WICHITA, Kan. - As the very talented Ms. Stein recently wrote, major U.S. banking firms such as Citigroup and Bank of America despite making huge profits pay nothing in Taxes.
Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
And of course we all heard in the debates leading up to bailout bills how all these banks were too big to fail and had to be saved. Even current Speaker John Boehner almost broke down and cried over the prospect that the TARP Bill might fail.
We know that the Big Banks gave themselves huge taxpayer funded bonuses, after crashing the economy and making millions. All this while millions of homeowners face foreclosure.
Most people either have a anecdotal story, or know someone who does, about how people have been screwed by a Bank of America, Citigroup or other large Banks.
In case a reader hasn't heard a story firsthand, here are just a couple of the available transgressions available with a quick Google search. Bank of America forecloses on property it doesn't even own or what dead employees are worth.
Of the easiest and most effective way to stop large firms that are two big to fail from continuing to destroying our country and the people who live in it continuing to be to big to fail is simple.
Don't do business with them, close your accounts and move them to better corporate stewards credit unions which are operated as not for profit would be a good choice, or a local owned community bank would be another. Either way until people decide to quit feeding the beast that is large massive to big to fail banks they can count on their tax dollars supporting them, while the banks operate tax free.