Bank of America Needs Debit Card Money CEO Brian T. Moynihan Only Made $1,940,069 Last Year

[babsbunny]

http://hillbillyreport.org/diary/3381/bank-of-america-needs-debit-card-money-ceo-brian-t-moynihan-only-made-1940069-last-year

by: Hillbilly
Sat Oct 01, 2011 at 03:08:50 AM EDT

Bank Of America wants more of your money and they want to put it on your debit card, $5.00 a month. I guess the $45 billion they received from the tax payers wasn't enough.

CNN Money
Bank of America has now received a total of $45 billion in government aid.

[banned from Kos]

1. Geithner made a $4.5 billion profit on BoA - according to ProPublica

http://projects.propublica.org/bailout/entities/27-bank-of-america

Way to stick those bastards, Timmy!

[valerief]

2. and how many trillions in no-interest loans from the Fed, too? nt

[dana_b]

3. I kind of wish that Warren Buffet had not

helped them out. Of course then they would make it even worse for their customers. To hell with these scum bags.

[banned from Kos]

4. Buffett is helping Berkshire out at the expense of BoA - he is getting 6%

on his loan to them.

Why would BoA not just borrow from the Fed?

The Fed requires collateral - Buffett does not.

[Turbineguy]

5. But if they don't get the money

Moynihan will have to leave and then they have to pay him many millions more.

[classof56]

6. Didn't they recently announce they were laying off a few thousand employees?

Or was that Chase? Lehman? Another one? They all seem to roll together in a lump anymore. So glad taxpayers and customers can help their CEOs flourish in such fine fashion. :mad:

A pox on all of them!

[sfpcjock]

7. You know how much they make from even the new 22 cents fee, don't you?

The PBS guy said it's something like a 500% profit. It costs 4 cents to process a debit card transaction according to the CBO or something like that. All that adds up to $9 Billion pure profit (less card printing and the 800 number, which can't be $8 Billion, can it?)

BofA would not go on the Newshour to discuss it with a nut from the bank board and the above reference.

[banned from Kos]

8. Yes, but Visa gets the bulk of that fee. Look at your debit card - its Visa/MC in reality.

That said, I fully support the Durbin amendment since I favor the retailers and consumers.