Durbin to JPMorgan CEO Dimon: Stop whining

[mucifer]

I was totally surprised to see this in the Chicago Tribune. It's such a right wing paper:


JPMorgan Chase CEO Jamie Dimon, who is critical of a key provision in the financial reform law, has been taken to task by U.S. Sen. Dick Durbin (D.-Ill.) in a scathing letter.

“There is no need for you to threaten your customers with higher fees when you and your bank are already making money hand-over-fist,” Durbin wrote to Dimon about the threat of higher debit card fees. “And there is no need to make such threats in response to reform that simply tries to spare consumers from bearing the cost of interchange fees that are anticompetitive and unreasonably high.”

Durbin sent the note on the eve of JPMorgan’s first-quarter earnings announcement today which showed a 67 percent increase in its profit from the same period a year ago.

The fight is getting downright personal over the Federal Reserve’s work to cap so-called “interchange“ or “swipe“ fees at 12 cents per transaction, down from an average of 44 cents now. Retailers pay those swipe fees, which cover the cost of processing debit cards.

Such a cap could cut into the banking industry profits by tens of billions of dollars — a point often reiterated by Durbin, who has been fighting to crack down on the swipe fees for years.


more at: http://chicagobreakingbusiness.com/2011/04/durbin-to-jpmorgan-ceo-dimon-stop-whining.html

[murielm99]

1. Everyone needs to move their money to credit unions.

[Drale]

3. Why I like my bank

its a fairly local bank, that has always treated me and my family fairly.

[Rex]

5. Did that years ago...even my local bank can go fuck itself.

They went McGreedy 10 years ago and now wonder why there are TWO banks in town... :eyes:

Fuck banks and the banksters that run them.

[Angry Dragon]

6. Credit Union!! ......... Credit Union!!

or your small neighborhood bank
Let the big boys fight among themselves

[sarcasmo]

11. +1

[silverweb]

12. +1000

Been with my credit union for 25+ years and love them -- the way they treat members and are actively involved in the community.

[Cali_Democrat]

2. I love Durbin

Why isn't he majority leader?

[xchrom]

4. Tee-Hee! Good one. Nt

[Snoutport]

7. credit union!

[Vinnie From Indy]

8. Maybe Dickie could take a look into Taibbi's "Wives of Wall St"

[madrchsod]

9. durbin must be starting his 2012 campaign

i still think he should have been leader of the senate.

i wonder what paul simon thinks of his students.....

[madrchsod]

10. durbin must be starting his 2012 campaign

i still think he should have been leader of the senate.

i wonder what paul simon thinks of his students.....