Open Letter To Bank Of America

Subject: Open Letter To Bank Of America
From: Robert Saucier Founder, President & CEO, Galaxy Gaming
Date: 5 Dec 2012

Mr. Brian Moynihan
Chief Executive Officer
Bank of America Corporation
100 North Tryon Street
Charlotte, NC 28202

Dear Mr. Moynihan:

Every American business – large, small, or in between – shares one quality: It is only as strong as its reputation for honesty. If customers lose trust and belief in the integrity of any business, they will look for this quality elsewhere, and not stop until they find it.

Bank of America knows this. It vigorously defends its reputation and does not let its name be tarnished by false accusations. That is why it is truly unfortunate that B of A (which you serve as CEO) is attacking a longtime former client, Galaxy Gaming (which I serve as CEO).

Let me tell you about Galaxy Gaming. We are a small, publicly-traded company in Las Vegas that provides incomes for approximately 20 families. We’ve managed to grow our business even during these turbulent economic times, which have severely impacted not only much of America, but especially the Las Vegas region, in almost unprecedented ways.

For 15 years, Galaxy Gaming and Bank of America worked together, planned together and grew together. In 2007, our company decided to expand and seize new business opportunities. Naturally, we asked B of A to be our chief financial partner.

During 2008, your company went through difficult times, resulting in the loss of many bank jobs and the frequent reassignment of many bank personnel. At the same time, our local real estate market crashed, resulting in countless foreclosures and in our case, a building worth a fraction of its former value. While, we were troubled by the chaotic nature of B of A’s affairs and the reality that the building was suddenly “underwater,” we sustained our commitment to you and faithfully made each and every payment as agreed. Unfortunately, our loyalty to you was not returned. Imagine our shock and disbelief when we discovered that your bank filed a lawsuit against our company, pertaining to a performing loan. This action was without any justification and is damaging to our good name.

As Bank of America is now being sued by the U. S. Department of Justice for more than $1 billion and accused of serious crimes by federal prosecutors, perhaps this is why B of A has set aside as much as $42 billion in company assets strictly for litigation purposes. We do not have that luxury. Indeed, our total revenues are less than your personal compensation package.

It doesn’t have to be this way. Even though your professional background is in law – and not finance – I trust you agree that litigation should always be a last resort and never a first option. Menacing lawsuits, rather than old-fashioned communication, can only destroy good jobs and stifle the entrepreneurial spirit that B of A is supposed to support. It may seem trivial, but while you recently announced B of A is laying off thousands of employees, we plan to add a few more hard-working individuals to our payroll.

I remain hopeful that you and your team at Bank of America will choose to remember and reassert one of your company’s own “Core Values”: We are aware that our decisions and actions affect people’s lives every day.

As one CEO to another, let’s work together to resolve our differences in a fair and honorable manner. My number is (702) 939-3254. Please contact me anytime.

I await your call.

Warmest regards,

Robert Saucier
Founder, President & CEO

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