George wrote:
On 9/30/2011 2:47 PM, Malcom "Mal" Reynolds wrote:
In

,
wrote:
On Sep 30, 12:18 pm, Red wrote:
BoA heads up a cast of characters.

http://finance.yahoo.com/news/Bank-o...-5-apf-1381425...

Picture Summary:http://oi54.tinypic.com/vx1amv.jpg

My son works for them and they are being forced to unload a lot of
people.
Fortunately he's seems safe for now but they are dropping around
him. According to what I heard Limbaugh just say is extra expenses to
banks being incurred by the Durbin ammendment to Dodd-Frank. We
gotta unelect these morons.

but of course it has nothing to do with all of the sub-prime loans
BofA is currently underwater on, could it.

Limbagh explicitly omits facts. That would just confuse the dittoheads
if they actually had to weigh facts instead of just knowing he has
already done that for them...

And what facts would those be?

Dick Durbin offered and amendment to the Dodd-Franks financial reform act
which limited the interchage fee banks can charge on debit card transactions
to 22-25 cents per swipe. Prior to that, the average fee to the merchant was
44 cents per swipe.

As a result of this Durbin provision, banks will experience an estimated
loss of $8 billion annually. I'm guessing BoA will take about $2 billion of
that hit.

When you lose a $2 billion revenue stream, with no corresponding drop in
expenses, you've got to make up the revenue elsewhere.

On the plus side, merchants will pay less to honor debit cards thereby
resulting in dramatically lowered prices for the consumer. Look for these
massive price reductions beginning today (Oct 1st).