Bank of America CEO: We Have a "Right to Make a Profit"

They make plenty of profit off of our money. And we no longer share in the profit as their greed and avarice get worse and worse. Plenty. What most of them are doing is usury pure and simple.

They not only make profit from our money they also charge us for using our own money. Don't give these greedy scum your money.

In fact, overthrow their precious little credit scoring system that they use to control almost every aspect of your life and get back some of the money they've been thieving from us and our government for too long now.

They are enslaving us and think we have to take it. Well we don't. Choose more wisely who you deal with and yell like hell if they think they deserve another bailout from us. Businesses that a re run poorly and whose keepers make bad choices and do not plan for risk and contingencies deserve to fail, That's capitalism.

The way I see this is most people including myself have less than 1000.00 in either account. If its an interest bearing account than you will make less than 5.00 a month on interest. So we are paying the bank to hold our money and make money on top of the 1000.00 they will invest along with everyone else money. Just dont use the debit card...right?

Originally posted by pirhanna

Originally posted by GringoViejo
I don't see anything wrong with what he said. Whether we like it or not, its true. I'm not saying banks are our friends, but the point of starting a company is to make money.

No, I disagree with you. Banking is not just a business started to make money.
Banking has a stranglehold on everything you do. It's not a hardware store, where you can say, well I'm just not going to go there. You HAVE NO CHOICE but to use money, and not only do you have to give them money to use it to pay bills and live, but they charge you for TAKING your money.

Banks are not other businesses.

I've never met anyone forced to use a bank.

Like I said, I'm not saying they're our friends, but they started a company, and they want a return on that investment. I don't see a problem.

Why is this a big deal? They do have the right to do that. Likewise customers have the right to leave. I hope they do this guy is an ass.

They also have a moral and legal obligation to not be deceitful and to not commit larceny against the people who use their services. I'm still confused about if they consider our tax bailout a profit or just a straight up jack move. The least they can do is show a little appreciation for the bonuses they got courtesy of the tax payers.

What's a few billion to a pig on wall st?

Is it right that they paid no federal tax in 2010. I don't mind people making money, but they have to realise had it not been for the tax paid by other citizens they would never have been able to make their wealth. You can't create wealth in a vacuum (unless you work in a bank), BofA have relied on a stable and productive US economy, built with sound infrastructure and defense, with educated citizens. you know the kind of things taxes pay for.

But somehow BofA dont feel they need to contribute anymore, just take and make profits oh and should they fail, guess who steps in to save their capitalist dream.

reply to post by Resonant


Obviously he care more about his own interest and outrageous profits that actually his shareholders, now when it comes to the consumer they are nothing but slave to the system this banksters have created.

He should give away his outrageous bonuses and part of their pay to make the shareholders happy he is going after the wrong group the people that support their corrupted bank.

People get off any of the banks that will raise your fees, stop the gouging and leaching of this fat rats of your hard earned dollars.

reply to post by Resonant


Well your title is certainly true, but to what degree of allowing ones profits to become increasingly
a clients losses is fair? Certainly someone must draw the line. The current banking system is like
a football game without referee's, or a baseball game without umpires. The situation is as if one team
grabs the ball and Completely Runs Off the Field With It and into the parking lot. Even a Duel to the Death
has Rules on how to handle the pistols.
S&F

Keep your eye were it should be directed. On the Government! They are the taxing body. Any company that gets over taxed will pass that onto the consumers to still make a profit and remain in business. let's start with Dodd and frank and the other liberal putz who opened his mouth. They created the problem and want to pawn it off on a business?
Just as cigarettes, no one cares about that illegal tax and company grab on a legal product, unless it affects you.
The blame lies at one place only. I would like to here one question asked of those who are running for President, even Obama. Will you repeal NAFTA? Why or why not? It can only help the middle class to repeal it. are companies to blame for its' creation with lobbiests? Yes, all lobbiest need to go also. I could care less about any international economy. I care about my own and my country.

No they don't have the right to make a profit.

Any corporation that needs special treatment and bailout money from the government is a failure.

FAILURE CORPORATIONS HAVE NO RIGHT TO PROFITS

They need to fail and make room for people and industry that can succeed.

reply to post by Vikus


Does that also include failed governments? After all, with the amount of debt our government is in, I am pretty sure it could be considered to be a "failure." Therefore, it doesn't deserve any tax money from any corporation or person in order to stay afloat.

Originally posted by GringoViejo
I don't see anything wrong with what he said. Whether we like it or not, its true. I'm not saying banks are our friends, but the point of starting a company is to make money.

Low man on the totem pole...

Banks were set up in order to create wealth from thin air then harvest assets (i.e. real estate, corporate entities, patents, commodities, etc., etc.). The finance sector is a leisure industry by all standards with its sole purpose extracting from the unfortunate and unknowing. Research the housing market during the Great Depression. With 2/3rd's the money down families lost homes facing sudden loan repayment demands.

Originally posted by relique
reply to post by Vikus

 

Does that also include failed governments? After all, with the amount of dept our government is in, I am pretty sure it could be considered to be a "failure."

Governments are a failure for borrowing fictitious funds in the first place.

reply to post by relique


I don't think the government's duty is to make a profit. All the government has to do is to make sure it doesn't spend more than it takes in.

Originally posted by Vikus
reply to post by relique

 

I don't think the government's duty is to make a profit. All the government has to do is to make sure it doesn't spend more than it takes in.

No...a Governments duty is to govern the people. The more money they have, the more power they have. The more power they have the better they can "govern". The Government is in so much debt because it's trying to do much more than it can realistically handle. Ron Paul is completely right in saying the size of the Government needs to shrink and more power and freedom reverted back to states and individuals.

Edit: If they were spending less than they were taking in, they would be making a profit. So by your definition their duty would still be to make a profit. But they actually spend much more than they can afford.

reply to post by Resonant


He kinda does have a point, but still it doesn't make scalping people right.

reply to post by marg6043


A star for you marge.

These execs justify their jobs by coming up with these scams to get bonuses and promotions,shareholders are an after thought at best.

It's true that a corporation is free whatever it elects to do in business, as long as it's legal.

But it's the same logic that led to the massive mortgage meltdown. Lots of people made lots of money by choosing particular business practices that were legal but in fact did harm to the society at large.

To those who say "vote with your feet" -- some people do have this option and some not, after all there was a tremendous consolidation of industry and we have far fewer choices than we did 20 years ago, trust me on this. You can still shop for a respectable and user-friendly credit union, and if you are lucky, you qualify there. If not, you may still be stuck with BoA.

And I'm afraid this is the first salvo in the fee wars, much like we saw in the airline industry with luggage fees. For example, Chase now has better policies than BoA, but once they realize that the ice is shifting, they may be tempted to crank up the fees as well, and others will follow the suite. It will suck.

Morally, the BoA fee policy is bankrupt -- they hit the people who are exactly not in the position to afford any new fees since they obviously don't have much money in the bank to begin with. I remember I was a student and for a while had to pay similar fees at Chase, until I got my balance above the threshold. Look $5 and $10 were the price of lunch and dinner that I had to skip at times...

With modern IT, it costs same amount of money for a bank to keep an account with $500 in it, and with $50k. Why they decided to scoop the bottom of the barrel is still not clear to me unless I assume that's pure, blind and callous greed.

BOA is well within their right to do this. I don't have a problem with what he said. This is what capitalism is suppose to be all about. I closed my account with them over 10 years ago. I keep my money in a local bank because they treat me with the kind of care I want in a bank. They even call me by my name as I walk in the branch and has great customer service. If you don't like what BOA is doing then close your account. If you don't bank there, why are you even getting upset about this?