Posted on 11/08/2011 6:42:49 AM PST by ThirstyMan
Bank of America (NYSE:BAC) is one of the most hated companies in America — and for good reason. BAC stock is down 50% this year and over 85% from its 2008 peak. Bank of America plans on instating a $5-per-month debit-card fee at the beginning of next year. It took billions in bailout money while regular Americans continue to face stagnant wages, runaway inflation and no relief from the brutal realities of both the housing market and job market.
But apparently Bank of America CEO Bryan Moynihan thinks we are all being a bit too hard on him and his cronies.
(Excerpt) Read more at investorplace.com ...
How much will he receive in bonuses (compliments of the U.S. taxpayer)? This will eventually come out. Can you spell idiot?
“Chastising the Public”.....just a chip off the ole’ Obama-block.
It is the ‘nations bank’ culture. Their $hit doesn’t stink.
We should NEVER NEVER NEVER NEVER NEVER NEVER ever have bailed out the banksters.
Why would his bonus be compliments of the taxpayer? Didn’t Bank of America repay the tarp money? I believe they did.
If we hadnt bailed out the banks, can you guarantee the economy wouldn’t have suffered even more than it’s hurting now? All those bank employees who would have lost their jobs...
Apples and oranges. The $5 fee was put in to replace the money Hussein and Scott Brown the RINO took away.
“We should NEVER NEVER NEVER NEVER NEVER NEVER ever have bailed out the banksters.”
Obama had to do it. He owed them for all the campaign money they gave him.
“And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” —Thomas Jefferson, 1816.
He managed to slam the banks and pre-empt Social Security all in one sentence.
Interestingly, banks used to pay you for loaning them your money (which they in turn lended out), now you have to pay them, to loan them your money.
Sorry - but this is on both GWB and Obama.
GWB/Paulson/Pelosi/Reid/Boehner/Mcconnell/Geithner/Bernake got this ball rolling.
I see the GWB/Paulson/Pelosi talking points worked on you like a charm.
“If we hadnt bailed out the banks, can you guarantee the economy wouldn’t have suffered even more than it’s hurting now? All those bank employees who would have lost their jobs...”
And there won’t be other banks to open to take their place? New jobs? When it comes to manufacturing jobs, that’s the standard line here.
And, sometimes the cure hurts in the short term. The bail out was a bad idea, just as bailing out GM was a bad idea.
“If we hadnt bailed out the banks, can you guarantee the economy wouldn’t have suffered even more than it’s hurting now? All those bank employees who would have lost their jobs...”
And there won’t be other banks to open to take their place? New jobs? When it comes to manufacturing jobs, that’s the standard line here.
And, sometimes the cure hurts in the short term. The bail out was a bad idea, just as bailing out GM was a bad idea.
“Why would his bonus be compliments of the taxpayer?”
Yes, in case you are unaware of the scam, banks borrows tens and hundred of millions of dollars, interest free. Then they used them to buy treasuries, which yielded them about 1% interest (Over a few month, rather than a whole year). They then paid back the “loan” and used the interest from buying the treasuries to pay for the bonuses. That’s how the con worked, and it’s well documented.
Hook, line and sinker.
I agree with you that the Feds should never have interfered with the fee structure between banks and merchants. However, I also remember that handling a transaction by processing a card swipe is loads cheaper for the banks than handling cash. Electronic transactions are a huge cost savings for banks. So when they poor-mouth about the fees they're not allowed to charge either merchants or the public, I'm categorically unimpressed.
That was when we had a normal interest rate via the Fed
The banker apologists on this site are revolting.
They have no clue how badly we are getting scammed and conned by these crooks.
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