La Raza's Big Shot Banks Paid No Taxes in '09

Two of the biggest financial backers of a powerful and openly racist Hispanic advocacy organization didn't pay any federal income taxes for 2009, according to the Washington Bureau of McClatchy Newspapers.

Bank of America and Wells Fargo, who help to bankroll the Hispanic chauvinist National Council of La Raza, paid no federal income taxes in 2009, McClatchy said.

Bank of America, the largest U.S. bank with assets reported to be $2.3 trillion in 2009, didn't pay taxes because it says it lost money in 2009. Wells Fargo, the fourth largest U.S. bank with assets of $1.25 trillion, was profitable, but wrote down its tax bill because of looses at Wachovia Bank, which it rescued from financial collapse.

Bank of America provides Spanish speaking personnel for Hispanic customers, was the first to introduce Spanish language ATMs, provides Spanish language telephone service, advertises in Spanish, and accepts the "matricula consular" as identification for opening accounts, even though it is often used by illegal aliens. The bank also provided at least $3 billion in home mortgages for low-income minorities, requiring no down payments, closing costs or application fees, even though those were routinely charged to higher-income white mortgage applicants.

Bank of America also extended more than $13 million in capital for Hispanic-only housing proejcts in Kansas City and Dallas.

Wells Fargo is a "Corporate Programmatic Supporter" of La Raza, providing money for a variety of the group's operations, which La Raza describes as "education, community development, youth leadership development, civil rights and advocacy."