"Banks raise fees, put squeeze on consumers
Banks across the country are eliminating free checking and raising fees on other basic services, such as ATM transactions and copies of canceled checks — increases they say are needed to offset the cost of complying with new regulations and maintain profits but are sure to rile many customers....
And as the American fusses and fumes he says "Who do I make the check out to?"
“I think that people should protest’’ by withdrawing their money, said Marcia Burley, 67, the administrator of a nonprofit organization who lives in Jamaica Plain and banks at Citizens, whose parent company was bailed out by the British government.
Done. Have just enough to cover cashing the slave checks.
“I think the big banks have got a great deal of money from us — the Treasury. I think they should be paying us fees at this point.’’
But bankers say they have little choice because new rules have cut off other sources of income or boosted their costs.
Yes, it's a bankers paper.
The Dodd-Frank Wall Street Reform and Consumer Protection Act passed by Congress last summer, as well as new regulations from US banking officials, impose many new restrictions on banks and financial institutions.
Related: Slow Saturday Special: Wall Street Throws Weekend Party Thanks to Washington
Wall Street Not Worried About Washington Regulations
Wall Street Writing Washington Regulations
Whatever, Globe.
Also see: Senate Sends Along Financial Fraud Bill
Failure becomes a triumph and career-capping success in my newspaper.
Among the most significant: limits on overdraft charges and fees assessed to merchants on debit card purchases. Moebs Services Inc., a financial research firm, estimated the changes to overdraft charges alone have already cost US banks $6.3 billion.
Aww, the poor, poor banks! How many billions did they get in bailout bonuses?
In addition, banks are also being forced to pay higher assessments to the Federal Deposit Insurance Corp. to help cover the cost of bank failures across the country.
Awww, the POOR BABIES that THEY SHOULD HAVE to HELP CLEAN UP their MESS!!
So banks say they need to find other ways to earn money or cover the cost of providing services to customers....
What, BLOOD-SUCKING not making the grade?
And what did they do with some of that loot?
Bailed-out banks spent $16.3m lobbying
NEW YORK — The 10 banks that received the most bailout aid during the financial crisis spent more than $16 million on lobbying in the first half of 2010, as the debate over financial regulatory overhaul reached its height.
Disclosure reports show that the banks that got the most government help in late 2008 and early 2009 also invested the most to influence members of Congress, the White House, the Federal Reserve, the Treasury Department, and other agencies as new rules were enacted governing Wall Street and the nation’s financial system....
Leading the pack was JPMorgan Chase & Co., which spent $1.52 million on lobbying in the second quarter, on top of $1.51 million in the first quarter of 2010, for a total of $3.03 million, according to disclosure reports filed with the House of Representatives clerk’s office.
Citigroup, the largest bank recipient of government funds during the crisis in late 2008 and early 2009, was second. The New York-based bank spend $1.47 million on lobbyists in the second quarter, after spending $1.31 million in the first quarter for a total of $2.78 million.
And Wall Street titan Goldman Sachs Group was third, with $1.58 million spent in the second quarter, on top of $1.19 million in the first quarter of 2010.
All three banks declined to comment on their lobbying spending, which went toward hiring advocates to discuss the legislation with lawmakers and regulators....
Consumer advocacy groups had their own lobbyists working the Capitol’s halls during the finance reform debate as well, but their spending was dwarfed by the banks — a total of $792,000 in the first half of the year for four of the top organizations.
That is why that PoS came out the way it did.
How the banks doing anyway?
"Wall Street profits shifting downward" by Nelson D. Schwartz, New York Times | September 20, 2010
NEW YORK — Inside the great investment houses on Wall Street, business has taken a surprising turn: downward.
After taxpayer bailouts restored bankers’ profits and pay, the great Wall Street money machine is decelerating. Big financial institutions, including commercial banks, are still making a lot of money. But given unease in the financial markets and the economy, brokerages and investment banks are not making nearly as much as their executives, employees, and investors had hoped....
That is SICK, readers! PSYCHOPATHIC and SICK!!
The REPORTING as much as the ATTITUDE!
One of the rare bright spots for Wall Street recently has been the issuance of junk bonds, as ultralow interest rates encourage investors to seek out riskier debt that carries a higher yield....
You know, the SAME PIECES of S*** that CAUSED THIS WHOLE MESS and allowed the SAME SCUM to REAP RECORD BONUSES while ROBBING PEOPLE!!
--more--"
You can clean up today, readers; it's my day off.
NEW YORK — Bank of America Corp. and JPMorgan Chase & Co., the two biggest US banks by assets, racked up perfect trading records for the second time this year, making money every day last quarter after accomplishing the same feat in the first three months of 2010.
Which leads to this:
MILAN — The luxury sector is rebounding better than expected this year, thanks in large part to wealthy Americans replenishing their wardrobes after a year of self-denial and nouveau riche Chinese indulging in a worldwide spending spree, according to a study released today.
Then why we going to war with 'em?
And what did you deny yourself, foreclosed-upon American?
The writing itself reeks of rank elitism -- and it passes as a newspaper!
