On the front page of today's Washington Post was a story that should interest all fair minded folks. The story, entitled, "A Quiet Windfall for U.S. Banks," details a change in tax law made by the Secretary of the Treasury that ensures banks will reap somewhere north of a 140 billion dollars in profits.
One hundred and forty billion dollars in profits for the greedy money grubbing slime that still have their begging hats in their hands and are urging Congress to act as fast as they can to help end this terrible economic crisis.
These are the same crooks who took the initial bailout money and used it to pay executives and shareholders bonuses on the banner year they had. Then they turned around and refused to lend money while crying poor, adding to the crisis.
AIG is also in the news, renegotiating for more money.
The auto companies want in on the free ride too.
This what happens in Washington when speed is valued over substance. It's what happens when bills involving billions are rammed through in what amounts to a matter of hours.
This is what happens when all the cagey Washington veterans see a big fat pitch coming into their power zone thrown by those who don't quite know all there is to know about pitching.
It's what baseballers would call a spitter, a ball that looks just like an ordinary fastball, except for a small piece of slime that makes it jest a tetch different.
In this case the bailout bill gave the bankers a wee little advantage, again. And further bailout bills will help them some more. With the government handing money out like it's Christmas, they won't even have to absorb any of their colossally bad loans. Meanwhile, in addition to the handouts they'll be receiving, you can bet your bottom dollar that they'll be raising fees on everything possible.
A week or two ago I made a rare appearance at my bank to deposit a check. I didnn't have a deposit check with me, and the teller tried to charge me $7.50 to make a deposit to my own account. I must say I didn't react very well to the proposal, and my reply almost reduced her to tears, whereupon I asked for a bank manager. I apologized to the teller, (they don't make policy), and communicated my dissatisfaction to the manager in a highly vocal way.
The manager, a bit of a dunderhead, tried to explain and justify the fee, then rolled over when I didn't buy in to his argument. The fee was waived, on what he said was a one time basis, whereupon I replied that I was thinking of pulling all my accounts, business and personal, on a one time basis.
That pretty much ended that.
But it won't be that easy with the economy and all these Ivy League thieves, who like sleeper cells lie waiting in the dark halls of Congress until they are called to action. Then they do their dirty work and vanish, leaving the taxpayers with the bill.
Jim Whelan is The chairman of Board and owner of The James R Whelan Agency - The
Most Powerful Name in Advertising. Please sign up for his daily free
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