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07:01 PM on 02/16/2010
Good for you Russell..I have noticed the unabashed gouging by banks and the greedy are right out in the open ..It started during bush and continues under centerist con.obama.....Its like our banks ,corp. and govt. are in this together, against us..When enough people say no more and start hollering loud and clear anywhere and everywhere that this is not acceptable, it will stop..
06:48 PM on 02/16/2010
So switch banks. Good gravy.
07:28 PM on 02/16/2010
Clever as usual, Anna. Faved.
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Leigh49
Hey, you, get off of my cloud
07:41 PM on 02/16/2010
Oh yes, so insightful and so clever. Are you really Sarah Palin in disguise?
06:44 PM on 02/16/2010
I was trying to remember who the bleep Russell Simmons is. All I could remember was some loser defending the "music" called hip-hop and the childish profanity-laced lyrics of their "songs" if you can call them that. Same guy? Now he's an expert on banking? Who knew?
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gfs5541
06:58 PM on 02/16/2010
Well, Simmons IS a rich man, making money off of that very loser music you're just mentioned. So he can speak as an expert.
T-Haight
What was wrong with federalism?
07:13 PM on 02/16/2010
Really? All it takes is HAVING money to be an EXPERT on money?

I guess trust fund babies are all experts too?
07:26 PM on 02/16/2010
The only thing Russell can draw from his experience and share with everyone that it is good to get education and not follow blindly. The more you know they better deal you can negotiate so it works for you. If you have tons of money and give it so someone to take care of it, well you are plain stupid and should get educate yourself.
Under-served communities = uneducated communities.
06:43 PM on 02/16/2010
How about including a fact in a blog? One of the leading contributors to our recent financial meltdown is the Community Reinvestment Act that forced banks to make risky loans which were then leveraged and guaranteed through "quasi" government entities Fanny and Freddy which were mismanadged and collapsed under protection from democrats. Theres a great clip on youtube showing democrats attacking inspectors telling them of the problems....http://www.youtube.com/watch?v=_MGT_cSi7Rs
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BluestateGuyInTX
A Connecticut yankee in Emperor Bush's Town.
07:08 PM on 02/16/2010
That is so silly. First of all the "ownership society" thing was Bush & Co. That, it turns out was the setup for the theft of wealth by the banksters. Second of all, the mortgage crisis wouldn't have come close to melting down the system without the side bets placed by Goldman Sachs and others with AIG. Check it out. The banksters did this to us and bankster stooges keep popping up in blogs to blame it all on poor people. Well no one is fooled by that. Without the side bets the trouble would have been minor.
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Susan Robertson
Carpe duh! - "Seize the Idiot"
07:33 PM on 02/16/2010
Oh my Lord, are people still beating the CRA drum?? The CRA did NOT force banks to make risky loans. In fact, the CRA doesn't even COVER the institutions which made 80% of bad real estate loans. Those were the fantasy creations of independent loan companies who were looking to make money by selling these mortgages to investers. And they did. Please take some time to see the "House of Cards" DVD and educate yourself.
08:19 PM on 02/16/2010
Yes, we should all see the propaganda laden film "house of cards". Then we can all go out in the backyard and bury our heads in the sand...
06:36 PM on 02/16/2010
Matthew Lee of Inner City Press is already on the case
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Esmeralda Williamson-Noble
Activist, Writer
06:32 PM on 02/16/2010
I love the attitude. I do
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gfs5541
06:31 PM on 02/16/2010
Which is why I've moved my bank accounts to a credit union. In other words, if your money is in one if the "TBTF" banks, then you're asking to get slammed. Do yourself a favor, move your money! Get out of that "Bad Fiscal Relationship" you are clearly in.
06:15 PM on 02/16/2010
How about we skip the hasty generalizations and class envy and go right to the specific fees these banks are charging to poor people only. Is that too much to ask?

Your vagueness prevents us from acting on any cause you may be trying to convey.
05:06 PM on 02/17/2010
You can’t steal billions one transaction at a time.
You need a computer program.

The primary means of generating overdraft fees, from the banking side, is to have people think that they have more money in their accounts than they do. The problem arises a lot because your account information is manipulated by the banks. They hide their deception with the float and so called processing agents.

I learned from personal experience about the Bank of America in 2005. I only wrote checks for my rent and all other transactions were electronic, eBay PayPal etc. I would buy something on eBay and find that within 24 hours my Bank of America account would show that the purchase and been deducted. Two days later the money was back in my Bank of America account. The real account figures in my head showed that I had maybe $50 in my account while the ATM or the Internet was showing that I had several hundred dollars in my account. This is an extremely deceptive practice.

These are not errors, upper management has control over these computer programs. Upper management isn't simply paid for performance, upper management is also paid to keep embarrassing or illegal secrets. A low-level manager would not see the program, if they were fired they would retaliate by revealing it. The people controlling these programs would always have a golden parachute.

The most damning evidence is to get a hold of the computer program itself.
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disgustedbuthopeful
06:08 PM on 02/16/2010
Yes! Go for it Mr. Simmons. I don't believe the public is fully aware how the banking industry has become a den of thieves. I begrudge no one the right to EARN a profit--earn being the operative word here--but they have become little more than vultures living off the weak and powerless, as you stated. Bless you for taking a stand. Keep us informed how it goes.