Reprehensible banking practices


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    This recently surfaced in the US – and while I know that the US isn’t Spain, there seem to be many reprehensible banking practices that are ‘universal’:

    Bank of America Corp., the second- biggest U.S. lender, rewarded staff with cash bonuses and gift cards for meeting quotas tied to sending distressed homeowners into foreclosure, former employees said in court documents…Loan collectors who put at least 10 customers into foreclosure, including those who were in trial [loan] modifications, were given a $500 bonus, said Gordon, who worked at Bank of America for more than four years. Other rewards included gift cards for retailers including Target and Bed, Bath and Beyond, she said.”

    Read the article – it’s actually much worse – Bank of America staff were motivated to falsify documents for the bonuses:

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