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#18854 - 11/01/11 09:37 AM Re: Oink Oink, You Banks, Oink Oink [Re: jchuzi]
jchuzi Online


Registered: 08/04/09
Loc: New York State
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#18855 - 11/01/11 01:04 PM Re: Oink Oink, You Banks, Oink Oink [Re: jchuzi]
joemikeb Online
Moderator

Registered: 08/04/09
Loc: Fort Worth, Texas
Oh horror of horrors. Their CEO, Brian Moynihan's salary and bonuses have already been frozen at $950,000 and $9,050,000 respectively so I guess they will have to layoff hundreds of low wage tellers to make up for the loss of anticipated revenue.
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#18857 - 11/01/11 03:57 PM Re: Oink Oink, You Banks, Oink Oink [Re: jchuzi]
ryck Online


Registered: 08/04/09
Loc: Okanagan Valley
I wonder if this means they spend time at FTM. smirk
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#19159 - 11/14/11 03:48 AM Re: Oink Oink, You Banks, Oink Oink [Re: ryck]
jchuzi Online


Registered: 08/04/09
Loc: New York State
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Jon

OS 10.14.6, iMac Retina 5K 27-inch, late 2014, 3.5 GHz Intel Core i5, 1 TB fusion drive, 16 GB RAM, Epson SureColor P600, Photoshop CC, Lightroom CC, MS Office 365

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#19160 - 11/14/11 04:24 AM Re: Oink Oink, You Banks, Oink Oink [Re: jchuzi]
ryck Online


Registered: 08/04/09
Loc: Okanagan Valley
Banks have felt so insulated for so long they seem to have forgot that people may need "banking" but they don't need "banks".

In Canada, legislation has opened up "banking" and, as you can see here , even a major grocery chain provides banking services - pretty much everything the average person needs.

Their free stuff includes transactions, bill payments, cheques and chequing - as well as points towards grocery purchases. Hopefully this kind of 'opening up' gets international traction.


Edited by ryck (11/14/11 04:27 AM)
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#19165 - 11/14/11 07:13 AM Re: Oink Oink, You Banks, Oink Oink [Re: ryck]
Hal Itosis Offline


Registered: 09/03/09
Loc: 10.6.8 (build 10K549)

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#19168 - 11/14/11 08:22 AM Re: Oink Oink, You Banks, Oink Oink [Re: Hal Itosis]
grelber Offline


Registered: 08/05/09
Loc: North of 49th ||
The more I read about the "horrors" of the American banking system and of American banks, the happier I am to be banking north of the 49th. We won't discuss the degree to which Canadian banks were sheltered from the "breakdown" in the States (except insofar as they held American investments that went south).

For the past 10 years I've had a generally fee-free checking/savings account designated for "seniors". I haven't paid a single fee in all that time (except for wire-transfer fees).

Now you may sigh. smile tongue wink


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#19169 - 11/14/11 11:29 AM Re: Oink Oink, You Banks, Oink Oink [Re: grelber]
tacit Offline


Registered: 08/03/09
Loc: Portland, Oregon, USA
Originally Posted By: grelber
For the past 10 years I've had a generally fee-free checking/savings account designated for "seniors". I haven't paid a single fee in all that time (except for wire-transfer fees).

Now you may sigh. smile tongue wink


The banking I do now is the same way; I have both a business and a personal bank account in a credit union, and I get normal banking services plus bill pay and other "extra" services free.

I only just recently (in the last year or so) discovered credit unions, and man, I gotta say, I can't believe how much better they are than banks. I doubt I'll ever go back to a bank again.
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#19172 - 11/14/11 12:45 PM Re: Oink Oink, You Banks, Oink Oink [Re: tacit]
grelber Offline


Registered: 08/05/09
Loc: North of 49th ||
I should have mentioned that my fee-free banking is in fact with one of the major banks in Canada.

As for credit unions, in large measure (at least in my bailiwick) they seem to have gone the way of banks in the States — charging up the wazoo for services and just for the privilege of having an account with them. Fortunately, it was just at the time they started behaving arrogantly that I was able to switch over to a bank that had no problem catering to me. And I had been with credit unions for several decades before that.
C'est la vie/guerre financière.

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#19196 - 11/15/11 05:53 PM Re: Oink Oink, You Banks, Oink Oink [Re: grelber]
joemikeb Online
Moderator

Registered: 08/04/09
Loc: Fort Worth, Texas
Originally Posted By: grelber
The more I read about the "horrors" of the American banking system and of American banks, the happier I am to be banking north of the 49th


I recently had an extended conversation with a woman who until several months ago was an officer with the Bank of Scotland. She said she had gone from looking forward to going to work each morning at a respected institution she was proud to be associated with to a job she hated with an institution she could no longer respect. As she described the changed fiscal policies of the bank and the now almost feudalistic labor policies it sounded exactly like a relative's description of the Wells Fargo bank where she works. So the problems are not just in the U.S. but throughout the EU as well.

There are excellent customer service oriented banks South of the 40th but most of them are regional or local banks that for the most part are not answerable to the Wall Street money managers and their what have you done for me — this week — demands.
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#19435 - 12/01/11 04:47 PM Re: Oink Oink, You Banks, Oink Oink [Re: joemikeb]
Hal Itosis Offline


Registered: 09/03/09
Loc: 10.6.8 (build 10K549)

Former Chase Banker Admits His Bank Pushed Minorities Into Subprime Mortgage Loans

http://thinkprogress.org/economy/2011/12/01/379332/former-banker-subprime-pushed/
http://www.nytimes.com/2011/12/01/opinion/kristof-a-banker-speaks-with-regret.html

Quote:
One memory particularly troubles Theckston. He says that some account executives earned a commission seven times higher from subprime loans, rather than prime mortgages. So they looked for less savvy borrowers — those with less education, without previous mortgage experience, or without fluent English — and nudged them toward subprime loans.

These less savvy borrowers were disproportionately blacks and Latinos, he said, and they ended up paying a higher rate so that they were more likely to lose their homes. Senior executives seemed aware of this racial mismatch, he recalled, and frantically tried to cover it up.

“The bigwigs of the corporations knew this, but they figured we’re going to make billions out of it, so who cares? The government is going to bail us out. And the problem loans will be out of here, maybe even overseas,”
Theckston explained.



AlterNet - It's True: The Banks Got Bailed Out, and We Got Sold Out
Quote:
As a regional vice president for Chase Home Finance in southern Florida, [James] Theckston shoveled money at home borrowers. In 2007, his team wrote $2 billion in mortgages, he says. Sometimes those were “no documentation” mortgages.
  1. “On the application, you don’t put down a job; you don’t show income; you don’t show assets,” he said. “But you still got a nod.”

  2. “If you had some old bag lady walking down the street and she had a decent credit score, she got a loan,” he added.

  3. Theckston says that borrowers made harebrained decisions and exaggerated their resources but that bankers were far more culpable — and that all this was driven by pressure from the top.

  4. “You’ve got somebody making $20,000 buying a $500,000 home, thinking that she’d flip it,” he said. “That was crazy, but the banks put programs together to make those kinds of loans.”

  5. Especially when mortgages were securitized and sold off to investors, he said, senior bankers turned a blind eye to shortcuts.


Edited by Hal Itosis (12/01/11 05:00 PM)

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#19444 - 12/01/11 11:55 PM Re: Oink Oink, You Banks, Oink Oink [Re: Hal Itosis]
ryck Online


Registered: 08/04/09
Loc: Okanagan Valley
Confirmation of what everyone suspected.....and yet, no one's in jail.
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