Posted on 10/06/2011 9:22:39 AM PDT by tobyhill
Bank of America's CEO defended his bank's new $5 fee on debit cards on Wednesday, saying that customers and shareholders understand the bank has a "right to make a profit."
Bank of America (BAC, Fortune 500) CEO Brian Moynihan defended the move, which the bank announced last week in response to new caps on debit card swipe fees that the banks charge retailers.
Bank of America's announcement of a new debit card fee was followed today by an announcement of new checking account fees by Citibank (C, Fortune 500). These new bank fees have fueled a populist backlash that has coincided with a series of protests against Wall Street banks around the nation.
Moynihan stopped short of criticizing President Obama who earlier this week said to ABC that banks don't have an "inherent right" to a "certain amount of profit."
But BofA's chief did say banks have an inherent right to make a profit in an interview Wednesday with CNBC's Larry Kudlow at the Washington Ideas Forum, sponsored by the Newseum, the Aspen Institute and the Atlantic magazine.
"I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders," Moynihan said.
(Excerpt) Read more at money.cnn.com ...
Yes, it is hard to conjure sympathy for a limo-socialists when they get what they paid for. Geesh! What did they expect????
“..you forfieted that right to have a profit...”
I see, and your above statement from post #2 doesn’t show business or ignorance?
Excuse me, but I did not make that comment. That was somebody else. Now can YOU admit you were wrong?
ya...i’d be the first one to mis trace the comment audit trail....
grevious sin...
As for the business assessment, it you don’t like the cost, don’t use the product.
Whining about were a companie’s profits origniate is useless.
I’m not whining about BoA’s profits. I don’t believe I ever used the word profit in reference to them. I am only commenting on how useless and stupid they are. I don’t plan to ever do business again with BoA again and this new fee has nothing to do with it.
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