...So intent are they in HELPING the Big Banks & hedge-funds EXTORT American consumers, that it is only a matter of time before they skip the niceties, and go straight to "concentration camps," where they can REALLY shake down their victims, er, "customers," for everything they own.
Bailed-out banks face probe over fee hikes
by David Enrich and Marshall Eckblad
April 13, 2009
THE US committee overseeing federal banking-bailout programmes is investigating the lending practices of institutions that received public funds, following a rash of complaints about increases in interest rates and fees.
Since the Troubled Asset Relief Program was launched in October, banks bolstered by _CAPITAL INFUSIONS_ [of HUNDREDS of BILLIONS of TAXPAYER dollars] have __boosted charges on a wide range of routine transactions, hiked rates on credit cards and continued making loans criticised as predatory by consumer advocates.__
The TARP funds are intended to open lending spigots and make it easier for people to borrow money.
Last week, for example, Bank of America told some customers that interest rates on their credit cards will nearly DOUBLE to about 14 per cent. The bank, which got $US45 billion ($62.6 billion) in capital from the US Government, also is imposing fees of least $US10 on a wide range of credit-card transactions.
Citigroup, another recipient of government cash, is trying to entice customers to borrow at high rates.
“You could get $US5000 today,” Citigroup's consumer-finance unit wrote in fliers mailed to customers. THE ADS DON'T DISCLOSE that the loans often carry annual interest rates of 30 per cent." [THIRTY PERCENT!] AS USUAL, the Neo-Con lite "Democrat" Congress, and NOW the 'new' OBAMA ADMINISTRATION, are "IN" on this LOOTING, PLUNDERING, & PILLAGING of hapless American workers, taxpayers, & consumers.
This is "REAL" money going straight to the FRAUDULENT banksters, executives, and greedy shareholders who WOULD BE BANKRUPT, if not for TRILLIONS of dollars of taxpayer bailouts.