Bank Bail Outs and Other Public Bludgeons


Published on June 8th, 2009
10 Comments

I was reading about the bail outs in the NY Times today.¬† It said “The Obama administration plans to require banks and corporations that have received two rounds of federal bailouts to submit any major executive pay changes for approval by a new federal official who will monitor compensation,”

It also said that the “executive pay has been a delicate issue for the Obama administration and Congress, particularly since it was revealed that A.I.G., the recipient of at least $180 billion in taxpayer money, was handing out $165 million in bonuses. The episode left officials struggling with just how to balance public anger with compensation rules that would not put the industry at a competitive disadvantage”

Public anger? More like Public Bludgeon. lol

A competitive disadvantage? Hey official representatives, just whose side are you on? Aren’t we haveing this whole conversation because we know that the bankers are scammers? Isn’t that the very hope for change that Obama rode in to the white house on? What are we all acting surprised about here?

“The banking industry had been lobbying the Obama administration to exclude traders and other highflying salespeople from the top 25, fearing it would lose top talent to competitors not constrained by the rules of a taxpayer bailout.”

Talent?

I would like to ask you, the people reading this right now. How much ($$$) is banking talent worth to you? Have you thought about that in terms of it being a service you’re willing to pay for?

I mean to say, do you think that some little banking starlet deserves a 165 million dollar bonus over let’s say, some talented artist? Really. Would you rather give one hundred dollars to the hippy on the street juggling balls with his pet travel companion, or give some “talented” banker an almost unaccountable amount of YOUR money that¬† YOU worked for just because he was smart enough to figure out how to scam you?? Come ON?? Even if you don’t LIKE the hippy! I think we know what the answer really is.

I don’t want to go on here about how evil the banks are. The point is that we are freegans here, and we’re talking about dropping out of that economy, right? What can we do about those banks? First of all… don’t do any business with them!

My bank, Bank of America, increased my monthly fee arbitrarily and then fined me when I unknowingly over drafted! They are making billions off of these scams.

There comes a time, people, when you have to realize that the nuts and bolts of daily living are infused with a deep political reality. Who you do business with greatly effects the course of world history, and lives across the world right now.

So please all reading this post, switch to a nice community based credit union!  For starters.

Here is a link to the article I’m quoting.

And here is a link that I googled to help find a credit union in your area. I have no idea if it’s anything good! lol. I just googled it! Please, if you use it, comment back to this post and tell us if it was good or bad!

~MaDTruthSeekeR


10 Comments

Comments

10 Responses to “Bank Bail Outs and Other Public Bludgeons”

  1. Secret Freegan Says:

    Hi,
    The link worked great–gave me all the credit unions in my area. Thanks!

  2. Mark Says:

    Great advice, Leia. Ideally we wouldn’t have to have anything to do with banks or money, but most of us have little choice so we have to make the best decisions we can. Credit unions are good, but not the only option. I found a small local bank by going through the phone book and eliminating the large banks. Then I went to the websites of the ones that were left and found that some of them only catered to big depositors, so those obviously weren’t for me. Of the few remaining, I googled them and found that some were under regulatory supervision for having made risky investments. But I found one that was located near me, did great community work, had never made risky investments, and offers everything the big banks do but with lower fees and more personal attention. I’m proud that my bank works with a local women’s shelter and with groups like Food Not Lawns–and not just with donations, their employees also put in volunteer hours and the bank pays them for doing it. Before you open an account with a new bank or credit union, research them. Their annual report should be available online and you should be able to google their board of directors. Being a bank may not be the most moral thing in the world, but it doesn’t mean that they have to be totally corrupt. If they know there are limits to growth, avoid negligence and risky investments, and give back to their community, when our economy collapses, as any Ponzi scheme eventually must, they’ll be the banks that people won’t burn down. Of course they won’t have any money–nobody will, and what there is will be worthless, but nobody will blame them for a crisis that wasn’t their fault.

  3. Michele Says:

    MaDTruthSeekeR

    So right. I have banked with several large institutions that never cease to amaze me with the myriad “new” rules that inevitably lead to me paying them more for the use of MY money.

    I deposit MY money and they give me a measly little interest rate but they nickel and dime me to death so that basically they are receiving an interest free loan with my money yet they charge usurious interest rates when they approve their credit cards or loans!

    The nickel and diming: charging me to speak to a real account rep., chargeing me if I transfer money too many times in a month, (real story, ING threatened to close my account because I transferred MY money from Sharebuilder to checking to savings (3 transfers), charging me if I write too many checks, charging me when I withdraw my money from another ATM, charging me if my account falls below a certain amount etc.

    My understanding is that the banks make more money off of these above fees and overdraft fees so they are always looking for new ways to increase their coffers.

    Really, those golden parachutes ain’t cheap. LOL.

    Chele

    Yeah, I’ll be looking at a credit union.

    I have been flirting with

  4. Jon Thornton Says:

    Lots of info, just don’t know where I would begin, says something about members sharing a “common bond” like an employer or church or some kind of group. I’m wondering how I could find such a group as I’m self employed. I’ll have to look into it more. I like the idea.

  5. Mike D. Says:

    I am sure in either case that the recipient of funds will spend the majority of it on unhealthy drugs and will probably not contribute much to society thereafter. Perhaps they’re really the same person, incognito?

  6. Sadler.C Says:

    Look I understand where you are all coming from, but the world runs on hard work, at least this country does. No one likes to run a company that makes billions of dollars in revenue without a slice of it. I know you feel badly against the “talented” business exec. but no one would do the job for less. The same way Tiger Woods is with golf, or Dwight Howard is with basket ball, these exec’s have a talent for market needs and can manage a company of individuals into a team of people who are responsible for everything we have today. Hell, this site would not exist if Cisco decided to hire the hippy on the corner insted of the Stanford Grad with some ambition.

    What happened when auto makers decided to take federal money,the government then “decided” that they “own” it and told all the exec’s that they would not be able to keep their 30 million dollar pay checks. So they left and took their marketing teams to England, in this example. Bugatti hired the past exec from GMC’s internal affairs manager. If the money leaves America, so the jobs.

  7. Jasmine M. Mendoza Says:

    Hi, It is likely our posting is off topic but anyways, I have been surfing around your blog and it looks extremely cool. It is obvious that you know your topic and you seem passionate about it. I?m developing a new blog plus I am struggling to make it look great, and also offer quality information. I?ve learned a good deal at this website in addition to I look forward to a lot more posts and will be back soon. Thanks.

  8. Banks Says:

    Sen. Lowell Barron and other members of the Senate Democratic Caucus said Wednesday they will make the proposed constitutional amendment a priority for the legislative session beginning Jan. 12.

  9. Emily Says:

    One thing I know, all these jobs that everyone’s worried about losing…
    I saw a sign on the freeway noting funding for road work. It stated “Keeping America at Work” ok
    with a person shoveling dirt.

    Thats “Keeping America at Work” folks,= happy slaves, I suggest also all freegans seriously look into permaculture.

    Collective ownership

    this guy last night, i heard his idea, hurry up by 4/15 but, Get This- You start a corporation who sells partitioned living spaces in an abandoned warehouse, or empty plot of land as new homes to members of your collective, who all claim the first homebuyer credit, receive said credit $8k x 10 people =$80k, make that your downpayment on some serious collective lands,

    i was inspired

    also, you might want to check out money as debt on you tube, a colorful presentation

    that’s why i chose a credit union

  10. Henry Says:

    Here’s a tip that I found works very well with bank fees and bounced check fees…
    Bounced check fee: I actually balance my checkbook and take PERSONAL RESPONSABILITY for my financial actions. Since I started doing this, I haven’t bounced any checks.
    Other fees: There’s this thing called “competition”. Banks actually try to get customers from other banks by offering no fee banking, etc. I’ve found that when I actually read the account information and ask a few questions, I can easily find out if I’m getting totally free checking and what parameters may bring on a fee.
    Try these tips, I think you’ll find them helpful.

Leave a Reply

You must be logged in to post a comment.