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Aaron747
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Big Bank CEOs Cover Tracks At Senate Hearing

Thu May 27, 2021 2:52 am

Color me surprised - America's big bank CEOs tried to tout their pandemic assistance for customers and ability to weather the storm (shock!) at a Senate hearing earlier today. What they got instead was a lot of consternation from senators of both parties that banks have observably done very little to help Americans struggling in the pandemic.

In their opening statements, the executives pointed to the leading role that big banks played in getting out billions of dollars in government stimulus and assistance for businesses and homeowners jolted by coronavirus. As for their own firms, the leaders noted, they remain well-capitalized and didn’t struggle during the market turmoil caused by Covid-19.

U.S. banks have thrived during the pandemic, with the Federal Deposit Insurance Corp. putting out a report Wednesday that showed the industry made $76.8 billion in the first quarter, shattering all previous profit records. Much of the earnings came as lenders released reserves that were set aside last year for potential losses that never materialized.


https://www.investmentnews.com/bank-ceo ... ors-206931

While Senator Warren going after JP Morgan's Jamie Dimon is getting a lot of clicks, it was more interesting to see Senator Kennedy of Louisiana chastizing both JP Morgan and Citigroup for abusing the privileges of the 2018 tax bill. It seems every bank CEO's sheepish response to questions about their company not paying their fair share is 'I am not aware of those numbers' or 'We haven't done the analysis on that'.

https://www.youtube.com/watch?v=IBCrm5N7uRg
If you need someone to blame / throw a rock in the air / you'll hit someone guilty
 
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Aesma
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Re: Big Bank CEOs Cover Tracks At Senate Hearing

Thu May 27, 2021 4:29 am

A GOP senator complaining someone big and powerful isn't "paying a fair share", is he having a laugh ? That's by design. By YOUR design.
New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
 
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Pellegrine
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Joined: Thu Mar 29, 2007 10:19 am

Re: Big Bank CEOs Cover Tracks At Senate Hearing

Thu May 27, 2021 4:56 am

Aaron747 wrote:
Color me surprised - America's big bank CEOs tried to tout their pandemic assistance for customers and ability to weather the storm (shock!) at a Senate hearing earlier today. What they got instead was a lot of consternation from senators of both parties that banks have observably done very little to help Americans struggling in the pandemic.

In their opening statements, the executives pointed to the leading role that big banks played in getting out billions of dollars in government stimulus and assistance for businesses and homeowners jolted by coronavirus. As for their own firms, the leaders noted, they remain well-capitalized and didn’t struggle during the market turmoil caused by Covid-19.

U.S. banks have thrived during the pandemic, with the Federal Deposit Insurance Corp. putting out a report Wednesday that showed the industry made $76.8 billion in the first quarter, shattering all previous profit records. Much of the earnings came as lenders released reserves that were set aside last year for potential losses that never materialized.


https://www.investmentnews.com/bank-ceo ... ors-206931

While Senator Warren going after JP Morgan's Jamie Dimon is getting a lot of clicks, it was more interesting to see Senator Kennedy of Louisiana chastizing both JP Morgan and Citigroup for abusing the privileges of the 2018 tax bill. It seems every bank CEO's sheepish response to questions about their company not paying their fair share is 'I am not aware of those numbers' or 'We haven't done the analysis on that'.

https://www.youtube.com/watch?v=IBCrm5N7uRg


Shame on Dimon.

For anyone reading in the US. Please call your bank and request relief from ALL fees in 2020, say you were affected by coronavirus....because everyone was...whether you caught it or not. I'd request refunds of fees from Jan 2020 to the current. Some of these banks try to act coy, "what fees are you talking about? which accounts? what time frame?"

Just tell them, "ALL."
We fly JETS, we don't fly donkeys. Citizenship/Residence::: Washington DC, US; Vaud, CH; Providenciales, TCI (hence my avi)
 
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Aaron747
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Posts: 15060
Joined: Thu Aug 07, 2003 2:07 am

Re: Big Bank CEOs Cover Tracks At Senate Hearing

Thu May 27, 2021 5:03 am

Pellegrine wrote:
Aaron747 wrote:
Color me surprised - America's big bank CEOs tried to tout their pandemic assistance for customers and ability to weather the storm (shock!) at a Senate hearing earlier today. What they got instead was a lot of consternation from senators of both parties that banks have observably done very little to help Americans struggling in the pandemic.

In their opening statements, the executives pointed to the leading role that big banks played in getting out billions of dollars in government stimulus and assistance for businesses and homeowners jolted by coronavirus. As for their own firms, the leaders noted, they remain well-capitalized and didn’t struggle during the market turmoil caused by Covid-19.

U.S. banks have thrived during the pandemic, with the Federal Deposit Insurance Corp. putting out a report Wednesday that showed the industry made $76.8 billion in the first quarter, shattering all previous profit records. Much of the earnings came as lenders released reserves that were set aside last year for potential losses that never materialized.


https://www.investmentnews.com/bank-ceo ... ors-206931

While Senator Warren going after JP Morgan's Jamie Dimon is getting a lot of clicks, it was more interesting to see Senator Kennedy of Louisiana chastizing both JP Morgan and Citigroup for abusing the privileges of the 2018 tax bill. It seems every bank CEO's sheepish response to questions about their company not paying their fair share is 'I am not aware of those numbers' or 'We haven't done the analysis on that'.

https://www.youtube.com/watch?v=IBCrm5N7uRg


Shame on Dimon.

For anyone reading in the US. Please call your bank and request relief from ALL fees in 2020, say you were affected by coronavirus....because everyone was...whether you caught it or not. I'd request refunds of fees from Jan 2020 to the current. Some of these banks try to act coy, "what fees are you talking about? which accounts? what time frame?"

Just tell them, "ALL."


His dodge was pathetic - 'customers got any refunds that were requested' - why not make them AUTOMATIC (like the fees are)? As Warren pointed out, hardly would affect their net performance.
If you need someone to blame / throw a rock in the air / you'll hit someone guilty
 
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Pellegrine
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Re: Big Bank CEOs Cover Tracks At Senate Hearing

Thu May 27, 2021 5:18 am

Aaron747 wrote:

His dodge was pathetic - 'customers got any refunds that were requested' - why not make them AUTOMATIC (like the fees are)? As Warren pointed out, hardly would affect their net performance.


IKR? Banking. US did put pretty good overdraft controls some years ago though, I forget the year right now. Back then people would have an overdraft fee for every single transaction that posted after your account went negative, which could add up to hundreds in one month. They did end that.
We fly JETS, we don't fly donkeys. Citizenship/Residence::: Washington DC, US; Vaud, CH; Providenciales, TCI (hence my avi)
 
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Aaron747
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Posts: 15060
Joined: Thu Aug 07, 2003 2:07 am

Re: Big Bank CEOs Cover Tracks At Senate Hearing

Thu May 27, 2021 5:19 am

Pellegrine wrote:
Aaron747 wrote:

His dodge was pathetic - 'customers got any refunds that were requested' - why not make them AUTOMATIC (like the fees are)? As Warren pointed out, hardly would affect their net performance.


IKR? Banking. US did put pretty good overdraft controls some years ago though, I forget the year right now. Back then people would have an overdraft fee for every single transaction that posted after your account went negative, which could add up to hundreds in one month. They did end that.


A choice quote from Bill Paxton in 'Aliens' comes immediately to mind.
If you need someone to blame / throw a rock in the air / you'll hit someone guilty

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