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People Hate The Big Banks Because …

27 Oct

Exhibit A: BofA CEO Brian Moynihan:

“I, like you, get a little incensed when you think about how much good all of you do, whether it’s volunteer hours, charitable giving we do, serving clients and customers well,” Moynihan said to employees in a global town hall meeting last week, Bloomberg reports. “You ought to think a little about that before you start yelling at us.”

Yeaaaaaah … That charitable giving and volunteer work TOTALLY make up for the $15 Billion in household wealth that got wiped out when you and your ilk drove the world economy off of a cliff …

Exhibit B: In Cautious Times, Banks Flooded With Cash

In August, Bank of New York Mellon warned that it would impose a 0.13 percentage point fee on the deposits of certain clients who were moving huge piles of cash in and out of their accounts.

Others are finding more subtle ways to stem the flow. Besides paying next to nothing on consumer checking accounts and certificates of deposit, some giants — like JPMorgan Chase, U.S. Bancorp and Wells Fargo — are passing along part of the cost of federal deposit insurance to some of their small-business customers.

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Posted by on October 27, 2011 in Economy

 

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