Local millionaire pulls his money out of BofA

[one_voice]

SAN JOSE, Calif. (KGO) -- On the eve of the nationwide Bank Transfer Day campaign, organizers are urging customers of big banks to close out their accounts and join credit unions or community banks on Saturday. A well known South Bay millionaire has chosen to do just that independent that campaign.

Mike Fox Sr. is a prominent San Jose businessman and philanthropist who is pulling his money out of Bank of America. He says the bank can and should do more when it comes to loan modifications and the foreclosure crisis.

"I'm that jerk that will stand up to anything and a get a little flack from my wife and family once in a while, but somehow my conscious just makes me want to be that jerk that has to stand up for what's right and even what's wrong," said Fox.

Fox's action comes on the eve of Bank Transfer Day, a movement launched on Facebook. It was designed to punish banks for proposed debit card fees. This week Bank of America joined Chase and Wells Fargo and cancelled those plans.

"I think they realized that it would be detrimental to go forward with a fee like this in light of all the consumer backlash," said Norma Garcia from Consumers Union.

ABC7 talked with the organizer of Bank Transfer Day, Kristen Christian, via Skype.

snip

http://abclocal.go.com/kgo/story?section=news%2Flocal%2Fsouth_bay&id=8419926

:toast: :bounce: :applause: :applause:

[mucifer]

1. Good for him. And you know he probably isn't the 1% even tho he's

a millionaire.

[lonestarnot]

2. Welp, surface conscience from a richie richer. How about that.

:7

[MineralMan]

3. There are lots of socially conscious millionaires.

Michael Moore? Just having money doesn't necessarily make you an asshole, although it certainly helps to maintain that position.

[lonestarnot]

4. I do not deny that.

[FarCenter]

5. Millionaire distributes beer, water, new age drinks, and Red Bull?

Mike Fox Sr., a beer magnate and well-known philanthropist, is set to announce Friday that he is divesting his long-held personal Bank of America account, which contains several hundred thousand dollars, in an effort to promote social and economic justice.

Fox said Thursday that he has also asked his executive team to move a $4 million-plus line of credit held by M.E. Fox & Co. from Bank of America to another institution. Fox's firm is a 46-year-old wholesale distributor of beer, water, New Age beverages and Red Bull energy drink.

http://www.mercurynews.com/bay-area-news/ci_19258590

---

"Social conscious" has a number of dimensions. But this publicity might help sales.

[MineralMan]

6. I know nothing about this particular individual.

I wasn't talking about him, specifically. I'm just saying that just because someone is a millionaire doesn't mean they are not contributing to progressive things. It would be foolish to say that as a generalization, I think.

[kestrel91316]

9. Hey, some millionaires really ARE liberals and on our side. I know if

I ever came into a whole lot of money, I would use it for as much LIBERAL do-good-ing as possible. And it would be just plain mean to criticize me.

You have no idea what organizations he donates to. He could even be one of US ON DU.

[lonestarnot]

10. Whatevera. If you gave to all the causes you describe you wouldn't continue to be a richie rich now

would you and neither would he. And on edit, Michael Moore is not in the top ten rich list is he? No, he is not. Does he make his money off other's back by cheating them, no he doesn't. Does he make sure they have insurance coverage? Yes he does. Does he pay them a livable wage? Yes he does.

[MedleyMisty]

7. I've noticed that all these mainstream stories make it all about the debit fees

It's an idea that's been percolating for a while, way before the debit card fees. Why don't they say anything about the bailouts, or bank executive salaries, or the destruction of the economy?

[RegieRocker]

12. Because....

They were going to drop the fees.

[customerserviceguy]

8. Getting out while the getting's good?

I'm certain that there will NOT be another bank bailout, and especially if it's only B of A going down. FDIC insurance covers a lot less than this guy took out of there, I'd bet.

[RegieRocker]

11. 1000 pats one the back! Good for you.