Author's update of "Wasting taxpayer funds" by Arnie Sherr

April 11, 2008

To Ken Lewis, CEO of Bank of America and all other entities that have accepted tax payer funds:

At last April’s (2008) Senate oversight hearing Ken Lewis said, "I get it, and I'll make sure Bank of America get's it!" Mr. Lewis, I am not sure that you really do "get it." In fact, I don't believe the hypocrites that grilled you and the other CEO's adjacent to you at the hearing really "get it." But, I'll tell you what; the American people "get it" and of that you can be sure.
 
Since America's banks have been able to stretch their immense reach across state lines they have learned how to disrespect those who made them so big and profitable to begin with; they are the people who by yours and all the other "so called" American banks continually abuse by charging outrageous interest rates (once considered loan shark rates), fees for using ATM's, and your bank Sir, actually refused to cash a check written on your bank unless I paid a fee for a service that no other bank would ever consider as an option. It was that abusive and personal insult that has engrained in me a total lack of respect for your bank and since you seat as CEO, any respect I held for you had disintegrated at that very moment. And now Mr. Lewis you sit before Senate and Congressional reps and seek help from the American people. How much crow must you be eating? 

I may not be as wealthy as you but I can say without exception, I sleep much better in mediocrity than you in your wealth. If I had the power I would, before giving or lending my tax dollars to Bank of America demand your resignation. Aren't you fortunate that those self-serving mental midgets that are regretfully entrusted with the task of deciding the future of <?xml:namespace prefix = st1 />America's banking system are not me and others who live on Main Street? Moreover Mr. Lewis, I've as much faith in them as I do you. Having said that, I am going to tell you what will restore America's confidence in the collapsing banking system of which, decades ago, was an example of good business globally. 

STOP RAPING THE AMERICAN PEOPLE - STOP GIVING CHECKING ACCOUNTS AND CREDIT CARDS TO ELLIGAL ALIENS - REMOVE ATM CHARGES - LOWER CREDIT CARD INTEREST RATES - RE-INSTITUTE GRACE PERIODS FOR LOAN AND CREDIT CARD PAYMENTS - INTEGRATE COMPUTER CONTROLS THAT WILL NOT PERMIT CREDIT CARD HOLDERS TO EXCEED CREDIT LIMITS THEREBY DOING AWAY WITH NEED FOR OVER LIMIT FEES - STOP OUTSOURCING CUSTOMER SERVICE JOBS - AND MORE... MR. LEWIS, IT'S TIME TO EARN THE HELP YOU SEEK. 

I am not fooled nor are the American people. We have witnessed the gradual denigration of corporate integrity going on 20 or 30 years. This infection is spreading so rapidly that America's college grads are entering the corporate world believing "it's okay as long as I don't get caught." You Mr. Lewis are part of this viral anomaly.

Having released my anger at all who seat CEO status through you, I offer generously my advice that, even coming from a senior whose life was and is happily spent on Main Street, is sure to help America regain some modicum of trust and confidence in corporate America and as a bonus; you may sleep just a bit better than now. Remember, what goes around comes around. It is time to stop that vicious cycle and only you and others within your world of influence can do so.

Perhaps Mr. Lewis, such changes will not benefit me; certainly they will benefit my children, their children and so on as well as all who come after I am a mere memory. You can emerge as a kind of 'future savior." Yours is among the most influential CEO strongholds in the corporate environment. You may use it wisely or as in the past, selfishly. 

I leave that decision with you to tussle. I believe compassion is stronger the greed; that it is better to give (back) than to receive. How bout' you?

I wrote the above April 11, 2008 immediately after Congresswoman Carolyn Maloney’s - Credit Cardholder's Bill of Rights , HR 5244, which prevents banks from arbitrarily raising credit card interest rates on old balances when card holders maintain excellent credit histories was passed. Moreover, HR 5244 is a great Bill except it has been structured not to go into effect until 2010.

This some weeks now all major credit card issuers have been raising interest rates to levels which were once considered illegal.

The reason HR 5244 is delayed until 2010 is because bank industry lobbyists have, once again, pressured (does “special interest” ring a bell?) congress for this delay so they may do exactly as they are doing; raise rates on the old balances of all cardholders including those with excellent credit histories before the Bill’s effective date. Suddenly Senator Chris Dodd is berating America’s banks for doing just that. Since 2010 has not yet arrived, banks are doing exactly what the house permitted when it delayed the Bill’s effective date until 2010.

I can’t tell you how many times I’ve written of the dangers inherent of re-electing career politicians of any party. The Constitution of the United States of America calls for a Representative Government [Clause 1: The House of Representatives shall be composed of Members chosen every second Year by the People of the several States, and the Electors in each State shall have the Qualifications requisite for Electors of the most numerous Branch of the State Legislature.] , not career representatives. The titles “Representatives” and “US Senators” mean “We the People.”

“We the People” must rally to make congress revise current life-long limits. We want to be represented by members of “We the People,” not by career senators and representatives. We need two-term limits in the house and senate; but, I can’t do it alone. Please call, write, fax, or e-mail local TV and Radio stations, the President, Speaker Pelosi and your state’s house and senate elected. Keep it going until the media recognizes our loudness. Americans can do anything when we join together. Obama proved that!    

April 13, 2009 5:12 AM

This morning Tampa, FL NBC local news "Channel 8 Today" reported that Bank of America has announced it is raising credit card interest rates including those under 10% to as much as double their current rates.

This is how America's banks, especially Bank of America, are thanking us for taxpayer bailouts. It is now time to tell Secretary Geithner and President Obama, "NO MORE TAXPAYER FUNDS TO BANK OF AMERICA OR ANY OTHER BANKS AND CORPORATIONS THAT CONTINUE TO RAPE THE AMERICAN PEOPLE."  

I urge all Americans; close your Bank of America checking and savings accounts and cancel, transfer, or discontinue using your B of A credit cards at once. It is time Americans tell corporate America, "WE ARE SICK AND TIRED OF BEING TAKEN ADVANTAGE OF AND WE'RE NOT GOING TO TAKE IT ANYMORE!"  

PRESIDENT OBAMA, "FIRE KEN LEWIS!!!!!!!"