Citibank, U.S. Bank, Bank of America, Wells Fargo, and Pacific Capital Bancorp have been called out by the Congressional Oversight Panel for using taxpayer money to turn around and rip off taxpayers.
Essentially, taxpayers end up paying twice: once to the government, once to the banks.
Bailed-Out Banks Face Probe Over Fee Hikes | WSJ (via Consumerist)
(photo: kevindooley)
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I would certainly hope so! How else are they going to pay back the taxpayer if they can’t be able to make a profit? Actually, since half of Americans don’t pay federal income tax and “rich” industrious people don’t take out predatory loans, it is the uneducated lazy poor people who will be paying off the loan. The “rich” people pay tax to Obama. The poor people pay “tax” to the banks. Everyone pays their fair share, just to different people.