The last thing GW did was to pass on to the banks a free, no strings, no oversight gift of $700,000,000,000 [that’s $700 billion] of your hard earned tax dollars. Because we did not actually have any $$$ in the bank, as it were, he borrowed the money from the Chinese to do it. You (we) will be paying for that for years to come. What we supposedly did was pay them back for loans, they never should have made in the first place, to people so they could buy houses they could not afford. Of course, the first thing the banks did with the money was to throw a big party for them selves.
“They were getting their manicures, their pedicures, massages, their facials while the American people were paying their bills,” thundered Rep. Elijah E. Cummings (D-Md.), of the executive retreat at the Monarch Resort.
But OK, the banks are now complaining that the regulations on their runaway greed is costing them money and they have to recoop their operating costs by applying more fees.
Still, we wonder what the new fees will actually look like. For instance, will the debit card fees be annual fees on top of monthly fees for checking accounts and will banks also offer free A.T.M.-only cards for people who only use their debit cards to withdraw money? Might we see a return to per-transaction debit card fees?
So how much does it cost a bank when someone uses a debit card to pay for a transaction? The answer is “ZIP.” It is all automatic. People are not even involved. So why are the banks going to charge you for the transaction? Because they can. They are unregulated. Do they need the money more than you do? You tell me…
On Friday, Morgan Stanley’s board awarded Mr. Gorman stock and options valued at $7.4 million, according to Equilar. But this represents only the equity portion of Mr. Gorman’s pay package; the cash component will be announced later this year.
Mr. Dimon [J P Morgan Chase’s chief executive and chairman] is expected to earn as much, if not more, than the $17.5 million he took home in 2009, which made him among the highest-paid Wall Street executives… [also] At JPMorgan Chase, Jes Staley, the head of its investment bank, was awarded more than $14.5 million in stock and options, according to Equilar, a compensation research firm. His total compensation may be even higher when his salary and bonus are disclosed.
Other Wall Street banks - including Goldman Sachs and Bank of America - are still to report what their leaders will be paid.
Meanwhile municipalities are cutting pensions, laying off fire departments, and shutting down schools because you and I are not spending enough money to keep the economy going. What do you suppose you/we should do about that?