Bank of America goodwill dismissed as greenwashing
The sharks continue to circle Bank of America [BAC stock][/stock] and smell blood with each and every press release put out by the financial giant.
The latest is the announcement of a 10-year, $50 billion environmental business goal to lower the carbon footprint, not just of itself, but others as well. It includes lending, equipment finance, capital markets and advisory activity, carbon finance and investment solutions with a focus that incorporates residential energy efficiency.
Normally such an announcement, especially in the food and drinks industry, gets the business hoisted on the shoulders of casual observers. Not so for Bank of America, which just can't seem to do anything right.
One tweet in particular stands out: "BofA pledges to waste $50bn in taxpayer, shareholder $ on green nonsense [Time to cut the Fed cord, people.]"
So pledging to help make the earth a sustainable planet is a waste of taxpayer money? And providing funding to low-income households to retrofit their homes with smarter systems to lower utility costs is green nonsense?
And what's the evidence that the $50 billion is taxpayer funded? The Drudge Report, a news aggregator, listed coverage of the announcement next to a reminder of the Bank of America federal bailout of $45 billion — as if the two events are directly connected.
But let's not give these evil empires the slightest chance. Clearly helping the poor see in the dark, and conserve their energy use, is obviously the most disgusting form of greenwashing yet seen.
Corporate environmental activism in the United States is largely a disaster so far, whereas in the United Kingdom, green initiatives are largely expected from larger businesses.
Criticizing attempts to support the nascent green technology movement, and announcements similar to today's from BofA, provides a disincentive to goodwill.