Yesterday's federal government stress test results confirmed what concerned shareholders, taxpayers and bank employees have been saying all along--that Bank of America is failing taxpayers and our economy. In a statement, SEIU Secretary-Treasurer Anna Burger said this:

Bank of America is a sinking ship that needs more than just a change in captain to address fundamentally unsustainable and irresponsible business practices that are bad for consumers, bad for employees and dangerous for our larger economy.

Bank of America has already received $45 billion in TARP funds and now taxpayers could be on the hook for $33.9 billion, plus another $150 billion in guarantees to bailout the bank for its own bad behavior. Instead of cleaning house and finding substantive means to reform a business model that was already in the red, Bank of America gobbled up other financial institutions and continued to payout $5.2 million in bonuses. This is not smart economics.

The decision by the House yesterday (which the White House announced support for today) to vote for an independent commission to investigate the causes of the financial crisis is a significant win for the cause of accountability and reform on Wall Street and in the banking industry. However, as an institution at the frontlines of the financial structure that is about to bailed out by American taxpayers for a second time, it is time for Bank of America to do what's right and take responsibility for the damage it has caused.

We've already sent a letter to new Bank of America CEO Dr. Walter Massey, outlining the key principles of reform the bank needs to tackle, while engaging with taxpayers and Bank of America employees in solutions that will restore public confidence in the bank, ensure workers have a voice to protect consumers, and create an economy that works for everyone again. "After failing our economy, it is time taxpayers have a greater say in banking reform and for Bank of America to be a partner instead of a toxic asset as we work to create real solutions to the banking crisis," says Burger.

Next steps for Bank of America: http://action.seiu.org/page/s/masseyletter