NEA and Bank of America playing footsie.

1% Bonus†

Dear Fred Klonsky:
The NEA-Sponsored Money Market Account® rewards NEA members like you with an exclusive 1% interest rate bonus for the first 60 days (for new customers only).  That’s on top of rates that are among the highest in the country. And you get the safety of FDIC insurance, too.



A little less than a year ago after coming back from a visit to my family in Brooklyn and a visit to Occupy Wall Street, Anne and I decided to move our mortgage and all of our banking business from Bank of America to our local school’s credit union.

Bank of America, after all, epitomized the Wall Street Banksters who were making huge profits before and after the housing collapse.

It was a huge surprise then to get the ad above from NEA Member Benefits touting Banksters of America.

BANK OF AMERICA: In 2009, Bank of America didn’t pay a single penny in federal income taxes, exploiting the tax code so as to avoid paying its fair share. “Oh, yeah, this happens all the time,” said Robert Willens, a tax accounting expert interviewed by McClatchy. “If you go out and try to make money and you don’t do it, why should the government pay you for your losses?” asked Bob McIntyre of Citizens for Tax Justice. The same year, the mega-bank’s top executives received pay “ranging from $6 million to nearly $30 million.”

The following are IEA members on the NEA Board of Directors. Maybe we can send them a note expressing our unhappiness with the NEA playing footsie with Banksters of America.

And their email addresses.

What makes this doubly troubling is the fact that I have not seen a word of support from the NEA in our fight for our pensions.

5 Replies to “NEA and Bank of America playing footsie.”

  1. The NEA’s relationship with BOA reminds me of the Coast Guard’s relationship to BP. It’s hard to tell where one ends and the other begins, or who’s in charge of policy. The fact that a labor organization has a relationship with this taxpayer subsidized gambling operation tells you everything you need to know about why labor is on its back in this country.

  2. Yes ,I was p#$@ed as hell also when i became aware that the NEA also was involved with their Mastercard.

  3. NEA, like BofA, is mostly concerned about what is best for the NEA. If a TBTF bank cuts them a good deal, they’ll take it.

    You might like this direct action protest I took on my own against Bank of America. I called the credit card customer service line to do some “negotiating.” Having a bit of leverage, I thought it presented a great opportunity to mess with them a little without fear of retribution. I made a video of the call and posted it on my blog along with my comments about what happened and a fuller “director’s cut” transcript. Pay attention to his response to the classic line “Why does Bank of America hate Christmas?” Enjoy.

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