In a terrible and unfolding tragedy in Chicago, or just another of the thousands of such similar stories around the nation, Bank of America has taken swift and specific action which has led to the firing of all employees and the closing down of the business with three days notice.
Bank of America, (BoA) seems to be a little taken aback at the public outcry against them.
In a statement, Bank of America said that it is “reaching out” to Republic management “to see what they can do to help resolve this issue.” But the bank noted that “When a company faces such a dire situation, its lender is not empowered to direct the company’s management how to manage its affairs and what obligations should be paid. Such decisions belong to the management and owners of the company.”
What makes this issue almost publicly vomitous is that BoA was just handed $15 billon of taxpayer funds to help rescue it.
The soul of banking today seems to be nothing but the pursuit of profit. Bankers will emotionally argue with you that their ethical responsibility is to their shareholders and company to generate as much profit as possible. But I ask you, at what cost?
A local hometown bank or even a regional bank may have been more connected to the management at Republic and helped to cut things back sooner to help protect money owed to employees but as is the typical course of action today, large banks like Bank of America are cutting and running with limited notice which damages the average consumer.
At the same time that some of the public is outrages by the actions of BoA in their actions which have left most employees without proper compensation, the very same sized large banks are terminating credit lines, raising interest rates and hurting their very own credit card customers as well.
What we have here are American banks that feel it is appropriate to take federal funds, taxpayer money, and then turn around and harm taxpayers and consumers in their time or trouble, and their hour of needed consideration and compassion.
The issue here is not that the banks are trying to find their profits and putting themselves first, the real issue is that we need to decide if it is acceptable for banks to be soulless or do we expect both compassion and profits from a bank at the same time. Or maybe banks should be given federal funds in accordance with their customer satisfaction, customer compassion, and fair treatment of customer quotient?