The Crimes and Philanthropy of Bank of America, Wells Fargo, Goldman Sachs and JP Morgan Chase
Four megabanks – Bank of America, Wells Fargo, Goldman Sachs and JP Morgan Chase – played a big role in creating the subprime mortgage bubble that, when it burst in 2008, led to a global financial meltdown.
Since then, these banks have claimed extraordinary corporate philanthropy as part of a massive public relations campaign to offset bad press and threat of financial regulation.
So NCRP analyzed the philanthropic claims of these banks based on transparency and verifiability, quantity and quality of their giving.
Philanthropy should be accountable and transparent, employ effective grantmaking practices and benefit marginalized communities.
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