Don't Be a 'Bank Transfer Day' Lemming
01.01.70
.” Now, I knew this petition and I were not going to get along right from the first few sentences: “When the recession first hit, we gave Bank of America billions of dollars in bailout money. Our reward is higher fees for the same services.”
Actually, our “reward” was $4,571,516,269 . That was the profit the country made on our investment (we didn’t “give” B of A anything) into Bank of America as part of the bailout. To be specific, the government purchased preferred stock with warrants.
Now I can just envision the emails I’ll receive–”DR, why are you defending big banks? They must have paid you to write this crap!” As an aside, I can’t tell you how many people have accused me of being paid to write articles about big banks. Apparently, if you don’t join the “movement,” you must have been paid off. Nope. Full disclosure–I don’t bank with BofA, I don’t use its credit or debit cards. And I have absolutely no affiliation with the bank at all.
Source: The Dough Roller