Opinion

More signs of big banks' greed

Posted December 29, 2015 12:00 am

An open letter to President Obama:

I am reading a rate hike article in USA Weekend of the Daily Herald. Even though Janet Yellen announced an increase in the funds rate, big banks like Citi, Chase, etc., are not going to increase the payout to savings and CD holders. Instead these oversized, too-big-to-fail corporations are going to increase lending rates and not pass those earnings on to savings and CD holders.

The article goes on to say these banks are thirsty for profits. Oh, by the way, merry Christmas.

In a different article, not in this issue, JP Morgan paid $300 million for guiding clients to invest in undisclosed JP Morgan investments. JP Morgan actually admitted wrongdoing.

What if all of the cash holders walked into banks and withdrew their accounts asking for their cash in 50- and 100-dollar bills? After all, the USA dollar is better than gold and easy to redeposit. Would that shake up the Central Bank and the deep pockets it is apparently schmoozing in this holiday season?

Would the Central Bank then print out another $80 billion at a time to bail out their too-big-to-fail greedy bank institutions?

Earl Kiser

Gurnee

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