House Panel confronts Bankers 02/11/09

THIS CLIP IS ABOUT CREDIT CARD RATES -- In front of the House Finance Committee, Bankers acknowledge that they have jacked up credit card interest rates on existing balances of consumers after they have received taxpayer bail out money. Is this how they pay us back? Scumbags!

Anybody with a credit card knows how these banks have initiated double cycle billing, reduced due date times, and jacked up rates at will. Why? To keep those profits up up up to keep Wall Street happy and stock price high for shareholders. But as we now see, greed is not good and the chickens are coming home to roost.

Executives from the financial institutions who received funds from the $700 billion banking bailout faced their critics on the House Financial Services Committee on Wednesday February 11, 2009 in Washington. The chief executives at the hearing are: Kenneth D. Lewis of Bank of America, Robert P. Kelly of Bank of New York Mellon, Vikram Pandit of Citigroup, Lloyd C. Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John J. Mack of Morgan Stanley, Ronald E. Logue of State Street, and John G. Stumpf of Wells Fargo.

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[DMCer09]

Take your stupid captions off the video!

[cmdreno]

Captions defeat the whole purpose of 'video'

[Brickhouse86]

that last guy was soo full of crap! Send them to me and I will fix all 90 million credit card problems...

[BLOGGERSAGAINSTCHASE]

Two people talking... "I am on a diet to lose 50 pounds".

"I told you not to eat sugary foods, desert, after six o'clock. To walk 30 minutes a day, and and and...

Do you see the disconnect?

The response was exactly what some of the intolerant responses below showcase, a narcissistic, my stuff don't stink, you should be like me, too bad for you attitude.

Lets not confuse the people who want to pay down their debts and just want a fair chance to do so, with thieves, liars, and murderers.

[coronet72]

The ability to arbitarily raise rates, change due dates, biling cyles, slow processing payments to generate late fees, reduce balance limits to trigger over the limit fees at the same time people are seeing available household incomes being gobbled up by jacked up fuel costs, sky rocketing health and property insurance rates is criminal. Profit is one thing, gouging is another. The consumer game plan is to pay off the card and fire the bastards.

[unholyaquarius]

you know there's something to be said for personal responsibility.

however, it seems clear to me that the origional idea behind the creditcard with it's ridiculous interest rates was to CAUSE consumer debt.

[brittyn]

if you are so confused then you can call in and ask questions. being ignorant is not an excuse. and it's not all "small print confusion" most of the terms regarding fees and rates are in BOLD PRINT. there are tons of people that admit that they don't even OPEN their statements, and continue to just make payments, then complain years later that they didn't notice something had changed. uh.... whose fault is that?

[sapaman]

... do you think the average consumer has a chance against a machine that spends most of its time trying to figure out ways to penalize you? Consumers are busy with heir lives and can't be judged for not reading all the small print confusion heaped on the them by the credit card companies. "Oh we're sorry your rates when up... well you were late. what do you expect. Yes, I understand you used to have 4 weeks to pay. Didn't you get our confusing letter that explained we moved that to two weeks?'

[missinghome456]

thats the problem with america

no one is willing to take responsibility

The big crooked wall street bank gave me credit card i spend way beyond my limits again because of crooked credit from evil bank. I couldnt pay my mortgages to mr evil bank for the home i couldnt afford in first place. I spend way more than i could ever afford. Hey but i am not at fault

the evil banker gave me the credit card

come on america take responsibility for your actions