting mountaintop removal and climate justice activists from around the world."[9]
Contribution to Financial Crisis
NOTE: For additional information on Bank of America's role in the financial crisis, see Bank of America financial crisis.
Trading Subprime Mortgage Securities
Although in 2001 Bank of America stopped issuing subprime mortgages, the bank continued to sell financial products backed by risky subprime mortgages issued by other lenders. A 2007 report of the mortgage-backed securities market showed that, of 17 firms selling securities backed by adjustable-rate jumbo mortgages, Bank of America had the worst delinquency rates. According to this report, "The performance illustrates one of the main causes of the U.S. foreclosure crisis: While lenders tended to be fairly careful with loans they planned to keep on their books, they took more chances with loans sold to investors. In one category of securities sold by Bank of America in 2007, 98 per cent of the underlying loans were made with reduced or no documentation of the borrowers' incomes." [10]
As the crisis in the subprime mortgage market began to unfold, Bank of America's balance sheet suffered. In 2007, the bank posted a $3 billion loss on collateralized debt obligations[11] related to the mortgage market. A report produced for the American Bar Association found that "While the Company did not issue subprime mortgages itself, it was still exposed to subprime losses through its CDOs, complex debt instruments which were often backed, in part, by subprime mortgages. With mortgage defaults increasing, the value and risk related to these instruments could not be assessed."[12] ProPublica's analysis of the 2008 financial crisis concludes that half of the trillion dollars that were lost – losses that in large part were covered by taxpayers - stemmed from CDOs. [13]
In his January 13, 2010 testimony before the Financial Crisis Inquiry Commission [14] Bank of America CEO Brian Moynihan largely blamed the crisis on the excessive leverage of investment banks; the lax regulation of mortgage lenders by state governments; and the political push to expand home ownership among disadvantaged groups. He said the crisis was not necessary, pointing to Bank of America's 2001 decision to stop making subprime loans. He argued combining investment and commercial banking in one company was not a problem. In October 2007, as the bank was declaring losses on its trades in securities backed by subprime mortgages, Moynihan's predecessor Ken Lewis had famously declared: "I've had all of the fun I can stand in investment banking at the moment."[15]
Moynihan did not comment on Bank of America's role in packaging subprime loans and turning them into tradable securities, but did state that securitizing loans "reduced the incentives for some lenders to apply as strict credit underwriting standards for securitized loans than they may have applied if they were required to hold and service those loans in portfolio…" He argued nonetheless that securitization is essential to modern financial markets. Moynihan claimed that "No one involved in the housing system – lenders, rating agencies, investors, insurers, regulators or policy makers – foresaw a dramatic and rapid depreciation in home prices."
The Service Employees International Union documents in its profile of Bank of America that post-crisis the bank still packages and sells subprime securities. In September 2009, for example, BOA underwrote $239 million worth of securities backed by subprime loans. [16]
Trade in derivatives
According to the Office of the Comptroller of the Currency, Bank of America is one of the five banks that hold 97 percent of total derivatives[17] in the US, holding $206.2 trillion worth.[18] All of the largest derivative traders are banks that are considered too big to fail, so that their high risk derivative trading is done with the backing of taxpayers. Frank Partnoy, a former trader with Morgan Stanley, has argued that the 2008 financial crisis would not have been as extreme if not for the speculative derivative trades related to the housing market: "Without derivatives, the total losses from the spike in subprime mortgage defaults would have been relatively small and easily contained…Instead, derivatives multiplied the losses from subprime mortgage loans, through side bets based on credit default swaps. Still more credit default swaps, based on defaults by banks and insurance companies themselves, magnified losses on the subprime side bets." [19]
Although derivatives can be used to hedge risk, they can also produce extremely high profits or losses. Regulation of this aspect of the financial industry was central to proposed reforms so that derivative trading could not destabilize the entire economy again. According to Washington Post columnist Harold Myerson, Arkansas Democrat Blanche Lincoln's derivative reform proposal would have meant that "no longer would banks that our government backs up with deposit insurance and access to the Federal Reserve's discounted interest rates be able to put taxpayers on the hook for their speculative bets: They could either continue as derivative-trading casinos or as government insured banks, but not both."[20]
The largest US banks lobbied hard to defeat regulation of derivatives. Bank of America and other large derivative traders created a new lobbying organization, the Credit Default Swap Dealers Consortium to shape derivative regulation in a way that would be favorable to the banks. The Consortium was created in November 2008 just one month after a number of its members, including Bank of America, had been bailed out by the government. The New York Times reported that "the banks hired a longtime Washington power broker who previously helped fend off derivatives regulation." His views "played a pivotal role in shaping the debate over derivatives regulation. [21] Bank lobbyists warned that US regulation could drive derivative markets offshore and decrease the availability of the credit needed to get the economy going.[22]
Commenting on the $700 bailout the US government had provided to the financial industry through the Troubled Asset Relief Program, Bank of America CEO Brian Moynihan told a Congressional committee that TARP was "an important step to restore confidence in our financial and prevent systemic consequences that would have affected every company and individual in the country." Moynihan professed to the Congressional representatives that "We in the financial services industry are humbled that such support was needed, and grateful that it was provided." [23] However, the aggressive lobbying by Bank of America and the other big banks to stave off regulation of derivatives suggests they were not chastened by the financial crisis.
Gary Gensler, Chair of the Commodity Futures Trading Commission, said when questioned about the effort to regulate derivatives that "One thing I can confirm is that Wall Street has had many of their people -- lobbyists, and their people advocating against key parts of this reform. Sometimes I see them as I'm going into a senator's office and somebody's coming out… Bankers have a point of view because they want to protect their market. There are five large financial firms that are concentrated in this market, and they benefit and earn billions of dollars for their shareholders." [24]
Too Big to Fail and the Bailout
The implicit US government guarantee of TBTF institutions became explicit in October 2008 when Federal Reserve Chair Ben Bernanke and Treasury Secretary Henry Paulson made a public commitment "that the government would act to prevent the failure of any systemically important financial institution."[25] As part of the US government's overall bailout for the banking industry, two bailout programs - the Systemically Significant Failing Institutions Program and the Targeted Investment Program - were created especially for Bank of America, Citibank and AIG because of what administration officials viewed as their critical role in the US economy.
In addition to the $25 billion Bank of America received from Treasury's Capital Purchase Program in 2008, [26] the bank got an additional $20 billion in 2009 from the Targeted Investment Program (TIP) to enable it to take over Merrill Lynch. TIP was intended to "stabilize the financial system by making investments in institutions that are critical to the functioning of the financial system." The program was supposed to invest government funds "to avoid significant market disruptions resulting from the deterioration of one financial institution that can threaten other financial institutions and impair broader financial markets and pose a threat to the overall economy." [27]
The U.S. Department of Treasury, the Federal Deposit Insurance, and the Federal Reserve also provided guarantees for $118 billion of Bank of America assets, committing taxpayers to take on 90% of Bank of America's losses if the bank lost more than $10 billion. [28]
The government did not discipline Bank of America and Citigroup in the same way as it did AIG, even though all three institutions were singled out for special treatment from the Treasury because of their significance to the economy. The Congressional Oversight Panel for the financial bailout noted in its December 2009 report that "Treasury required changes in senior management, and diluted the interests of shareholders when the government received a 79.9 percent equity interest in AIG. By contrast, despite providing Bank of America and Citigroup with exceptional assistance, Treasury did not require them to make changes in management. Furthermore, it did not dilute shareholder interests in Bank of America. Treasury has not explained the rationale behind the differences in treatment."[29]
Bank of America repaid $45 billion to the US government in December 2009.[30]
Merger mania
When Nationsbank took over Bank of America in 1998 – with the combined bank being called Bank of America – it was the largest bank acquisition in US history. The CEO of Bank of America at the time declared "Bigger is indeed better." The combining of these two financial giants was just one example of what the Consumer Education Foundation describes as the "merger mania" that saw 11,500 US banks merge between 1980 and 2005.[31]
Bank of America's Too Big To Fail (TBTF) status when it was bailed out by the US government in 2008 was the result of a strategy of aggressive expansion.
Ken Lewis, who was CEO of Bank of America from 2001 until 2009, was criticized for empire building at the expense of shareholders.[32] Bank of America took over FleetBoston for $47 billion in 2003[33] FleetBoston itself was the result of a 1990's wave of mergers of New England banks that ended up with FleetBoston being the seventh largest US bank when it was bought by Bank of America.[34] In 2006 Bank of America acquired credit card giant MBNA for $34 billion to create the largest credit card company in the US.[35] In 2008, it bought Countrywide, the largest US mortgage lender, for $2.8 billion. [36]
The financial crisis has produced even bigger financial institutions, with the major banks being the big winners since they were able to buy out their competition and grow even larger. By 2009, Bank of America had grown to the point where its assets represented 16.4 % of US total gross domestic product.[37]
In announcing Bank of America's 2009 buyout of Merrill Lynch, Bank of America CEO Ken Lewis emphasized the advantages such an enormous company would have: "Combining the leading global wealth management, capital markets and advisory firm with the largest consumer and corporate bank in the U.S. creates the world's premier financial services company with unrivalled breadth and global reach." [38]
Criticisms of TBTF banks
In their book, Thirteen Bankers: The Wall Street Takeover and the Next Financial Meltdown, Simon Johnson and James Kwak argue for the break up of the six largest US banks, including Bank of America. They define the "too big to fail" (TBTF) problem in the following way: "Certain financial institutions are so big, or so interconnected, or otherwise so important to the financial system that they cannot be allowed to go into an uncontrolled bankruptcy; defaulting on their obligations will create significant losses for other financial institutions, at a minimum sowing chaos in the markets and potentially triggering a domino effect that causes the entire system to come crashing down." [39]
Economists Simon Johnson and James Kwak identify four main threats to the economy posed by TBTF banks:
1) When these institutions are threatened by bankruptcy, the government has to bail them out. Creditors can demand the government compensate them in full for the loans they have made to the bank because they know there is no credible threat that the government will allow it to fail.
2) TBTF institutions have incentives to take big risks for the potential of high rewards with the certainty that they will be bailed out by taxpayers if they run into trouble. Johnson and Kwak point out that "Ordinarily, creditors should refuse to lend money to a bank that takes on too much risk; but if creditors believe that the government will protect them against losses, they will not play this supervisory function." [40]
3) TBTF have an unfair competitive advantage because with their implicit government guarantee they can borrow at lower rates than smaller banks.
4) Regulatory efforts to minimize high risk behavior will tend to be blocked due to the political power TBTF banks wield. Johnson and Kwak predict continuing financial crises if the response to the 2008 crisis does not include breaking up TBTF banks. They state: "solutions that depend on smarter, better regulatory supervision and corrective action ignore the political constraints on regulation and the political power of the large banks." [41]
While some financial institutions disappeared during the financial crisis, others like Bank of America emerged larger and even more powerful. Returning the big banks to profitability has been a strategy of the Federal Reserve and the Treasury Department to restore financial stability.
CEO Brian Moynihan acknowledged when he testified before Congress that the financial industry had "caused a lot of damage." But he argued that while the big banks had been bailed out by the government, they had paid back their bailout money in full and had not "imposed any losses on taxpayers." Moynihan clamed there would be costs to the US if the government tried to limit the size of banks, with losses of economies of scale and the ability of US banks to compete internationally. He warned that overly simple reforms could "end up hamstringing the U.S. financial system and economy..." [42]
Takeover of Countrywide
In August 2007 Bank bought a stake in Countrywide Financial Corporation even though by that date, because of the rapid deterioration in the housing market, no financial institution would loan Countrywide money secured by its mortgage assets. [43] Bank of America made a deal in January 2008 to purchase Countrywide outright. Bank of America CEO Ken Lewis commented at the time that Countrywide was "really - at the grass-roots level - a very well-run mortgage company." [44] Two weeks later, Countrywide posted losses of $422 million. [45] Bank of America subsequently dropped the name "Countrywide Home Loans" from the mortgage operation it took over and rebranded its consolidated mortgage division as "Bank of America Home Loans".[46]
As part of its rescue of the financial system, the Federal Reserve set up a special investment vehicle named "Maiden Lane LLC" to buy risky assets and remove them from the balance sheets of financial institutions. Included in Maiden Lane's purchases are $618.9 million worth of securities backed by Countrywide mortgages that were granted with little borrower documentation. These mortgages are now rated far below investment grade, and the government is unlikely to recover all of the money it invested in them. [47]
In June 2008, the State of Illinois sued Countrywide alleging that it had committed fraud against borrowers through deceptive lending practices. [48] At the same time, California's Attorney General also sued Countrywide, accusing the company of causing thousands of foreclosures and creating "mortgage instruments that did great harm to individuals and the community." Despite the evidence of troubles at Countrywide, Bank of America stuck to its plan to acquire the mortgage lender and the deal went through in June 2008.[49]
To settle the lawsuits with Illinois, California and eight other states, Countrywide as part of Bank of America came up with an $8.4 billion loan relief plan for those holding Countrywide mortgages. In June 2010 Bank of America paid $108 million to settle a Federal Trade Commission case that charged Countrywide with having extracted excessive fees out of borrowers facing foreclosure. Bank of America paid $600 million and Countrywide's auditor KPMG paid another $24 million in August 2010 to settle shareholder claims that Countrywide had concealed the riskiness of its lending standards. [50]
New problems stemming from its Countrywide acquisition continue to plague Bank of America. In June, 2010 the State of Illinois sued Countrywide again, this time over racial discrimination in its lending practices. A state study concluded that minorities were charged more in fees and were steered towards subprime loans more often than white borrowers in similar situations. State Attorney General Lisa Madigan stated when she launched the suit that: "Countrywide's illegal discriminatory lending practices destroyed the wealth and dreams of thousands of African American and Latino homeowners. Bank of America needs to be held accountable by taking financial responsibility for cleaning up the devastation of the predatory company that it chose to take over." [51]
Takeover of Merrill Lynch
Bank of America acquired the brokerage firm Merrill Lynch for $50 billion in January 2009. [52] After the acquisition went through it was revealed that Merrill Lynch had lost $15.8 billion in the last quarter of 2008, that billions of dollars in bonuses had been paid out early to key Merrill staff, and that former Merrill CEO John Thain had spent lavishly during the crisis on decorating his office – such as when he paid $87,000 for a rug. Bank of America stock plummeted from $33 a share before the deal went through to a low of $5.50 in the weeks that followed. [53]
At the time of the financial crisis, Merrill Lynch had two main operations, a profitable wealth-management company with 17,000 financial advisers and a trading company that invested in "high-risk, high-return securities backed by subprime home mortgages." In 2007, Merrill had to write down $8.4 billion because of the declines in house prices and increases in foreclosures. In 2008, it sold off $31 billion of securities at huge losses with the strategy of isolating the firm from the housing crisis. [54]
Merrill was accused of not being open about the extent of its exposure to the subprime lending housing market and of concealing this exposure through off-balance sheet devices. In October 2007 Merrill reported its investment in the subprime market was $15 billion but only three months later revealed the figure was closer to $46 billion. [55]
When the scale of Merrill Lynch's losses became known, Bank of America was able to convince the Treasury Department to provide an additional $20 billion in bailout funds for its takeover of Merrill Lynch to proceed. Yet weeks before the deal went through Merrill had given out $3.6 billion in bonuses ahead of the normal schedule, with four top executives alone getting $121 million. New York Attorney General Andrew Cuomo has said that "One disturbing question that must be answered is whether Merrill Lynch and Bank of America timed the bonuses in such a way as to force taxpayers to pay for them through the deal funding."[56] The Wall Street Journal reported that Bank of America had a private bonus agreement with Merrill that would have allowed for bonus payments of $5.8 billion.[57]
Cuomo has filed fraud charges against Bank of America for not revealing to its shareholders the extent of Merrill Lynch losses and for misleading the federal government in order to get the additional $20 billion in bailout money. Cuomo called Bank of America's behavior "just egregious and reprehensible." [58] The Securities and Exchange Commission (SEC) sued Bank of America for not disclosing to its shareholders before they voted to approve the acquisition the extent of Merrill Lynch's losses and the $3.6 billion accelerated payment of bonuses. District court Judge Jed Rakoff refused to approve the original $33 million settlement agreed to by the SEC and Bank of America, and he reluctantly approved it only after the penalty was increased to $150 million.
In reviewing the settlement, Rakoff harshly criticized the SEC for being too lenient, saying Bank of America's punishment was ""half-baked justice at best." Rakoff expressed concern that the SEC settlement was unlikely to dissuade other corporate executives from doing the same thing, since the settlement involved "very modest punitive, compensatory, and remedial measures that are neither directed at the specific individuals responsible for the nondisclosures nor appear likely to have more than a very modest impact on corporate practices or victim compensation." The judge stated that the settlement "penalizes the shareholders for what was, in effect if not in intent, a fraud by management on the shareholders."[59]
Merrill Lynch and investment bank leverage
In 1975, the SEC's trading and markets division ruled that investment banks must maintain a debt-to-net capital ratio of less than 12 to 1. In 2004, following extensive lobbying by the investment banks, the SEC under chairman Christopher Cox authorized five investment banks to develop their own net capital requirements. This enabled investment banks to push borrowing ratios to as high as 40 to 1.[60] These five investment banks were Goldman Sachs, Morgan Stanley, Lehman Brothers, Bear Stearns, and Merrill Lynch. This very high debt-to-reserves helped lead to the financial crisis of 2008 by weakening the ability of these institutions to recover from losses incurred when the risky CDO and CDS bets failed.[61][62]
Lee A. Pickard, who had been Director of the SEC's Division of Market Regulation when the 1975 12-1 rule was ordered, said of the change, "The SEC modification in 2004 is the primary reason for all of the losses that have occurred."[63]
At the time of its purchase by Bank of America, Merrill Lynch was leveraged at a ratio of 35.5 to 1.[64]
Profiting from the AIG bailout
The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has sharply criticized the handling of the bailout of insurance giant AIG. In a November 2009 report, SIGTARP concluded that "the very design of the federal assistance to AIG" meant that "tens of billions of dollars of Government money was funneled inexorably and directly to AIG's counterparties." According to SIGTARP, "by providing AIG with the capital to make these payments, Federal Reserve officials provided AIG's counterparties with tens of billions of dollars they likely would not have received had AIG gone into bankruptcy." Federal Reserve officials refused to use their influence to get the banks to take some losses on their AIG deals, although they knew that their $85 billion bailout of AIG would immediately be used to pay off AIG counterparties and not to restore the viability of the insurance company. In calculating the ultimate costs to taxpayers of bailing out the banks, SIGTARP argues that the bailout of AIG should be included.[65]
Bank of America was one of banks that got paid with government bailout funds for its deals with AIG. Newsweek reported in January 2010 that "AIG did end up funneling significant bailout money to U.S. banks that had already been bailed out themselves under the Troubled Asset Relief Program. As AIG counterparties, Goldman Sachs got $12.9 billion, Bank of America got $5.2 billion, and Citigroup got $2.3 billion." [66]
Bailout amounts
Bank of America received $45 billion[67] in direct government aid from the TARP program, and a further $118 billion worth of guarantees against bad assets[68].
Use of bailout funds for lobbying
After receiving government funds, Bank of America continued to spend millions of dollars to lobby Congress, including to "fend off restrictions on executive compensation, home mortgage lending and credit card fees" as well as in opposition to the Consumer Financial Protection Agency[69]. They also hosted efforts to defeat the Employee Free Choice act[70].
Other controversies
Credit cards
Bank of America, together with Citibank and JPMorgan Chase, hold sixty percent of credit card balances in the US. "Card Game", a joint investigation by Frontline and the [[New York Times], found that deregulation of consumer lending had permitted industry practices that trapped many credit card holders in an endless cycle of debt. Credit card debt contributed to the housing crisis as homeowners were refinancing their homes in order to pay off accumulated credit card balances. The most lucrative clients for credit card companies are those who tend to be late on their payments. In an interview for the Frontline investigation, Professor Elizabeth Warren commented: "This is one of the dark secrets in this industry. People who are operating closer to the margin, those are the people who get trapped. Those are the people who produce the enormous revenues in the system."
Lack of fair disclosure was highlighted in the Frontline investigation as a serious problem with credit card promotions. Using a Bank of America credit card application advertizing a "0% APR" as an example, Frontline asked a credit card industry executive to figure out what interest rate he would actually pay. Even after reading the fine print, the expert said he would not know the rate he would pay until the card was approved.[71]
The Pew Center researched credit cards of the largest US banks, and found that they all involved "'hair trigger' penalty interest rate increases on existing balances for minor account violations, unfair payment allocation and imposition of overlimit fees without consent." These practices were the targets of the Credit Card Accountability Responsibility and Disclosure (CARD) Act passed in 2009. The Pew Center concluded that this Act had generally been successful in achieving its goals, with credit card holders reporting that they had seen improvements in their card accounts after the Act had passed. [72]
Cardhub.com evaluates Bank of America and other credit card companies in terms of their fees at: http://education.cardhub.com/penalty-apr-study-june-2010/
Executive pay
At the Congressional hearings into the financial crisis, Bank of America CEO Brian Moynihan stated that "We understand the anger felt by many citizens because institutions that received federal investments 15 months ago are now recovering and pay their employees reflect this recovery [sic], especially in investment banking and trading areas." Moynihan said that "the vast majority of our employees played no role in the economic crisis", "we believe our 300,000 employees are a valuable part of our future", and "we need to pay them competitively to ensure that we can keep them so they can help our clients." [73]
Bank tellers at Bank of America, who did not "play a role in the economic crisis", receive a median wage of $10.73/hour, or $22,328 annually. In contrast, former CEO Ken Lewis' pay for 2007-2008 was $34.8 million, or 779 times the median teller wage. [74]
Investment bankers, some of the same ones that worked at Merrill Lynch in 2008 when it lost $27.6 billion and had to be rescued with a taxpayer bailout, may be granted the same bonuses in 2010 by Bank of America as they made in 2007. By repaying its government bailout in December 2010, Bank of America escaped from the executive pay restrictions that the federal government had imposed as a condition of the bailout. [75] Two former senior Merrill Lynch executives decided to join Bank of America once the pay restrictions had been lifted. [76] The concern is that the extravagant bonus system for executives and traders of recent years contributed to the financial crisis by encouraging high risk strategies, with taxpayers picking up the costs when these strategies failed.
New York Attorney General Andrew Cuomo's office has investigated Bank of America's compensation practices, and discovered that while in 2008 Bank of America net income fell to $4 billion from $14 billion, compensation stayed at $18 billion. [77]
An Ipsos poll in January 2010 revealed that 60% of those who responded said executive pay and compensation were among their top five economic concerns.[78]
Coal issues
Bank of America's investment in coal power
Bank of America is one of the largest investors in the coal sector and has lent billions of dollars to companies seeking to build new coal-fired power plants. The company's clients include the major players in the power and utility industry. Bank of America has also financed billions of dollars to companies that practice mountaintop removal coal mining, a technique that blasts off the tops of mountains to reach the underlying coal deposits.
Protests nation-wide against Bank of America's support for coal
From 2007 to 2009, Bank of America has been the target of more than two dozen protests over its financing of the coal industry. Protests have taken place in California, Florida, Massachusetts, North Carolina, Oregon, Tennessee, Texas, and Virginia. Groups organizing the protests including Mountain Justice, Rainforest Action Network, Coal River Mountain Watch, Appalachian Voices, Rising Tide North America, Mountain Justice Summer, Student Environmental Action Coalition, Energy Justice Network, Blue Ridge Earth First!, Rising Tide North America, Rising Tide Boston, City Life/Vida Urbana and Everglades Earth First!.
BofA cuts some support for coal
In December 2008, Bank of America announced a new investment policy to promote the "responsible use of coal." The policy involves phasing out financing for companies whose "predominant method of extracting coal is through mountain top removal" but increasing the financing of carbon capture and storage (carbon sequestration)." The former was praised by environmental groups but the latter was condemned. In March 2007, Bank of America announced a $20 billion initiative to "support the growth of environmentally sustainable business activity to address global climate changes." However, the Rainforest Action Network said that less than 2 percent of the assets were committed to fighting global warming and was still significantly invested in the coal industry.
Slavery reparations lawsuit
In March 2002, FleetBoston - bought by BofA in 2004 - along with insurance company Aetna and railroad company CSX Transportation were named in a lawsuit filed in U.S. District Court in New York "seeking damages for abuses suffered by slaves and accusing the companies of profiting from slavery". FleetBoston traces its roots back to a bank started by John Brown, a notorious Rhode Island slave trader. [79]
Ad boycott against Air America Radio
Bank of America refused to advertise on the progressive Air America Radio. In October 2006, around 90 companies, including Bank of America, told ABC Radio Networks that they did not want their ads to play on radio stations that carried Air America Radio. [80] [81] [82]
Involvement in March of Dimes
The March of Dimes has funneled millions into animal testing on primates, rats, mice, cats, dogs, rabbits, pigs, sheep, guinea pigs and opossums. They include nicotine, alcohol and cocaine addiction experiments; sensory deprivation and transplanting organs from one species to another. [83] Bank of America is a corporate donor to March of Dimes. [84] See also March of Dimes.
Senior Management
As of January 2013[85]
- Brian T. Moynihan - President & CEO
- Catherine P. Bessant - Global Technology & Operations
- David C. Darnell - Co-Chief Operating Officer
- Anne M. Finucane - Global Strategy & Marketing Officer
- Christine P. Katziff - Corporate General Auditor
- Terry P. Laughlin - Chief Risk Officer
- Gary G. Lynch - Global Chief of Legal, Compliance, and Regulatory Relations
- Thomas K. Montag - Co-Chief Operating Officer
- Andrea B. Smith - Global Head of Human Resources
- Ron D. Sturzenegger - Legacy Asset Servicing Executive
- Bruce Thompson - Chief Financial Officer
Former executives include:
- Barbara J. Desoer - former President, Home Loans
- Sallie L. Krawcheck - former President, Global Wealth & Investment Management
- Charles H. Noski - former CFO
- Ed O'Keefe - former General Counsel
- Joe L. Price - former President, Consumer & Small Business Banking
Board of Directors
As of January 2013[86]
- Charles O. Holliday, Jr., Chairman of the Board, Bank of America Corporation
- Sharon L. Allen, Former Chairman, Deloitte LLP
- Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Ltd.
- Susan S. Bies, Former Member, Board of Governors of the Federal Reserve System
- Jack O. Bovender, Jr., Former Chairman and Chief Executive Officer, HCA Inc.
- Frank P. Bramble, Sr., Former Executive Officer, MBNA Corporation
- Virgis W. Colbert, Senior Advisor, MillerCoors Company
- Charles K. Gifford, Former Chairman, Bank of America Corporation
- Linda P. Hudson, President and Chief Executive Officer, BAE Systems, Inc. and Executive Director and Chief Operating Officer, BAE Systems plc
- Monica C. Lozano,Chief Executive Officer, ImpreMedia, LLC
- Thomas J. May, President and Chief Executive Officer, Northeast Utilities
- Brian T. Moynihan, Chief Executive Officer, Bank of America Corporation
- Donald E. Powell, Former Chairman, Federal Deposit Insurance Corporation (FDIC)
- Charles O. Rossotti, Senior Advisor, The Carlyle Group
- Robert W. Scully, Former Member of the Office of the Chairman, Morgan Stanley
- R. David Yost, Former Chief Executive Officer, AmerisourceBergen Corporation
Former directors include:
- William P. Boardman, (69) - Retired Vice Chairman, Bank One; Retired Chairman, Visa International
- D. Paul Jones, Jr., (67) - Former Chairman, CEO & President, Compass Bancshares, Inc.
Earnings and bonuses
2009 Numbers
According to Bloomberg News, Bank of America paid out $4.4 billion in bonuses in 2009, which is an average of a $400,000 bonus. [87] Approximately 95% of this bonus payout will be paid as stock vesting over three years.
2008 Numbers
According to a report by the Attorney General of New York State Bank of America paid $3.3 billion in bonuses to executives and employees[88] while earning $4 billion after being a recipient of TARP bailout funds of $45 billion.
Breakdown of Bank of America 2008 bonuses from the Attorney General's report:
- Top four recipients received a combined $64.01 million.
- The next four received $36.85 million.
- The next six received $31.39 million.
- Number that received more than $10 million: 4
- Number that received more than $8 million: 8
- Number that received more than $5 million: 10
- Number that received more than $3 million: 28
- Number that received more than $2 million: 65
- Number that received at least $1 million: 172[89]
In addition, in 2008 Bank of America purchased Merrill Lynch. According to the report by the Attorney General of New York State Merrill Lynch paid $3.6 billion in bonuses to executives and employees[90] while losing $27.6 billion after being a recipient of TARP bailout funds of $10 billion.
Breakdown of Merrill Lynch 2008 bonuses from the Attorney General's report:
- Top four recipients received a combined $121 million.
- The next four received: a combined $62 million.
- The next six received: a combined $66 million.
- Number of individuals that received more than $10 million: 14
- Number that received more than $8 million: 20
- Number that received more than $5 million: 53
- Number that received more than $3 million: 149
- Number that received at least $1 million: 696[91];
Political contributions
1st Quarter 2010 Campaign Contributions: $391,500; 41% to Democrats, 59% to Republicans [92]
Decade-long campaign contribution total (1998-2008): $11,292,260[93]
In 2008 Bank of America led the list of TARP recipients in political contributions and lobbying, spending $14.5 million[94]. The amounts were $5,752,630 in political contributions and $8,790,000 for lobbying.
These numbers do not include the fourth quarter of 2008.
The 2008 top recipients of campaign contributions were:
- Barack Obama (D) $230,552
- John McCain (R) $126,175
- Hillary Clinton (D) $106,071
- Rudy Giuliani (R) $69,050
- Chris Dodd (D) $63,100[95]
James H. Hance Jr., then Vice Chair of Bank of America, was a Bush Ranger having raised at least $200,000 for Bush in the 2004 presidential election. Two more Bush Rangers in the top leadership were Charles M. Cawley, Ex-Chief Executive Officer of MBNA and Lance Loring Weaver, Executive Vice Chair of MBNA. [96]
Bank of America gave $1,167,222 to federal candidates in the 05/06 election period through its three political action committees - 34% to Democrats, 65% to Republicans, and 1% to other parties. [97] [98] [99]
According to the Center for Responsive Politics, Lobbying Expenditure Total for 2009: $3,570,000 [100]
Decade-long lobbying expenditure total (1998-2008): $28,635,440[101]
In 2008 Bank of America led the list of TARP recipients in political contributions and lobbying, spending $14.5 million[102]. The amounts were $5,752,630 in political contributions and $8,790,000 for lobbying.
2008 Top Lobbying Expenditure Recipients:[93]
1.Bank of America $4,090,000
2.King & Spalding $480,000
3.Quinn, Gillespie & Assoc $360,000
4.Smith-Free Group $250,000
5.Bryan Cave Strategies $160,000
The company spent $3,366,014 for lobbying in 2006. $1,380,000 went to eight outside lobbying firms with the remainder being spent using in-house lobbyists. Lobbying firms included Quinn Gillespie & Associates and Covington & Burling. [103]
Revolving door influence
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Phone: 704-386-5681
Fax: 704-386-6699
Web address: http://www.bankofamerica.com
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- ↑ "The Banker top 1000," The Financial Times, June 30, 2010
- ↑ "To 50 Bank Holding Companies," Federal Reserve, June 6, 2010.
- ↑ "Merrill, UBS Sued by Schwab Over Mortgage-Backed Securities," Bloomberg News Service, July 14, 2010.
- ↑ Bank of America, "2011 Annual Report", organizational document.
- ↑ Defenders of Wildlife, Natural Resources Defense Council, "Corporations and Trades Associations that Fund ALEC," Corporate America's Trojan Horse in the States: The Untold Story Behind the American Legislative Exchange Council, online report, 2003
- ↑ American Legislative Exchange Council, American Legislative Exchange Council Commerce, Insurance, and Economic Development Task Force 2011 Spring Task Force Summit April 29, 2011 Attendees, organizational document, June 20, 2011, p. 8, obtained and released by Common Cause April 2012
- ↑ "Bank of America and Citi: Closed for the Climate's Sake" nickengelfried, It's Getting Hot in Here, March 1, 2011.
- ↑ "Coal Train Visits Bank of America and Wells Fargo" Nick Englefried, It's Getting Hot in Here, May 15, 2011.
- ↑ "Fifteen Arrested Taking Action Against Banks and Big Coal in St. Louis" Scott Parkin, It's Getting Hot in Here, August 15, 2011.
- ↑ "Bank of America's Mortgage Record Takes a Hit; Report Shows Mortgage-Backed Securities Issued in 2007 Among the Industry's Worst Performers." The Globe and Mail. February 25, 2009.
- ↑ "Collateralized Debt Obligations," New York Times Topics
- ↑ "Banking Law Committee Fall Meeting November 2009 - Materials," Task Force on Regulatory Reform of the Banking Law Committee of the American Bar Association, p. 173
- ↑ "Banks' Self-Dealing Super-Charged Financial Crisis," ProPublica. August 26, 2010.
- ↑ "Brian T. Moynihan, Chief Executive Officer and President, Bank of America Testimony to Financial Crisis Inquiry Commission (FCIC)," January 13, 2010
- ↑ "I've had all the fun I can stand in investment banking, says the boss of Bank of America," The Independent. October 19, 2007
- ↑ "Big Bank Profile: Bank of America," SEIU
- ↑ "Times Topics: Derivatives," New York Times
- ↑ "Hope rises for real financial reform," Washington Post. April 21, 2010.
- ↑ Frank Partnoy, F.I.A.S.C.O – Blood in the Water on Wall Street, 2009, pgs. 267-268.
- ↑ "Hope rises for real financial reform," Washington Post. April 21, 2010
- ↑ "In Crisis, Banks Dig In for Fight Against Rules," The New York Times. May 31, 2009
- ↑ "Clinton Team Should Have Done More on Derivatives, Gensler Says," Bloomberg News Service. May 1, 2010
- ↑ "Brian T. Moynihan, CEO & President, Bank of America "Testimony to Financial Crisis Inquiry Commission (FCIC),", January 13, 2010.
- ↑ "Clinton Team Should Have Done More on Derivatives, Gensler Says," Bloomberg News Service. May 1, 2010
- ↑ "Testimony by Henry M. Paulson Before the House Committee on Oversight and Government Reform, July 16, 2009," CNBC
- ↑ "Government Interventions in Response to Financial Turmoil," Congressional Research Service. February 1, 2010, pps. 8, 37
- ↑ "Road to Stability – Targeted Investment Program," US Treasury Department.
- ↑ "Government Interventions in Response to Financial Turmoil," Congressional Research Service. February 1, 2010. p.37.
- ↑ "December Oversight Report - Taking Stock: What Has the Troubled Asset Relief Program Achieved?" Congressional Oversight Panel. December 2009.
- ↑ "New York Times Profile: Bank of America,"
- ↑ "Sold Out – How Wall Street Betrayed America," Consumer Education Foundation. March 2009, p. 87
- ↑ "Pressure builds on BofA's Ken Lewis," CNN Money. April 26, 2009
- ↑ Forbes, October 27, 2003
- ↑ Vault.com Company Profile
- ↑ "Bank of America completes acquisition of MBNA," Forbes. January 2, 2006
- ↑ "New York Times Profile: Countrywide Financial Corporation"
- ↑ Simon Johnson, James Kwak, Thirteen Bankers, 2010, p. 12.
- ↑ "Markets Show Faith in Bank of America-Merrill Merger," Wall Street Journal. December 5, 2008.
- ↑ Simon Johnson, James Kwak, Thirteen Bankers, 2010, p.201.
- ↑ Simon Johnson, James Kwak, Thirteen Bankers, 2010, p.204.
- ↑ Simon Johnson, James Kwak, Thirteen Bankers, 2010, p.207.
- ↑ "Brian T. Moynihan, Chief Executive Officer and President, Bank of America Testimony to Financial Crisis Inquiry Commission (FCIC)," January 13, 2010
- ↑ "New York Times Profile: Countrywide Financial Corporation."
- ↑ "Countrywide sued by state over lending," Los Angeles Times. June 26, 2008.
- ↑ Nomi Prins, It Takes a Pillage, 2009, p. 153
- ↑ "Bank of America rebrands mortgage operations," The Seattle Times. April 27, 2009.
- ↑ "Fed Reveals Bear Stearns Assets Swallowed to Get JP Morgan to Rescue Firm," Bloomberg News Service. March 31, 2010.
- ↑ "New York Times Profile: Countrywide Financial Corporation."
- ↑ "Countrywide sued by state over lending," Los Angeles Times. June 26, 2008.
- ↑ "Countrywide to pay $600 million to settle lawsuits," USA Today. August 6, 2010.
- ↑ "Madigan Sues Countrywide for Discrimination Against African American and Latino Borrowers - Alleges African American and Latino Homeowners Paid More for Their Mortgages than They Should Have," Illinois State Attorney General's Office News Release. June 29, 2010
- ↑ "Bank of America-Merrill Lynch: A $50 Billion Deal From Hell," Wall Street Journal. January 22, 2009
- ↑ "Bank of America-Merrill Lynch: A $50 Billion Deal From Hell," The Wall Street Journal. January 22, 2009
- ↑ "New York Times Profiles: Merrill Lynch & Company Inc."
- ↑ "Merrill's Risk Disclosure Dodges Are Unearthed," The New York Times. August 9, 2010
- ↑ "Top Four Merrill Bonus Recipients Got $121 Million," Bloomberg News Service. February 11, 2009
- ↑ "Cuomo Blasts Merrill Over Bonuses," The Wall Street Journal. February 11, 2009
- ↑ "Judge questions SEC $150 million accord with Bank of America," Reuters News Service. February 8, 2010
- ↑ "Judge OKs 'half-baked' SEC-Bank of America accord," Reuters News Service. Feb 22, 2010
- ↑ Stephen Labaton, Agency's '04 Rule Let Banks Pile Up New Debt, NY Times, October 8, 2008. Retrieved October 9, 2009
- ↑ Julie Satow, Ex-SEC Official Blames Agency for Blow-Up of Broker-Dealers, NY Sun, September 18, 2008. Retrieved October 9, 2009
- ↑ Ben Protess, 'Flawed' SEC Program Failed to Rein in Investment Banks, ProPublica, October 1, 2008. Retrieved October 9, 2009
- ↑ Julie Satow, Ex-SEC Official Blames Agency for Blow-Up of Broker-Dealers, NY Sun, September 18, 2008. Retrieved October 9, 2009
- ↑ slide 20, Professor Andrei Shleifer. The Financial Crisis and The Future of Capitalism, Harvard Economics Dept., June 2009.
- ↑ "Factors Affecting Efforts to Limit Payments to AIG Counterparties," Office of the Special Inspector General for the Troubled Asset Relief Program. November 17, 2009.
- ↑ "What's Haunting Timothy Geithner?" Newsweek. January 8, 2010.
- ↑ $45 billion figure from Bailout Recipients Pro Publica, Updated September 29, 2009.
- ↑ $118 billion figure from Bank of America bail-out agreed, BBC, January 16, 2009.
- ↑ Barbara Barrett, Bank of America, bailout in hand, continues lobbying efforts, McClatchy News, July 21, 2009
- ↑ Sam Stein, Bailout Recipients Hosted Call To Defeat Key Labor Bill, Huffington Post, January 27, 2009.
- ↑ "The Card Game," PBS Frontline. July 2009
- ↑ "Two Steps Forward - After the Credit CARD Act, Credit Cards Are Safer and More Transparent — But Challenges Remain," The Pew Health Center. July 2010.
- ↑ "Official Transcript - First Public Hearing of the Financial Crisis Inquiry Commission Wednesday," January 13, 2010
- ↑ "Service Employees International Union Profile of Bank of America."
- ↑ "For Bank of America Investment Bankers, Bonuses Likely Close to 2007," The Wall Street Journal. January 8, 2010
- ↑ "Bank of America Hires 2 Former Merrill Executives," ABC News. February 22, 2010.
- ↑ "Bonuses in financial sector to increase slightly this year," MarketWatch. August 12, 2010.
- ↑ "Obama talks tough on day Goldman reveals bonus pot," The Independent. January 22, 2010.
- ↑ "FleetBoston named in lawsuit seeking reparations for slavery", Associated Press, March 26, 2002.
- ↑ Marc Fisher, "Air America, in the Throes of Victory?", The Washington Post, December 10, 2006.
- ↑ "Air America on Ad Blacklist?", FAIR, October 31, 2006.
- ↑ "Air America Blackout", FAIR.org/ABC memo, October 25, 2006.
- ↑ March of Dimes, People for the Ethical Treatment of Animals, accessed June 2009
- ↑ Put Your Money Where Your Mouth Is, PETA.org, accessed February 2009
- ↑ Bank of America, "Executive Biographies", organizational website, accessed January 2013
- ↑ Bank of America Investor Relations, "Board of Directors", organizational website, accessed January 2013
- ↑ David Milenberg, "Bank of America Said to Pay Average Bonus of $400,000,", "Bloomberg," February 3, 2010.
- ↑ Andrew M. Cuomo, No Rhyme or Reason, report by the Attorney General of New York, retreived Oct 4, 2009.
- ↑ Michael Corkery, Bank of America: The Cuomo Report's Bonus Breakdown, Deal Journal, Wall Street Journal, July 30, 2009. Retrieved Oct 6, 2009.
- ↑ Andrew M. Cuomo, No Rhyme or Reason, report by the Attorney General of New York, retreived Oct 4, 2009.
- ↑ Michael Corkery, Merrill Lynch: The Cuomo Report's Bonus Breakdown, Deal Journal, Wall Street Journal, July 30, 2009. Retrieved Oct 6, 2009.
- ↑ "Center for Responsive Politics," accessed June 16, 2010.
- ↑ 93.0 93.1 Robert Weissman and Harry Rosenfeld, "Sold Out: How Wall Street and Washington Betrayed America," Wall Street Watch, March 2009, p. 17.
- ↑ TARP Recipients Paid Out $114 Million for Politicking Last Year, Open Secrets, Feb. 4, 2009. Retrieved October 1, 2009.
- ↑ Source: Center for Responsive Politics. Campaign contribution totals accessed February 2009. Individual recipient numbers do not include the 4th Quarter of 2008.
- ↑ Pioneers and Rangers, Texans for Public Justice, accessed August 2007.
- ↑ PAC #C00043489, Open Secrets, accessed July 2007.
- ↑ PAC #C00252866, Open Secrets, accessed July 2007.
- ↑ PAC #C00364778, Open Secrets, accessed July 2007.
- ↑ [1], "Center for Responsive Politics," accessed June 16, 2010.
- ↑ Robert Weissman and Harry Rosenfeld, "Sold Out: How Wall Street and Washington Betrayed America," Wall Street Watch, March 2009, p. 17.
- ↑ TARP Recipients Paid Out $114 Million for Politicking Last Year, Open Secrets, Feb. 4, 2009. Retrieved October 1, 2009.
- ↑ Bank of America lobbying expenses, Open Secrets, accessed October 2007.
External articles
- "Profile: Bank of America", Co-op America, accessed December 2007.
- "Big Bank Profile: Bank of America", Service Employees International Union, accessed October 2009.
External resources
- Sold Out - How Wall Street and Washington Betrayed America, Consumer Education Foundation, March, 2009.


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text:
Lance Armstrong has cut formal ties with his cancer-fighting charity to avoid further damage brought by doping charges and being stripped of his seven Tour de France titles.
Armstrong resigned from the board of directors for Livestrong on Nov. 4. He had previously resigned as chairman from the charity he founded Oct. 17 but had kept a seat on the board.
The U.S. Anti-Doping Agency ordered Armstrong banned from the sport for life and stripped of his titles. The International Cycling Union, which had originally supported Armstrong's fight, later agreed to wipe out Armstrong's record seven victories.
Livestrong spokeswoman Katherine McLane said Monday that Armstrong "remains the inspiration," and is still its largest donor with nearly $7 million over the years.
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The White River basin originates in northwest Arkansas (AR), southeast of Fayetteville, in the Boston Mountains. Three forks, the White River, the Middle Fork, and the West Fork, come together in Washington County, AR to form the mainstem White River. The White River is first impounded as Lake Sequoyah, a 500-acre impoundment at the junction of the Middle Fork and the White River, near Fayetteville. The White River flows south out of Lake Sequoyah and joins the West Fork before entering Beaver Lake just west of Eureka Springs, AR. The White flows out of Beaver Dam, the first in a series of four hydroelectric dams, northward into Missouri (MO) near the town of Eagle Rock in Barry County. The White then flows eastward where it has been impounded as Table Rock Lake, just below its confluence with the James River near Branson. The White River below Table Rock Lake is again impounded by Powersite Dam near Forsyth, MO and forms Lake Taneycomo. The river then takes a southern turn and flows back into Arkansas where it has again been impounded by Bull Shoals Dam near Cotter in Marion County. The White River flows southeast out of Bull Shoals Dam and exits the Ozark Plateau into the Mississippi Alluvial Plain near Newport, AR. The White River flows in an almost due south direction from where it enters the delta until its confluence with the Mississippi River near Montgomery Point, AR, some 720 miles from its origin.
The portion of the White River basin covered in this document includes all streams and drainages from the point of origin, to the point directly above the White River's confluence with the Buffalo River near Buffalo City, AR. The term "watershed" or "White River watershed" shall refer hereafter to the watershed covered in this document and the entire "White River basin" will be referred to as such (Figure Lo01). The watershed covers an area that includes parts or all of eight Missouri counties: Barry, Christian, Douglas, Ozark, Stone, Taney, Webster, and Wright (Table Lo01, Figure Lo02). There are twelve Arkansas counties (Figure Lo02) fully or partially in the watershed including: Carroll (all); Madison and Boone (over 90%); Marion (about 75%);Benton and Washington (about 25%); Baxter (about 10%), Newton, and Searcy (less than 10%); and Crawford, Franklin, and Johnson (less than 5%).
Major towns and cities in the watershed include: Branson, Forsyth, Hollister, Kimberling City, and Ava in Missouri and Harrison, Eureka Springs, Berryville, Cotter, and Bull Shoals in Arkansas (Figure Lo03).
The White River watershed includes two United States Geological Survey (USGS) eight-digit hydrologic units (HUC), Beaver Reservoir (11010001) and Bull Shoals Lake (11010003). The two eight-digit HUCs that make up the watershed are further broken down into twenty-five, eleven-digit HUCs (Table Lo02). There are ten 11-digit HUCs that lie either partially or fully in the Missouri portion of the watershed (Figure Lo04). These may be referred to later in the text as situations arise where subwatersheds are looked at in more detail.
Major tributaries in the watershed include, War Eagle Creek, Kings River, Long Creek, and Crooked River, which all originate in Arkansas, and Roaring River, James River, Bull Creek, Swan Creek, Beaver Creek, and Little North Fork White River, which all originate in Missouri (Figure Lo05). A watershed assessment and management plan was completed for the James River basin (HUC 11010002) in 1997 and copies of the plan are available through the Missouri Department of Conservation (MDC) Southwest Regional Office in Springfield, MO (Kiner and Vitello 1997).
The Missouri portion of the watershed is bound from west to east by the Elk River basin, James River basin, Gasconade River basin, and North Fork of the White River basin. The Arkansas portion of the watershed is bound from west to east by the Illinois River basin, the Robert S. Kerr Reservoir basin, the Frog Mulberry basin, and the Buffalo River basin.


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Mar 5, 2012
This is me...
Yep, this is me right now... 35 weeks pregnant!! Not long now until the two of us will become three. As I have quickly moved into the last stages of my pregnancy I have also come to the realisation that the time has come to rest, be peaceful and prepare to welcome our sweet little bundle into the world. So very, very surreal and exciting!
I always knew that I would need to take a break from Little Jane St and although I still have no idea of what that means exactly, I figure the best way is to take things as they come - no rules! From today, I am officially taking a little break, but for how long I am not sure. This does not mean I won't be popping in to this little space from time to time, and our shop will continue to run as per normal.... It simply means things will be slowing down for a few months.
Although it has been a little quiet on this blog since we closed the store at the end of last year I have been busy working in the background on some few exciting projects and new products! Some of these will be unveiled very soon, and some may just be pushed back by a few months, like I said no rules or deadlines for now as someone may have other plans for me! Either way, I cannot wait to share with you all!
So for now it is on to my next big adventure! Wish me luck and I look forward to introducing you all to our little lady!
Take care sweet friends!
8 comments:
- Leni said...
Look at you!! So lovely x
- March 5, 2012 at 7:50 PM
- Little Jane St said...
Leni! Hello:) I know! Look how big I am getting! We don't have any full length mirrors in our home so it is quite the shock whe I catch a glimpse of my reflection somewhere!
Hope you are well and all is great with Gift Corner xx
- March 5, 2012 at 7:53 PM
- alex sunday said...
aw, such an exciting time. :)
and having no rules is the perfect approach!! enjoy every second. xo
- March 5, 2012 at 10:47 PM
- Danielle said...
You look gorgeous Alarna! Such exciting times are ahead for you, being someone's Mum is the most rewarding job ever :) Wishing you all the best and can't wait to hear that your bub has arrived safely! xx
- March 6, 2012 at 12:14 AM
- Casey said...
Funny! I am 35 wks today too... had no idea we were on the same EDD almost. I will probably win the race though as I am carrying a double load with twin boys. Good luck in the remainder of your pregnancy and in those first few crazy weeks! So much joy is about to enter both of our lives!
- March 6, 2012 at 3:09 AM
- My Messy Room said...
Enjoy these last few weeks of waiting and we look forward to seeing bubba in your next post! xxx
- March 6, 2012 at 12:53 PM
- little said...
count down is on! good luck on the new adventure :)
- March 8, 2012 at 1:32 PM
- Earth Apple Jane said...
What wonderful times ahead of you all. Enjoy every minute, it is so special :)
- March 8, 2012 at 8:46 PM


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Bon Jovi - Wanted dead or alive
(Miss that Bon Jovi )
Bon Jovi - Wanted dead or alive
(Miss that Bon Jovi )
LANA DEL REY — blue jeans & STACIE Q. — 2 of hearts (4 my sweet valentine) aka my badass-skater best fucking friend. Mwuah$$$$.
Last edited by Dulce; 02-14-2013 at 06:05 PM.
Fall Out Boy: MY SONGS KNOW WHAT YOU DID IN THE DARK (light 'em up)
Last edited by Dulce; 02-14-2013 at 11:53 PM.
Stuff after 'Keep the faith' is actually not my cup of tea ... a few good songs like
One wild night, Bounce and Have a nice day (but really nothing compared to albums like
'Slippery when wet' and 'New Jersey' ... masterpieces ) But I'll sure give it a try (though I
don't like the new song 'Because we can' much too ).
Sick Of It All - Step down (intro sounds familiar to 'Society' ... just a tiny little bit )
Last edited by samseby; 02-14-2013 at 11:53 PM.
Taking Back Sunday- Cute Without The E (Cut From The Team)
Flogging Molly - If I Ever Leave This World Alive
Pulley - Time-Insensitive Material
Last edited by samseby; 03-01-2013 at 11:55 PM.
The Rolling Stones - Paint It Black


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Clearance Floors
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37 U.S. Code § 308b - Special pay: reenlistment bonus for members of the Selected Reserve
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(a) Authority and Eligibility Requirements.— The Secretary concerned may pay a bonus under subsection (b) to an enlisted member of a reserve component who—
(b) Bonus Amounts; Payment.—
(2)Bonus payments authorized under this section may be paid in either a lump sum or in installments. If the bonus is paid in installments, the initial payment shall be not less than 50 percent of the total bonus amount. The Secretary concerned shall prescribe the amount of each subsequent installment payment and the schedule for making the installment payments.
(c) Waiver of Condition on Eligibility.— In the case of a reenlistment or voluntary extension of enlistment by a member of the armed forces that is entered into as described in subsection (a) while the member is serving on active duty in Afghanistan, Iraq, or Kuwait in support of Operation Enduring Freedom or Operation Iraqi Freedom, the Secretary concerned may waive so much of subsection (a)(2) as requires that the skill or unit in which the member reenlists or extends an enlistment be a designated skill or designated unit determined by the Secretary concerned.
(d) Payment to Mobilized Members.— A member entitled to a bonus under this section who is called or ordered to active duty shall be paid, during that period of active duty, any amount of the bonus that becomes payable to the member during that period of active duty.
(e) Repayment.— A member who does not complete the term of enlistment in the element of the Selected Reserve for which the bonus was paid to the member under this section shall be subject to the repayment provisions of section 303a(e) of this title.
(f) Regulations.— This section shall be administered under regulations prescribed by the Secretary of Defense for the armed forces under his jurisdiction and by the Secretary of Homeland Security for the Coast Guard when it is not operating as a service in the Navy.
Source(Added Pub. L. 95–79, title IV, § 403(a)(1),July 30, 1977, 91 Stat. 330; amended Pub. L. 95–485, title IV, § 403,Oct. 20, 1978, 92 Stat. 1614; Pub. L. 96–342, title VIII, § 805(b),Sept. 8, 1980, 94 Stat. 1095; Pub. L. 97–295, § 3(2),Oct. 12, 1982, 96 Stat. 1303; Pub. L. 99–145, title VI, § 643(a),Nov. 8, 1985, 99 Stat. 652; Pub. L. 100–180, div. A, title VI, § 626(b),Dec. 4, 1987, 101 Stat. 1104; Pub. L. 101–189, div. A, title VI, §§ 613, 652(b)(1),Nov. 29, 1989, 103 Stat. 1446, 1461; Pub. L. 101–510, div. A, title XIII, § 1322(c)(4),Nov. 5, 1990, 104 Stat. 1672; Pub. L. 102–484, div. A, title VI, § 612(d),Oct. 23, 1992, 106 Stat. 2421; Pub. L. 103–160, div. A, title VI, § 612(a),Nov. 30, 1993, 107 Stat. 1680; Pub. L. 103–337, div. A, title VI, § 611(a),Oct. 5, 1994, 108 Stat. 2782; Pub. L. 104–106, div. A, title VI, § 611(a),Feb. 10, 1996, 110 Stat. 359; Pub. L. 104–201, div. A, title VI, § 611(b),Sept. 23, 1996, 110 Stat. 2543; Pub. L. 105–85, div. A, title VI, §§ 611(b), 621,Nov. 18, 1997, 111 Stat. 1785, 1790; Pub. L. 105–261, div. A, title VI, § 611(b),Oct. 17, 1998, 112 Stat. 2038; Pub. L. 106–65, div. A, title VI, § 611(b),Oct. 5, 1999, 113 Stat. 649; Pub. L. 106–398, § 1 [[div. A], title VI, § 621(b)], Oct. 30, 2000, 114 Stat. 1654, 1654A–151; Pub. L. 107–107, div. A, title VI, § 611(b),Dec. 28, 2001, 115 Stat. 1135; Pub. L. 107–296, title XVII, § 1704(c),Nov. 25, 2002, 116 Stat. 2314; Pub. L. 107–314, div. A, title VI, § 611(a),Dec. 2, 2002, 116 Stat. 2567; Pub. L. 108–136, div. A, title VI, §§ 611(a), 617, 626(b),Nov. 24, 2003, 117 Stat. 1500, 1503, 1507; Pub. L. 108–375, div. A, title VI, §§ 611(a), 618(b),Oct. 28, 2004, 118 Stat. 1946, 1949; Pub. L. 109–163, div. A, title VI, §§ 621(a), 630, 687(b)(15),Jan. 6, 2006, 119 Stat. 3294, 3297, 3330; Pub. L. 109–364, div. A, title VI, § 611(a), title X, § 1071(e)(7),Oct. 17, 2006, 120 Stat. 2247, 2401; Pub. L. 110–181, div. A, title VI, §§ 611(a), 619(a)–(c), Jan. 28, 2008, 122 Stat. 148, 151; Pub. L. 110–417, [div. A], title VI, § 611(a),Oct. 14, 2008, 122 Stat. 4484; Pub. L. 111–84, div. A, title VI, § 611(1),Oct. 28, 2009, 123 Stat. 2352; Pub. L. 111–383, div. A, title VI, § 611(1),Jan. 7, 2011, 124 Stat. 4236; Pub. L. 112–81, div. A, title VI, § 611(1),Dec. 31, 2011, 125 Stat. 1449; Pub. L. 112–239, div. A, title VI, § 611(1),Jan. 2, 2013, 126 Stat. 1775; Pub. L. 113–66, div. A, title VI, § 611(1),Dec. 26, 2013, 127 Stat. 779.)
2013—Subsec. (g). Pub. L. 113–66substituted "December 31, 2014" for "December 31, 2013".
Pub. L. 112–239substituted "December 31, 2013" for "December 31, 2012".
2011—Subsec. (g). Pub. L. 112–81substituted "December 31, 2012" for "December 31, 2011".
Pub. L. 111–383substituted "December 31, 2011" for "December 31, 2010".
2009—Subsec. (g). Pub. L. 111–84substituted "December 31, 2010" for "December 31, 2009".
2008—Subsec. (a)(2). Pub. L. 110–181, § 619(a), substituted "an enlistment for a period of at least three years" for "his enlistment for a period of three years or for a period of six years".
Subsec. (b)(1). Pub. L. 110–181, § 619(b), substituted "may not exceed $15,000." for "may not exceed—
"(A) $15,000, in the case of a member who reenlists or extends an enlistment for a period of six years;
"(B) $7,500, in the case of a member who, having never received a bonus under this section, reenlists or extends an enlistment for a period of three years; and
"(C) $6,000, in the case of a member who, having received a bonus under this section for a previous three-year reenlistment or extension of an enlistment, reenlists or extends the enlistment for an additional period of three years."
Subsec. (c). Pub. L. 110–181, § 619(c), substituted "Waiver of Condition on Eligibility" for "Condition on Eligibility" in heading, struck out par. (2) designation before "In the case" and "paragraph (1)(B) or" after "may waive so much of", and struck out par. (1) which read as follows:
"(1) To be eligible for a second bonus under this section in the amount specified in subsection (b)(1)(C), a member must—
"(A) enter into the subsequent reenlistment or extension of an enlistment for a period of three years not later than the date on which the enlistment or extension for which the first bonus was paid would expire; and
"(B) still satisfy the designated skill or unit requirements required under subsection (a)(2)."
Subsec. (g). Pub. L. 110–417substituted "December 31, 2009" for "December 31, 2008".
Pub. L. 110–181, § 611(a), substituted "December 31, 2008" for "December 31, 2007".
2006—Subsec. (a)(1). Pub. L. 109–163, § 630(a), substituted "20 years of total military service" for "16 years of total military service".
Subsec. (b)(3). Pub. L. 109–163, § 630(b), added par. (3).
Subsec. (e). Pub. L. 109–163, § 687(b)(15), as amended by Pub. L. 109–364, § 1071(e)(7), amended heading and text of subsec. (e) generally. Prior to amendment, text read as follows: "A member who receives a bonus under this section and who fails, during the period for which the bonus was paid, to serve satisfactorily in the element of the Selected Reserve of the Ready Reserve with respect to which the bonus was paid shall refund to the United States an amount that bears the same ratio to the amount of the bonus paid to the member as the period that the member failed to serve satisfactorily bears to the total period for which the bonus was paid."
Subsec. (g). Pub. L. 109–364, § 611(a), substituted "December 31, 2007" for "December 31, 2006".
Pub. L. 109–163, § 621(a), substituted "December 31, 2006" for "December 31, 2005".
2004—Subsec. (a). Pub. L. 108–375, § 618(b)(1)(D), struck out concluding provisions which read as follows: "may be paid a bonus as provided in subsection (b)."
Pub. L. 108–375, § 618(b)(1)(A), in introductory provisions, substituted "The Secretary concerned may pay a bonus under subsection (b) to an enlisted member" for "An enlisted member".
Subsec. (a)(1). Pub. L. 108–375, § 618(b)(1)(B), substituted "not more than 16 years" for "less than 14 years".
Subsec. (a)(2). Pub. L. 108–375, § 618(b)(1)(C), substituted period for semicolon at end.
Subsec. (b)(1)(A). Pub. L. 108–375, § 618(b)(2)(A), substituted "$15,000" for "$5,000".
Subsec. (b)(1)(B). Pub. L. 108–375, § 618(b)(2)(B), substituted "$7,500" for "$2,500".
Subsec. (b)(1)(C). Pub. L. 108–375, § 618(b)(2)(C), substituted "$6,000" for "$2,000".
Subsec. (b)(2). Pub. L. 108–375, § 618(b)(3), amended par. (2) generally. Prior to amendment, par. (2) read as follows: "Any bonus payable under this section shall be disbursed in one initial payment of an amount not to exceed one-half of the total amount of the bonus and subsequent periodic partial payments of the balance of the bonus. The Secretary concerned shall prescribe the amount of each partial payment and the schedule for making the partial payments."
Subsec. (c). Pub. L. 108–375, § 618(b)(4)(A), struck out "; Limitation on Number of Bonuses" after "Eligibility" in heading.
Subsec. (c)(2), (3). Pub. L. 108–375, § 618(b)(4)(B), redesignated par. (3) as (2) and struck out former par. (2) which read as follows: "A member may not be paid more than one six-year bonus or two three-year bonuses under this section."
Subsec. (g). Pub. L. 108–375, § 611(a), substituted "December 31, 2005" for "December 31, 2004".
2003—Subsec. (c)(3). Pub. L. 108–136, § 626(b), added par. (3).
Subsecs. (d), (e). Pub. L. 108–136, § 617, added subsec. (d) and redesignated former subsec. (d) as (e). Former subsec. (e) redesignated (f).
Subsec. (f). Pub. L. 108–136, § 617(1), redesignatedsubsec. (e) as (f). Former subsec. (f) redesignated (g).
Pub. L. 108–136, § 611(a), substituted "December 31, 2004" for "December 31, 2003".
Subsec. (g). Pub. L. 108–136, § 617(1), redesignatedsubsec. (f) as (g).
2002—Subsec. (e). Pub. L. 107–296substituted "of Homeland Security" for "of Transportation".
Subsec. (f). Pub. L. 107–314substituted "December 31, 2003" for "December 31, 2002".
2001—Subsec. (f). Pub. L. 107–107substituted "December 31, 2002" for "December 31, 2001".
2000—Subsec. (f). Pub. L. 106–398substituted "December 31, 2001" for "December 31, 2000".
1999—Subsec. (f). Pub. L. 106–65substituted "December 31, 2000" for "December 31, 1999".
1998—Subsec. (f). Pub. L. 105–261substituted "December 31, 1999" for "September 30, 1999".
1997—Subsec. (a). Pub. L. 105–85, § 621(e)(1), inserted heading.
Subsec. (a)(1). Pub. L. 105–85, § 621(a), substituted "14 years" for "ten years".
Subsec. (b). Pub. L. 105–85, § 621(b), amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: "The bonus to be paid under subsection (a) shall be—
"(1) an initial payment of—
"(A) an amount not to exceed $1,250, in the case of a member who reenlists or voluntarily extends his enlistment for a period of three years; or
"(B) an amount not to exceed $2,500, in the case of a member who reenlists or voluntarily extends his enlistment for a period of six years; and
"(2) a subsequent payment of not to exceed $416.66 upon the completion of each year of the period of such reenlistment or extension of enlistment during which such member has satisfactorily participated in training with his unit."
Subsec. (c). Pub. L. 105–85, § 621(c), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: "No member shall be paid more than one bonus under this section."
Subsec. (d). Pub. L. 105–85, § 621(d), amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: "A member who fails to participate satisfactorily in training with his unit during a term of enlistment for which a bonus is being paid to him under this section shall refund an amount equal to the amount by which the amount of such bonus exceeds the product of—
"(1) the number of months during that term of enlistment during which such member participated satisfactorily in training with his unit; and
"(2) $69.44."
Subsec. (e). Pub. L. 105–85, § 621(e)(2), inserted heading.
Subsec. (f). Pub. L. 105–85, § 621(e)(3), inserted heading.
Pub. L. 105–85, § 611(b), substituted "September 30, 1999" for "September 30, 1998".
1996—Subsec. (f). Pub. L. 104–201substituted "September 30, 1998" for "September 30, 1997".
Pub. L. 104–106substituted "September 30, 1997" for "September 30, 1996".
1994—Subsec. (f). Pub. L. 103–337substituted "September 30, 1996" for "September 30, 1995".
1993—Subsec. (f). Pub. L. 103–160substituted "September 30, 1995" for "September 30, 1993".
1992—Subsec. (f). Pub. L. 102–484substituted "September 30, 1993" for "September 30, 1992".
1990—Subsecs. (e) to (g). Pub. L. 101–510redesignated subsecs. (f) and (g) as (e) and (f), respectively, and struck out former subsec. (e) which read as follows: "The Secretary of defense shall submit a report to the Congress every three months listing the units of the Selected Reserve of the Ready Reserve which have been designated by him for purposes of subsection (a)(3) and stating the number of members of the Selected Reserve of the Ready Reserve who at the time of such report are serving a term of enlistment for which a bonus is being paid under this section."
1989—Subsec. (e). Pub. L. 101–189, § 652(b)(1), struck out at end "The first such report shall be submitted not later than December 31, 1977."
Subsec. (g). Pub. L. 101–189, § 613, substituted "September 30, 1992" for "September 30, 1990".
1987—Subsec. (g). Pub. L. 100–180substituted "September 30, 1990" for "September 30, 1987".
1985—Subsec. (b)(1). Pub. L. 99–145, § 643(a)(1)(A), substituted "$1,250" for "$450" in subpar. (A) and "$2,500" for "$900" in subpar. (B).
Subsec. (b)(2). Pub. L. 99–145, § 643(a)(1)(B), substituted "$416.66" for "$150".
Subsec. (d)(2). Pub. L. 99–145, § 643(a)(2), substituted "$69.44" for "$25".
Subsec. (g). Pub. L. 99–145, § 643(a)(3), substituted "September 30, 1987" for "September 30, 1985".
1982—Subsec. (a)(1). Pub. L. 97–295substituted "service" for "services".
1980—Subsec. (g). Pub. L. 96–342substituted "September 30, 1985" for "September 30, 1980".
1978—Subsec. (a). Pub. L. 95–485, § 403(a), substituted provision requiring that for an enlisted member of a reserve component to be eligible for the bonus provided in subsec. (b) he has completed less than 10 years of total military services for provision requiring that the enlisted member had initially enlisted in a reserve component, other than a reserve component under the delayed enlistment program for the active forces, and that he had completed less than 10 years of service as a member of a reserve component.
Subsec. (b). Pub. L. 95–485, § 403(b), inserted "an amount not to exceed" before "$450", "$900", and "$150", respectively.
Subsec. (g). Pub. L. 95–485, § 403(c), substituted "September 30, 1980" for "September 30, 1978".
Effective Date of 2008 Amendment
Amendment by section 611(a) ofPub. L. 110–181effective as of Dec. 31, 2007, and subject to various special provisions, see section 610 ofPub. L. 110–181, set out as a Correction of Lapsed Authorities for Payment of Bonuses, Special Pays, and Similar Benefits for Members of the Uniformed Services note under section 2130a of Title 10, Armed Forces.
Pub. L. 110–181, div. A, title VI, § 619(d),Jan. 28, 2008, 122 Stat. 151, provided that: "The amendments made by this section [amending this section] shall apply with respect to reenlistments or extensions of enlistment that occur on or after the date of the enactment of this Act [Jan. 28, 2008]."
Effective Date of 2006 Amendment
Pub. L. 109–364, div. A, title X, § 1071(e),Oct. 17, 2006, 120 Stat. 2401, provided that the amendment made by section 1071(e)(7) is effective as of Jan. 6, 2006, and as if included in Pub. L. 109–163as enacted.
Effective Date of 2003 Amendment
Amendment by section 626(b) ofPub. L. 108–136effective Mar. 18, 2003, and applicable to reenlistments or voluntary extensions of enlistments entered into on or after that date, see section 626(d) ofPub. L. 108–136, set out as a note under section 308 of this title.
Effective Date of 2002 Amendment
Amendment by Pub. L. 107–296effective on the date of transfer of the Coast Guard to the Department of Homeland Security, see section 1704(g) ofPub. L. 107–296, set out as a note under section 101 of Title 10, Armed Forces.
Effective Date of 1993 Amendment
Pub. L. 103–160, div. A, title VI, § 612(f),Nov. 30, 1993, 107 Stat. 1681, provided that: "The amendments made by subsections (a), (b), (d), and (e) [amending this section and sections 308c, 308h, and 308i of this title] shall take effect as of September 30, 1993, and shall apply with respect to an enlistment, reenlistment, or extension of an enlistment described in section 308b, 308c, 308h, or 308i of title 37, United States Code, occurring on or after that date."
Effective Date of 1985 Amendment
Pub. L. 99–145, title VI, § 643(b),Nov. 8, 1985, 99 Stat. 652, provided that: "The amendments made by subsection (a) [amending this section] shall take effect on October 1, 1985."
Effective Date
Pub. L. 95–79, title IV, § 403(b),July 30, 1977, 91 Stat. 331, provided that: "The amendments made by subsection (a) [enacting this section] shall apply with respect to any reenlistment, or voluntary extension of an enlistment, in the Selected Reserve of any reserve component of the Armed Forces after September 30, 1977."
Savings Provision
For savings provision relating to payment or repayment of any bonus, incentive pay, special pay, or similar pay obligated to be paid before Apr. 1, 2006, under a provision of this section amended by section 687(b) ofPub. L. 109–163, see section 687(f) ofPub. L. 109–163, set out as a note under section 510 of Title 10, Armed Forces.
Coverage of Period of Lapsed Authority
For provisions relating to coverage of period of lapsed authority from Oct. 1, 1992, to Oct. 23, 1992, for payment of bonuses or other special pay under this section, see section 612(j)(2) ofPub. L. 102–484, set out as a note under section 301b of this title.
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We are Gifted and Talented fourth and fifth grade classes on Long Island, New York. We are using this blog as a resource for online expression and communication of topics that we are exploring inside and outside of our classroom.
by Sravya
Adam Dugger
Article posted February 23, 2009 at 06:03 PM •
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About the Blogger
I am a girl and I am in fourth grade. In my spare time, I like to practice tennis in the park, read and I like to draw. My favorite color is pink. My favorite subject is math. I was born in fall. I have a younger sister. My teacher is nice and funny. I am a Yankees fan. I am good at tennis.


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May 6, 2016
Tuesday, Nov. 13, 2012
CHARLESTON, S.C. (AP) -- A federal judge is revisiting a lawsuit challenging South Carolina's tough new immigration law.
U.S. District Judge Richard Gergel holds a hearing Tuesday in Charleston. Last year, he blocked most of the law from taking effect. Since then, the U.S. Supreme Court has tossed out much of the Arizona law on which the South Carolina statute was based.
Gergel had blocked sections of the South Carolina law, making it a state crime not to carry immigration paperwork or for illegal immigrants to transport or house themselves.
He also blocked the requirement that police check the immigration status of those they pull over if officers suspect they are in the country illegally. But the Supreme Court let that provision in the Arizona law stand.
(Copyright 2012, The Associated Press)
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