World

3 Predatory 'Superbanks' Now Control the Economy

by Erik Larson | November 8, 2008 at 11:53 am

164 views | 6 Recommendations | 7 comments

Criminal banks have gotten more powerful, and consumers will be paying higher fees, thanks to the megamerger-friendly rules of the taxpayer-funded bailout of the "incompetent" Wall Street Corporate Socialists who caused the economic meltdown.

There is an alternative; take your money from the enemies of peace and freedom, and put it in a local credit union; you'll get better rates and fees, plus your money will stay in your community, instead of helping to finance an international criminal enterprise.

Co-Op Network US nationwide network of 25,000 free ATMs; WAY more than BofA.

Note: marking this as "Opinion", as I've included a lot of "opinion" in introducing it- the highlighted msnbc article is straight reporting on the mergers that have made BofA, Chase and Wells Fargo bigger than is legally allowed; each of them holds more than 10% of the total US deposits nationwide.

The financial crisis that has been sweeping the globe has reshaped nearly every corner of the economy, but no industry has been altered more radically than banking.

Several of the nation's biggest banks have failed or been absorbed by healthier institutions, leaving three giant "superbanks" with an unprecedented concentration of market power: Bank of America, JPMorgan Chase and Wells Fargo.

While that may be good news for emerging giants and the failing companies they helped rescue, the new oligopoly raises troubling questions about regulation and competition, analysts and consumer advocates say.

Never forget the US financial industry whitehouseforsale.org opensecrets.org gave millions more to Obama than McCain, they both voted for the Wall Street Bailout, and refused to consider any of the many alternatives proposed that would've better served the public interest.

A far more efficient economic system is possible

0 See all footage | View Slideshow

Share: email story | add to any | | facebook | stumbleupon

recommend This comment thread is now closed

Fairbanks

at 12:17 on November 8th, 2008

put it in a local credit union

Good suggestion

drrexdexter

at 14:34 on November 8th, 2008

Seeing these particular Banks rising to the top of the heap is not the least surprising. Many of the worst examples of Predatory Lending practices by Banks were from these three. I have encountered a number of ARMs that were either originated or "booked" wholesale by Wells Fargo and Chase in particular. Like the now defunct WaMu, they are also often selling off servicing to Abrogationist Collectors in Texas. There's nothing more egregious I can think of than to call an Automated "Pay-Off Request" line and hear the "Little Miranda" read to me first. Expect them to repackage these practises and then it's back to more of the same.

Erik Larson

at 17:28 on November 8th, 2008

thanks, guys. The internet helped get Obama elected, and if he does nothing else except make sure Net Neutrality isn't overturned, i believe the dumbing down of the public by the corporate media/educational system will be reversed, and We the People will be able organize more effectively against the fascist ogres running corporate America, and to create healthy global and local economies.

djermano

at 03:56 on November 9th, 2008

Make sure the CreditUnion is not financed through these banks as well. It may happen that they diversify into communities unsuspected to their prowling.

Rev. Jermano