Today we learn Bank of America dropped its membership in ALEC, the secretive corporate lobbying group that writes much of the anti-worker legislation passed in state legislatures these days.
A Bank of America representative confirmed the company will not renew its membership in ALEC due to budgetary reasons. The bank was responding to investor letters asking that it dump ALEC.
ALEC stands for "American Legislative Exchange Council." It's a dating service that introduces state lawmakers to rich political donors during lavish family vacations. Those vacation are often paid for by the corporations -- or by the taxpayer. It's a good deal for the corporations that belong to ALEC. For short money, they get laws that let them hurt consumers, communities, workers and the environment.
The Center for Media and Democracy over the past year or so has exposed the inner workings of ALEC to the deep embarrassment of the lawmakers, the businesses and the organizations involved. By our count, about 40 major corporations and nonprofits have fled ALEC. Heh-heh.