CEO of Bank of America says he’s charging $5 for debit cards because his company has a right to make a profit.
He says he wants to return money to shareholders but these shareholders wouldn’t be lending out money if they couldn’t afford to lose it. Also, Moynihan (CEO of BofA) earned 6.1 million dollars in 2009. Why doesn’t he just repay the shareholders with some of his cash?
This all makes me ill. I have friends who sometimes don’t even have $5 in their accounts. How can they expect people to tolerate this?