Dick Durbin encourages a "run" on the Bank of America.

Discussion in 'Politics' started by Max E., Oct 4, 2011.

  1. Max E.

    Max E.

    I find it amusing that Liberals cant figure out the reason why businesses aren't hiring when they spend all their time demonizing them. The anti business rhetoric that is coming out of liberals right now is starting to get ridiculous, this is going to end up very ugly. This new 5$ fee wouldn't exist if these dumb fucks didn't pass dodd-frank. Did they really think banks were just going to sit there and eat this new cost liberals imposed without passing anything on to the consumer?

    Durbin to Bank of America Customers: ‘Get the Heck Out of That Bank’

    Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave.

    <img style="visibility:hidden;width:0px;height:0px;" border=0 width=0 height=0 src="http://c.gigcount.com/wildfire/IMP/CXNID=2000002.11NXC/bT*xJmx*PTEzMTc3Njc2NjAzNzUmcHQ9MTMxNzc2NzY2NjEyNSZwPSZkPSZnPTImbz*wYzdmMDlkZDM*NWI*NzkyOGRhZTYxYmMy/OGZiNGRjOSZvZj*w.gif" /><object name="kaltura_player_1317767661" id="kaltura_player_1317767661" type="application/x-shockwave-flash" allowScriptAccess="always" allowNetworking="all" allowFullScreen="true" height="221" width="392" data="http://cdnapi.kaltura.com/index.php/kwidget/wid/0_uue3qd4a/uiconf_id/5590821"><param name="allowScriptAccess" value="always" /><param name="allowNetworking" value="all" /><param name="allowFullScreen" value="true" /><param name="bgcolor" value="#000000" /><param name="movie" value="http://cdnapi.kaltura.com/index.php/kwidget/wid/0_uue3qd4a/uiconf_id/5590821"/><param name="flashVars" value="autoPlay=false&screensLayer.startScreenOverId=startScreen&screensLayer.startScreenId=startScreen"/><a href="http://corp.kaltura.com">video platform</a><a href="http://corp.kaltura.com/video_platform/video_management">video management</a><a href="http://corp.kaltura.com/solutions/video_solution">video solutions</a><a href="http://corp.kaltura.com/video_platform/video_publishing">video player</a></object>

    “Bank of America customers, vote with your feet, get the heck out of that bank,” Durbin said on the Senate floor. “Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day. What Bank of America has done is an outrage.”

    Durbin said consumers are rightfully outraged about last week’s announcement.

    “It is hard to believe that a bank would impose such a fee on loyal customers who simply are trying to access their own money on deposit at Bank of America,” he said. “Especially when Bank of America for years has been encouraging their customers to use debit cards as much as possible.”

    Most basic checking accounts at Bank of America will see a 40 percent jump in monthly costs and the bank says the debit fee will be waived for customers who upgrade to “premium” accounts that require higher minimum balances.

    The Dodd-Frank financial law this month lowers “interchange fees” that banks can charge retailers for debit transactions. Fees for retailers will shrink from 44 cents to a cap of 24 cents, which has led some debit card issuers to seek other ways to make up that lost revenue. Some people have blamed Durbin for his amendment, which capped the so-called swipe fees that banks can charge retailers.

    “I am honored to be connected with this effort,” Durbin said today. “What we are doing is fair to try to strike some balance in an industry that has shown little or no balance. And one of the worst offenders in this is Bank of America, the largest bank in the United States.”

    Meanwhile, the Bank of America homepage was down today for the second consecutive business day, which bank officials attributed to traffic and not hackers or malware.

  2. 377OHMS


    Wow. BofA should simply sue Dick Durbin. That is some really inapporpriate stuff coming out of his mouth. This guy is a tool and needs to be sent home for good. A senator should not be saying that stuff about a publically held company.

    Otoh, I'm not too fond of BofA either but I can say that as a private citizen.
  3. Max E.

    Max E.

    I am not a fan of Bank of America either, I also find it insane that a publicly elected official would go out and make a statement like this. It is not their place to tell the public they shouldn't use a business who is obeying the law.

    It will be funny if Durbin gets his wish, and he collapses bank of America and we go into round 2 of the bank bailouts because of his wreckless comments. These guys dont seem to have even the slightest idea of how businesses work, and more specifically what the consequences will be if 1 of the major banks gets into big shit again, because they cause it to go under.

  4. pspr


    Chris Dodd did something similar a year or so ago. These damn democrats never learn. I don't know if it had anything to do with Dodd's retirement but I wouldn't mind seeing Durbin out of there, too.