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Subscribe to RSSCitigroup, the third-largest U.S. bank by assets, said Monday its third quarter net income jumped 73 percent from the same period one year ago.
The bank reported net income of $3.8 billion, or $1.23 per share, up from $2.2 billion, or 72 cents per share, a year ago.
Citi's earnings were helped by an accounting gain related to its credit holdings, according to The Associated Press. The New York bank also said losses from bad loans fell 41 percent during the quarter to $4.5 billion as defaults fell from its credit card loans for Citi-branded credit cards, the news wire said.
Separately, Wells Fargo said its net income jumped 21 percent in its most recent quarter from the prior year. The bank reported quarterly net income of 4.1 billion, citing increased loans and deposits and lower expenses from the second quarter.
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Hold on a second! According to the Tea Party and NEOCONS Obama is killing business. Man I can't wait to see their profits when a so-called Friendly Administration takes the helm..
73% Increase, but we are uncertain.. What a f@cking joke..
"OWS"
One of the first things that would would like our law makers to introduce as a new bill in order to provide wealth back to the American citizens is for them to....
Introduce a bill that addresses the importance of placing a ceiling on the % of a market that corporations can have.
For instance only 40% of farming can be done by corporations!!!!
The remainder must be done by individual farmers.
We will do this in every industry!!!!
The impact that it will have on individuals will be the redistribution of wealth from the 1% back to the 99%!!!
This is a SUSTAINABLE ECONOMIC MODEL THAT WILL FUEL OUR GROWTH AS A NATION!!!!!
So by your warped logic, these two firms that are doing well in a field of companies and localities going bankrupt can support / hire the 14+ million unemployed? Your disconnected reality must be nice, any room for more? I could use a break from what is real.
Mark, what are you taliking about???
REALITY MAN, REALITY!!!!
I said....
Place a ceiling on the % of an industry by which corporations can control.
This would change our socio-economic business model!!!!
Hey, at least you took a swing at it and attempted to offer a solution.
when america buy's american is when the recession will end. No unionist bs just the truth.
Rj,
Can you list some thnings that are American for me to buy?
Pats tickets come to mind.
hmmm...let's just look at one of your unrealistic "wants"
"For instance only 40% of farming can be done by corporations!!!!
The remainder must be done by individual farmers."
an "individual farmer" dies and has a 10 million dollar farm , your side of the gubment thinks it's ok to TAKE over half of it as estate tax , even though that "estate" is a farm which means there isn't ten million dollars laying in some bank , it is land and equipment and buildings .So now they want their half and the farmers heirs have a decision to make , sell half of the land and equipment and buildings to cover the estate tax . What if the farmer has 2 heirs and one of them doesn't want to farm , now the heir that does has to sell another "half" of the land and equipment and buildings to pay off the other heir's part of the estate. Then your half of the gubment thinks it's OK to ask for inheritence tax from the 2 heirs so the "new farmer heir" has to sell some more land and equipment and buildings to come up with his taxes . Sure looks like it's worth being an "individual farmer" to me , you wrong on that and the rest of your post .
Make no mistake , I am not for "no individual farmers"..I am for "individual farmers" NOT getting raped by your party's idea of tax f'n everything
kevinoffsite==No Kevin you have to wait. Uncle Sam gaunted the majority of the home-loans for these companies. That means that Uncle Sam put these companies in the black. Another thing, these same companies are charging the Federal Government and the American People fees to still service these same loans and/or accounts.
You cannot lose when you have no competition at all. Fannie Mae is holding all of the loans from Citigroup. I have a letter confirming that move. That is even though my finances are not in trouble. The Federal Government is having to pay millions of dollars in grass cutting fees for all of the property that they are now holding. "We the People" own more real-estate than any broker in this country.
Obama right about this financing crap? Hell no. This President, this administration and the Democrats have done nothing more than shift the cost from the lenders to the Tax Payers of this country. Obama and the Democrats have pulled at Fast one on this country but you should know that already. Maybe not you still might believe that Obama is the savior of this country. More like the destroyer to the vast majority now.
Keep believing in Obama and you just might wund up in the foreclosure lines with that unemployment checkin your hands. Obama said they all paid us back but "We the People" are still holding all of that bad debit. It didn't go anywhere and it will be with for a long time to come.
How nice! The banks are doing great in the economic downturn. Wasn't it so nice of the taxpayers to bail them out after they fleeced home buyers? Some things will never change. How about a new fee for coming in the front door? $5.00 per person sound fair?
These banks paid you back with interest and dividends. THAT MEANS YOU MADE MONEY OFF THE BANKS. But that doesnt fit with your 99% garbage does it. sheep.
No, cotton. The ACTUAL cost of the bank bailouts is hidden. They haven't come close to paying it back.
I said these banks- Wells Fargo and Citigroup. The banks that havent paid back are your small regional lenders that you are all running too. Good luck with that.
When was the last time you earned more than 2% from a bank? Who gets the profits--you or the banks?
Distressed debt redeemed at 100 cents on the dollar, massive payments funneled through AIG, free money handed out to banks and a few select corporations, regulations written to the banks' dictates, failure to prosecute extensive fraud and its repercussions, installation of banking and investment firm personnel in key government positions, extensive use of taxfunded government officials to make some effort at keeping all of the banks afloat, and on and on it goes. Not free, not profitable.
We bailed them out with cash, they paid us back with fees...Burn the SOBs down with protest and stop all payments to them. Starve them to death just as they would starve us.
Somebody said you made money off the banks?Where I don't see any!Oops let me check my wallet.Nope don't see any there either.
My answer to that Bull Sh it!
Cotton - These 2 did not!
Wells Fargo took money from the government as an incentive to provide "Loan Modifications" Cotton. Why speak without fact?
Then I would check your pants. They paid back all but 27 billion and that much wont be recuperated because it is owed by failed banks.
How is it my fault you spend all your money out of your wallet you should learn how to budget.
They had their normal method of making money taken away. So they are coming back with old fees. You do realise banks are in it to make money. If you don't like it go to a CU. They are not Starving you you perhaps should do better with your food budget.
I just got this from my CU
"Most recently, NASA Federal introduced the new Premier Checking line which provides many free, innovative features such as EarlyAccess PayrollTM, allowing members to access their direct deposits up to one day earlier; and NSF FreePassTM, which waives one NSF fee per year.
We allow you to access your direct deposit one day earlier and will waive one NSF fee per year. WOW! It is like the greatest Credit Union ever!
Until you see this:
"Courtesy Pay (Paid NSF) Check/ACH/ATM Card/Bill Pay Payment
$32.00/item
Non-Sufficient Funds (NSF) Check/ACH/ATM Card/Bill Pay Payment
$32.00/item
NSF Account Guardian Check Card
$32.00/item"
www nasafcu com/schedule-of-fees
So, the lovely credit union is charging you just like BofA and every other bank. If it is truly your institution as they put it...demand to know how much it costs the credit union to process and NSF and really see how much they enjoy having you as a member.
You will be saddened to here it is along these lines.
What isn't told is that nasafcu pays $0.08 to return an ACH item. It cannot return an ATM item or debit card item, and to return a check is it a whopping $5.00. Bill pay is the worst, all internal between vendor and bank $12.00.
By the way, the Curteousy Pay NSF fee charge...the bank assumes no risk when doing that for you because they have invested in software to know when your direct deposit is coming into their instutution. So, they are charging you $32 per trasnaction full knowing your direct deposit will be in within a day or two or three or four.
The best part of this letter...
"So unlike the big banks that have been busy raising fees and charging their customers more to use existing services, NASA Federal has remained focused on offering enhanced value to its members by expanding services — all with no new fees."
Again from their own website (www.nasafcu.com/schedule-of-fees), "
Charitable Donations*
$1.99
Expedited Payment*
Next Day
$14.95
Second Day
$9.95
Gift Pay*
* New serivces/fees as of October 1, 2011
So, as of October 17, 2011 we will not be adding anymore fees. Oh look, you have to pay a fee when you make a bill out as a gift and as a charitable donation. But, when you pay person to person it is free. And NASA is not nickel and diming it's members...hahahahahahahahaha
$2.99
$32.00/item"
I have never been pissed on by them how ever BOA has ans so has Chase so I don't accept crap from my bank. I don't get charged to talk to a person like BOA. and I have 4K branches I can do this at. BOA hires retarded people to work for them.
Also it's easy to find and read the Fees at my CU. unlike BOA.
Your credit union charges you a fee if you donate money to a charity. That is worse than any other fee imaginable.
B.S. 99.99999% of the people will never pay that fee.
This is what happens when financial rape of individuals by big business is legal.
For the last 40 years when my economics went to the wayside I always had to sell assets instead of looking to the government for food 'med ,and housing bailouts so I could keep my assets. Citi corp retained their assets by asking and getting government bailouts. Now that their back on the tee with assets in tact, we the people don't see them here, we see them globetrotting, and not investing local markets. I realize the institutions will be here on earth after this individual is long gone but to take away my rights and my assets by playing a generational clock is against capitalistic principles.
Awesome.
The big banks did not ask for the TARP loans, let's not rewrite history. Secretary Paulson called them all to Washington DC and "asked" the banks to take the loans. It was reported at the time that Paulson said something to the effect that nobody could leave the room until all agreed to take the money. All the big banks returned that money, with interest, as soon as they were permitted to do so less than a year later getting them out from under the government's thumb.
Now who's rewriting history..........TARP was in 2006, you know Bushie 2's reign of terror. as far as "returning all that money "With Interest"" seems the Jury is still out as they continue to investigate. Not all of the Banks have repaid the TARP, the smaller entities have defaulted several times on what they owe.
This is the reason why people are protesting...Banks have record earnings while others are suffering foreclosure....
All of those that were wondering about the protesters and calling them "bums"...
mhart - TARP was a late 2008 piece of legislation, not 2006. If you read my post, I said all the big banks returned their TARP loans with interest. A few smaller banks still have the loans and a few have defaulted, but in total, the U.S. Treasury made money on the deal.
The news that the banking system seems to be getting healthier is a great news. Economics 101, without a strong banking sector it is not possible to have a good economy.
Really?? You need to look at the real history not Fox's version.
No Margaret, you need to look at history. He is telling the truth. Your ten second sound bites are not news or history.
He said, she said... who has the FACTS?
The wealthy in this country, those few that control the media, are part of a massive campaign to obscure and manipulate the truth. How do YOU know what's happened if you haven't seen it yourself?
Hey Margaret: Check out this: http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program You know how to use a URL, or is WikiPedia lying?.. What you folks want to do is have the government force the banks to forgo all the money owed on loans.. lets just seize all the assets and redistribute them to "the poor".. To each according to his need, from each according to his ability...that should do it.
TARP is just one of many government programs. What about TGLP, a whole alphabet soup listing of other programs, opening of the discount window, money at 0.25%, the information that not only were these banks in deep financial trouble, but were taking in money from the government through other avenues. What about money paid out through AIG that has yet to be repaid? What about the cost of investigating and prosecuting fraud?
All but 27 billion was paid back.
Oh, what's a paltry $27 billion here and there as long as the banksters are happy.
And they wonder why people are occupying Wall St? My income went up 2% from last year. I am at a loss for words at the stupidity of those on the right to continue to drive this country to ruin to protect millionaires and billionaires.
I am glad to hear your pay went up 2% (many Americans took a substantial pay cut since this time last year). Although, it's too bad inflation is at 4.3%. You feel getting that raise will help. Yet, you're still behind the eight ball because prices rise with inflation. If your company cared about you...they would have given you at least a 4.5% raise.
Yes, and this is the norm. We the workers get a pittance for a raise, while our real incomes drop....and the rich get richer.
The gap between rich and poor is now the same as it was during the Great Depression.
Who's laughing now?
TAX THE RICH!!!!!!!!
Yes, I did make a 2% increase and I work for a not for profit hospice so 4.5% is out of the realm of possibilities. My 2% annual increases will take the rest of my life to make up for the 6 months of lost wages when I was unemployed in the year 2010.
The rich can't afford 5% increase in their tax bill to help close the debt hole while the rest of us will pay with decreases in our Soc. Sec, Medicare, Medicaid, etc. If the rich are the job creators won't that 5% "loss" be offset through their tax breaks for hiring new employees, hiring vets, pay increases for staff, investments in capital that is in Obama's Jobs Bill? So what would their net tax increase be.... 2 or 3%??
If all the so called "rich" get taxed it will increase the revenue collected to $39 Billion. That is a lot of money to every individual. it is not a lot of money to pay off the American debt unfortunately. It is a priveledge to pay taxes and live in this country. I pay my fair share but i am getting beat up more and more to pay additional. It is time for people to stop whining about the economics of this country. when Obama is out of office, large corporations will start spending the cash they have saved. Economic growth will be spurred when corporate America starts to invest. tax all you want. that won't fix the problem. All the occupy wall street losers need to take a shower, go home and get haircuts. Maybe then they can look for some work.
Pete, please share what you are smoking. Corporations aren't hiring because middle class consumers can't afford to buy anything. It has nothing to do with who is president. You heard this on Fox didn't you? Or did Rush say it? The Rebubs want to "broaden" the tax base. In English that means to raise taxes on the middle class to pay for all the tax breaks the wealthy have already enjoyed. Don't be a sucker.
There are 3.5-4.5 million people hired every month.
The ceo's & high-ups of these bail-outs are rejoicing watching their own bank accounts swell disproportionately to the workers that were laid off; all in the name of making those earnings look nice & fat. And people are occupying Wall St. and increasing in numbers around the country? And they wonder why that is?
banks and other companies have discovered the secret to more profit, get rid of a bunch of people and the rest will pick up the slack and not complain for fear of losing their job too. I know many folks who fell like their aere working two full time jobs just to keep the one they have for the same or less pay.
Jobs are outsourced to the Far East and Mexico. The protester signs should read, "Stop outsourcing. Bring the jobs home."
My sign reads, "This is the land of opportunity...create your own job and stop waiting around for someone to give you one. And stop complaining they are all outsourced."
We're not all fortunate enough to get Daddy Hand me Downs PatsFan. Some people have to work.
Like I've always said... not everyone can be CEO, someone has to do the work.
Is protesting working, because that's what this bunch of losers are doing. They are not working. Boo-hoo, I dont want to pay my bills, I'll protest. This mentality is going to take us down the same path as Greece.
Unless you are part of the 1% who rule this nation, you are your own worst enemy--with an attitude like that.
Many of us--those of us who are educated--understand and support the protesters--even those of us who do have full-time jobs!
Time to wake up!
Don't know where you get your info from Cotton, on anyone "not wanting to work". Most of these people can't find jobs. Just FYI, the economy is bad, in case you missed that. But it also makes me laugh how quickly people leap to assumptions ala Fox style by assuming that all Occupy supporters are unemployed.
Who says anything about hand me downs...Tony. You want to work...and make money. You got 100,000 protesters in 80 degree heat...all day long living in tents...right?
Got to the store and buy a few boxes of lemonade for $20.00 and sell each cup to them for a $1.00 I am sure you will make a killing. Go buy a few boxes of burgers and hot dogs....take your grill in the back of your car and feed them for $2.00 a hamburger...
People in this country need to think of ways to make money rather than bitch about how they lost their job.
If you are a laid off HR person work your connections, do some research, and start your own staffing company...
If you are a laid off customer service represnetative work on a presidential campaign or start networking, get a business Skype account, and start your own call center operation for a local company.
It isn't hard to find ways to make money you just have to stop being bitter, clear your head, and think of ways on how you are going to provide for your family.
Did Bill Gates start Microsoft with $25 Billion dollars? Nope. Did Steve Jobs start off with a $25,000 nope. Did Oprah have a pot to piss in when she started on her quest to her first $1,000,000? Nope.
Apple took off after a recession, Ford took off after the great depression, Microsoft took off after a recession.
Who will be the next Steve Jobs? The next Bill Gates? The next Albert Eistein? The next Donald Trump? None of you if you don't stop complaining and starting thinking.
You can't be serious in suggesting that the answer is for everyone who's unemployed to sell lemonade or hotdogs. If it were that easy to market a product or start a successful business, then this whole economy stuff would be a myth.
Bill Gates was in Harvard at the time. How terrible could his life have been? Albert Einstein was a unique thinking, and you can't expect everyone in society to do the same. The only name you mentioned of any meaning is Jobs, and even he had some funding through associates. Those are bad examples my friend. Yes they apply as people who have found success, but its unrealistic to think that can apply to everyone in society. There are too many variables in people to expect everyone to do the same. Donald Trump didn't inherit his fortune???
You are not considering that there are unemployed Heads of Households out there that can't afford to sit and tinker in a garage. They have to try and find a few bucks to feed the family and not get evicted.
I truly wish life and society were as simple as you typing those words. But it's not. Its easy to type that from a cushion chair because you currently have some fortune. But don't knock those that fell into misfortune.
They can't DO that PatsFan - there are food vendor permits required. Too much regulation. The whole system is bent to make it hard for the little guy to get ahead.
This is at the heart of the anger and frustration of many in the middle and working classes. At the same time banks are reporting substantial increases in profitability, they are adding and increasing fees instead of reducing or eliminating them which would make them really competitive. Anyone who thinks that prices are determined by competition is flat out wrong. The minute one company (think airlines and baggage fees) add a charge, all the others do too in order to cash in on bigger profits instead of competing for more business. One of the biggest problems with the economy (the national as well as the global economy) is that corporations and financial businesses are actually playing by an entirely different set of rules than they are telling people to use. If people want to scare the hell out of Wall Street, withdraw all your pension money and put it in simple interest bearing savings accounts, or better yet, US savings bonds.
If you are angry about it join the protest march one day. I went on Saturday and marched.I am angry and mad. I can;t go everyday but when you can go...go. Show them you are angry. Nobody ever got anything without a protest, except the banks...thye have all our money. Now do you know what the protest is about? This is America, it is our right to porotest.
How about take money your of the banks that would work.
Does the "bad economy" only hurt the middle class?
It hurts millionaires too...their jet fuel costs more, caviar is running $150.00 to $6,800.00 right now.
It hurts the poor too...milk is $3.89 a gallon, cereal is $4.29 a box, bacon is $8.50 a package...
Fixed income people (Senior citizens) are back to eating cat food and raman noodles (20 for $10.00).
Point one makes me laugh and sounds like a joke. That can't be serious post..
Point 3 is not valid because poor people live off government welfare programs. Economy my foot.
Only working people feel the crunch.
It is real www affordablecaviar com
I am not poor by government standards, my family makes $264 more a month than the 200% guidlelines for assistance. There is a class below the middle class and above the poverty line called the "working poor". They are the ones that feel it the most.
Most "Middle Class" should be labeled "Union Class".
You have that wrong. I make WAY more than those numbers, and still have a hard time keeping up with inflating prices, taxes, and other cost of living. The economy crisis hurt people like me more than anyone else. I have worked my way up the ranks for years, and thus increased my salary. The economy tanks and companies either make me take a paycut, or they hire a junior employee who will work for 1/3 of the cost and they pay for training. That same thing happened to multitudes of people I know. Salaries dropped, but cost of living did not.
Again, if you are poor, the government pays for your food and shelter. If you are rich, caviar is your worse concern. I am in the group that feels it the most.
I never said those were you numbers Tony. I said they are my numbers...I was laid off and took a $45,000 cut in pay to work at Target as a security guard. My wife took a $35,000 cut in pay and is now working in a school cafeteria. With our two kids, a mortgage, and two cars we don't qualify to be poor and the cost of bacon, milk, and cereal just keeps on rising.
Standard cost of living in MA right now is $57,000. We together, barely make $46,000.
I am not middle class as defined by many here. And we don't qualify to be poor. We, the "working poor" feel it the most.
Why didn't you just start your own lemonade business??
Sorry if that sounds sarcastic, but I can now remark on both your posts. Above you chastise the protesters for complaining about the economy because you feel they just need to start their own business and stop complaining. Yet you yourself feels the pain of what this whole fiasco has done to our way of life. It doesn't matter how far above your rate is from the poor scale, the point is that we, the people that have to go to work everyday to provide for our families, have suffered the most. I understand you have now re-bracketed yourself by using your new pay scale, but in reality your economic value is higher based on what your true profession is. You can't say a rich guy has suffered just because he took a pay cut. He can still feed his family. So can the poor person. WE cannot.
All that being said, I hope all goes well for you and your family and that more prosperous times are ahead for all of us.
They have been doing this since they 90's.
Only some are.
I did I made $125 selling food in Boston to the protestors Tony. I also ams starting two of my own businesses as we speak. I had to go out ans see an attorney on setting up my LLC and getting the food permit for Boston.
Unfortunately it will not get better until 2014...hope yall can wait that long.
The question is will they sit on the cash and hand out obscenely large bonuses and paychecks to executives like so many banks are doing, or will they use the profits to make mortgage loans and investments in small business? They have an opportunity to make a difference now. Let's see if they do the right thing.
Nellibly...I'll hold my breath for that...
The banks didn't create the mortgage crisis. The shady, unregulated mortgage brokers who were taking applications (paperless, no verification of payroll needed, if you're employed you got a loan, etc...) out of hotel conference centers, function halls, and rooms were the real culprits.
In fact, when many banks turned people away because they couldn't afford the loan in which they were asking...they would go to these crooks and they would push the loan through with inflated payroll fugures, extra people added on the application to boost the debt to income ratio, etc.... to get the underwriter (bank or broker) to approve the loan.
Then, these mortgage brokers, laundered the mortgages through the system in packages with good, sub-prime, and toxic loans to governments, banks, and lenders around the globe.
Remember in the 2000's seeing the Home Run Derby during the All-Star Game's sponsored by AmeriQuest? Or AmeriQuest Field in Arlington, TX? Where is AmeriQuest now? Oh yes, closed down well before they could be indicted for mortgage fraud. "Former employees from Ameriquest, which was United States's leading wholesale lender, described a system in which they were pushed to falsify documents on bad mortgages and then sell them to Wall Street banks eager to make fast profits. There is growing evidence that such mortgage fraud may
be at the heart of the financial crisis of 2007–2010." Retrieved from, Road
to Ruin: Mortgage Fraud Scandal Brewing May 13, 2009 by American News
Project hosted by The Real News
Who was left holding the bag for Ameriquest's fraudulent actions...Citi!
Wall Street did contribute to the mortgage cirsis, as did some banks. As did many Americans and well as private companies like MERS. And many lenders (not banks) saw dollar signs too.
I can tell you a story of a Boston woman who created loans for people she knew weren't going to be able to these loans (made around $150,000 a year for five years) and is now making twice that off the same people and all their friends and family in loan modifications (that the people still can't afford). She boasts..."I had them coming and I have them going." I say she is the type of person Occupy Wall Street protestors should be upset with these days.
Numerous bank execs have been interviewed and all have the same comment. There is only limited demand for loans from credit worthy borrowers, the kinds of loans banks should be making. The last thing we need is for banks to begin making loans again to anyone who can crawl in the front door. The days of anyone and everyone being able to get a loan are thankfully over and we must avoid going down that road again, since that is exactly what caused this last financial crisis and deep recession.
What these banks may need to look at is the kind of micro-loan programs usually managed in third world countries which allow people just enough of a loan to get on their feet and become self-sustaining, and involve pay back plans that are actually achievable by the recipient - and roll over to the next recipient. Such programs work with people to make the loan work, not hover over them unwilling to make any adjustments and just waiting for the opportunity to declare failure and put liens on everything in sight.
They do, it's called a credit card.
No - because banks raise interest to rates that are downright usury whenever they want to. When someone finds themselves in financial difficulties and tries to renegotiate with a bank to make it possible to pay back what they owe, the banks usually give them such limited repayment options that don't help the situation at all. The result is the bank gets to write off the "bad" loan as a deduction and the individual gets a bad credit rating, even if the problem is temporary and was unpredictable. Every financial advisor says to contact the lender who will be more than willing to work with you. No, they are not. The only people they will work with are credit agencies who charge you a ridiculous fee to negotiate for you and then a continuing ridiculous monthly fee to disburse your payments. If we follow the trail for such agencies, my guess is they are owned by the banks to begin with and this is just another way to make money.
What people need to realize is that banks AND CREDIT UNIONS want you in debt for the rest of your life. There are ways to pay off your mortgage in less than 30 years. Do you think they want you to know those ways? Nope. Why? They make less in interest.
Are there ways to become credit card debt free in 4 years or less? Yes. Are there ways to increase your savings and retirement accounts? Yes.
Do banks and credit unions want you to know these ways? Nope. Why? Then you wouldn't need a reverse mortgage when you grow older or you wouldn't need loans or credit cards throughout your lifetime.
I don't charge a fee to help people out of debt. I tell them straight up...you need to use time-tested financial prinicples in place that debt consolidation companies, banks, and financial adivosrs don't want you know about in order to get yourself out of debt as quickly as possible.
Then, I tell them straight up, if their monthly income isn't going to be enough to pay their monthly bills, they need a second job and it needs to pay you this much...if you need a babysitter and you need to pay them, then you need to make this much a month.
PatsFan (incidentally I'm one too, even when they were embarrassing!) You are absolutely correct and I believe the financial industry's worst nightmare is if people actually learn how to, and return to, a primarily cash only life.
We are heading straight back to the 1950's...mom and pop stores with family tabs until threy get paid, people not traveling far from home for work, and other things, with prices reflecting inflation and such. lol
Wells Fargo destroyed so many lives & their families in their layoffs as did Wachovia who was acquired by Wells. The loss & destruction to the livelihood of AG Edwards & Golden West good people can never be measured. Pure greed. Wells with your great profits, how about hiring back the tens of thousands of people you laid off?
partially destroyed...they are still receiving 50% on unemployment which is paid for by Wells Fargo.
And they will have you arrested if you try to close your account.
More like stop the unemployment check if they try to close your account.
Time to close the bank accounts!
November 5th is the official date so open another account - at a bank that did not take bailout money or a credit union - now to make sure that you are ready! Don't get arrested, and if you do call the National Lawyers Guild in your area, they will help you.
The only two credit unions you should do business with are USAA or Navy Federal Credit Union.
Every other credit union is a tax exempt bank that charges you the fees the greedy bank does.
NASA Federal Credit Union is also Great. We ave NASA ans Navy.
PatsFan - not true. I'm with USAA and a SSFCU and SSFCU does NOT charge fees. They are both awesome.
Great. have fun with them.
This is an Email I got to day.
They made record profits and the customers are the ones who are getting screwed!
Not only their customers but the country as a whole. We still have their bad debit gaunted in Freddie and Fannie by the American People. That's whether you pay taxes are not. Uncle Sam now owns more foreclosed property than all home loan lenders in this country.
Pete, I'm part of the Occupy movement in Austin, Texas. I work 2 jobs (and feel very fortunate to have them), I bathe and I get my haircut at a bargain place once a month. Glad you could paint with such a wide brush something you don't know anything about. Kinda like you pulled that tax figure out of your rectum. Wake up Pete, you are being raped by the oligarchy too.
So, why are you part of the Occupy movement? Enlighten me...I don't get all the hoopla. Why are you protesting Wall Street exactly?
PatFAn4Life, I suspect gudpackage is protesting because, even though he's well off, he thinks about more than himself.
Those Bas..t made money by laying off people and sticking to the customers. Hear is a good story for CNBC American Greed but wait isn't CNBC in the stock buisness? We customers are going to get screwed all the time. Banks don't give a damm as long as they are making money and there ceo are doing a good job so when they decided to retire they will make millions on there pension.
Any business is in business to make money. It's a simple fact and we all know that. If you want to blame anyone for any of this you need to set your sights on Washington, D.C. That's is where the problem is. If you don't vote maybe we all should reconsider.
What do you think happened when the Government bailed out the lenders? The Government bought the debit and we are paying the bills.
Greed and politics go hand-in-hand. Politicians are greedy lying pond scum. They lend banks money and the banks don't lend because they buy gov't bonds. Then banks can borrow money at 0% interest and put it into the stock market.
The markets is vapor-money and you with the 401k's are the ones feeding it.
Wow, they are up how many percent in a recession but they are now charging to use an atm card, I am done with banks. I will stick with my credit union and all the high fees are gone too. All the big company are all alike. Invent an ATM to be convienent for them (less paperwork) and then turn around and charge us to use it. Cell phone providers such as Verizon and ATT are doing the same thing. Providing the new smart phones that have everything and then saying, well you have to pay more to use them. Anything to screw the consumer out of more and more money. Cell phone now out number people in this country. I went back to basics on that too. Keep your web, your email and your costly ringtones and I will keep my money.
It is like the oil companies. Society has accepted that the prices will rise according to inflation and demand because they have finally come out of the closet and said to the world we are obtaining our profits now, while we can, because the resources are limited and we will need to find another cash cow in the future.
I don't see anyone picketing Exxon, Cheveron, Hess, or anything now.
Banks are telling you, look, the next three years are going to be tough for the U.S.; it's financial future is uncertain. But, as your legislature imposes more ways on how we can make money we have to find new ways to maintain our current profit levels. As a result, we are implementing these new fees. If you don't like it, go to another institution.
Buyer beware...usually when a big bank does something...all the little banks follow after they see how much the big banks have earned. Yes, even credit unions do it too. After all, how many credit unions charge $25, 26, $27,$28 dollars if you don't have enough money in the bank when a debit transaction, charge authorization, monthly bill, or check you wrote clears your account?
How many credit unions and small local banks charge you a transaction fee if you use an ATM that isn't theirs? Yup, all BOA ideas that have caught on and become the "norm" in the American banking system as a whole.
Have you considered starting your business where you hire so many people that they make more than you.
Although that sounds nice, cute, warm, and cuddly...it will never happen. However, there are a couple of companies out there that don't want to hold under the corporate thumb and keep you poor for the rest of your life.
In my part-time business gardener3333 I do want everybody I hire to make more money than me. I encourage them to do so. We have healthy, spirited competitions to see if they can beat me in earnings. But, the reality is...when they make money...I make money.
So, lets say I earn $15,000 and I hired and mentored 10 people to earn $50,000. I just earned (($5,000*10)+$15,000) $65,000. Can I tell them I earned $5,000 each off their hard work? I could if I now want them to strive to beat $65,000 a year.
If they each hired ten people and they each earned $50,000 and my original 10 hires earned $75,000 and I earned $20,000...guess what; I earned ((500*100)+($3,750*10)+$20,000) $107,500.