Tuesday, February 28, 2012

Obamacrats Have Made Banking the Purview of the Rich

They told me (and Glenn Reynolds) that if I voted for John McCain, banks would cater exclusively to the rich and callously ignore the financial needs of the average consumer...and they were right!!

JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets, said about 70 percent of customers with less than $100,000 in deposits and investments will be unprofitable following regulations that cap lenders’ fees.

“I’m trying to give you a proxy for what the banking industry has to look forward to if you don’t take into account business bank clients and getting more of the affluent wealth wallet,” Todd Maclin, chief executive officer of consumer and business banking at the New York-based company, said today at an investor presentation.

More of that mean feat that only Democrats seem to be able to accomplish...


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