Congress is looking into complaints that banks that have received bailout funds are charging higher interest rates and fees, the Wall Street Journal is reporting.
Bank of America, which received $45 billion in taxpayer money, has nearly doubled some credit card interest rates to 14 percent. Citigroup, which took $50 billion in federal funds, is offering loans with a 30 percent interest rate.
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The banks are saying, “Hey! What’s the big deal? This is how we’ve always made money!”
It might seem a little cold for a bank to take money from taxpayers and then charge them more for its services, but … well, um … yeah, that’s cold!
The bankers are telling taxpayers, “Don’t take this personally. It’s just business. And right now, business is good.” The bankers just don’t understand that a simple “thank you” would make it hurt a little less.
