THIS CLIP IS ABOUT CREDIT CARD RATES -- In front of the House Finance Committee, Bankers acknowledge that they have jacked up credit card interest rates on existing balances of consumers after they have received taxpayer bail out money. Is this how they pay us back? Scumbags!
Anybody with a credit card knows how these banks have initiated double cycle billing, reduced due date times, and jacked up rates at will. Why? To keep those profits up up up to keep Wall Street happy and stock price high for shareholders. But as we now see, greed is not good and the chickens are coming home to roost.
Executives from the financial institutions who received funds from the $700 billion banking bailout faced their critics on the House Financial Services Committee on Wednesday February 11, 2009 in Washington. The chief executives at the hearing are: Kenneth D. Lewis of Bank of America, Robert P. Kelly of Bank of New York Mellon, Vikram Pandit of Citigroup, Lloyd C. Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John J. Mack of Morgan Stanley, Ronald E. Logue of State Street, and John G. Stumpf of Wells Fargo.
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