Truth Be Told: Bank Of America Looses $800 Million and so does it's customers.
Here's a quote straight out of one of the reports from Fox Business on this story. If you can't tell what's wrong with this picture, I will enlighten you.
"Bank of America (BAC
A settlement would represent the newly-created agency's fifth settlement with a credit-card provider over add-on products like identify-theft protection and debt cancellation."
Got it yet? Let's go over this. The government starts yet another agency, the Consumer Financial Protection Bureau, because there's just not enough government agencies. No other agency could have handled what ever the hell this one is doing, they could not have just added some personnel and a couple of more desks, they needed another AGENCY!! That's my first problem here. This is one of those things a President or Congressman proposes to add something to their legacy. " Oh yeah, I started that Bureau and we've taken it to those bad ole banks!!! Yes, sir!!". I'm sorry, but growing government with another such Bureau is good only about 2% of the time.
" But Mr. Shirley, they socked it to the Bank of America, that's damn good!!" you may be thinking. Let me first say that I just opened a savings account with said bank and I don't want them pushing me into protection or extras that I don't need. I do believe the government should make sure these things don't happen, but there's already agencies and bureaus that can handle such things. More bureaus means more man power, more investigations as they have to justify their existence, more paper work, more money needed to fund these.....
There's what I was coming to, the MONEY!! $800 MILLION DOLLARS and this is the Consumer Financial Protection Bureau's (What a BS name) FIFTH settlement!! Well, they sure are well funded if you ask me. They should not need ANY taxpayer money for about 100 years. Let's look at that $800 million, where does it come from? The Bank of America will be giving to the CFoB the money from where? That's right, the money they have made from their customers. So this government Bureau protects us by finding a wrong doing by the bank, then hitting the bank with a heavy fine and then the bank will find a way to offset the fine by getting it from the customers some how. Our fees will be raised or the minimum requirement for a free checking/savings account will go up, etc. , etc...
How come the customers whom the bank perpetrated these extra protections upon don't get a piece of the $800 million? That would be protection I can believe in!! That would be true justice from an upstanding government agency that puts it's money where it's citizens are! But, NOOOO, they will celebrate this victory in the CFoB and at the end of the year they will party down! There will be a big banquet in a swanky hotel with award plaques, a catered buffet, open bar and a service staff of Bank of America employees. I'm outraged all the way around and I'm not sure why more people aren't.
Actually, I have a good idea why there's no outrage. People want the government to do everything for them and when a Bureau from the government, especially a new created one, hits a bank with a disciplinary action like this, folks only see the bad old bank not the Bureau taking the cold hard cash. We get ripped off either way!!
Truth Be Told: Whose going to protect us from the protectors?!!