Jim Hightower: Grinning Bankers [View All]

via CommonDreams:



Published on Wednesday, July 21, 2010 by Creators.com
Grinning Bankers

by Jim Hightower


Like ugly on a toad, banker greed just can't be rinsed off, no matter how much regulatory soap you use.

Last week, Congress enacted new rules to govern America's huge banks, thus completing Washington's response to the unbridled Wall Street greed that crashed the financial system and crushed our economy. The regulatory reforms were hailed by Democrats as possessing powerful cleansing power, while Republicans wailed that the new rules were overly caustic, imposing such a heavy-handed governmental scrub that the delicate layers of Wall Street innovation, competitiveness and profitability will be rubbed away.

Meanwhile, the big bankers were grinning from ear to ear, for the bill requires no restructuring and decentralizing of the monopolistic grip that these giants have on America's credit system. Thus, they still retain the power to rip off consumers, gamble with depositors' money, haul in exorbitant profits and pay themselves ungodly bonuses - all while remaining "too big to fail."

Yes, the banking barons now have to adjust to stricter regulations, many of which are good and long overdue. But these guys are experts at slipping out of governmental leashes. Indeed, JPMorgan Chase alone has had 90 "project teams" at work for months, plotting end runs around new regulations long before they were even passed.

For example, the law restricts those infuriating overdraft fees that banks have been sneaking into our debit card accounts. A victory, right? Yes, but bankers didn't miss a beat in finding another way to pick our pockets - they're already imposing new "maintenance fees" for basic checking accounts. ...........(more)

The complete piece is at: http://www.commondreams.org/view/2010/07/21-3