Bank of America's CEO defended his bank's new $5 fee on debit cards on Wednesday, saying that customers and shareholders understand the bank has a "right to make a profit."There is no "right" to make a profit for any business, large or small. Just like there is no "right to happiness".
What there is, however, is a right to try and make a profit. There is no guarantee and that is why businesses, large and small, come and go.
This is no small distinction. But it is symptomatic of the sheer arrogance of the banksters, that they presume that they have a right to make money.
The government made money available to banks for the purpose of making loans to small businesses. The banksters took that money and, instead of making those loans, used taxpayer money to pay off the TARP loans. Yes, that's correct, those greasy fuckers used taxpayer money to repay the Treasury.
But Our Esteemed President says that the banksters have not done anything wrong. Really. They set up an entire cottage industry to produce "NINA loans" and "liar loans", with the full connivance of the banksters, and they did nothing wrong? They bundled those crappy loans into "securities", sold those trash securities with a AAA rating and, at the same time that they were telling their investors what a safe investment they were, they shorted them, which is betting that they'd fail, and they did nothing wrong?
What the unholy fuck is wrong with you, Barry? Does Brian Moynihan (CEO of Bank of America) have to strangle his mistress in the Oval Office in order for you to believe that maybe, just maybe, a bankster has committed a crime or two?
1 comment:
Dear Bank of America: You have as much right to make a profit as I have to make a million dollars playing the lottery.
That is all.
- Badtux the Snarky Penguin
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