Watching Out for What's Not Said...

The CEOs of all the major banks have strongly opposed the new financial regulations bill. Many have threatened to raise costs for customers. Some banks, including Wells Fargo and Chase, have already raised fees on some products. As Ms. Mellody Hobson (on NBC Today Show) and some Wall Street analysts have claimed, the banks "have to" charge more to make up the revenues lost from the regulation- giving one the impression that the banks have a "right" to more profits.

What none of the bank CEOs have said is that they will not take as big of a bonus, or will not award themselves fat salary increases. When the banks took the money from the public, it went straight into the CEOs' pockets. Now the public has to pay more to ensure bulging Banks' wallets that are overflowing.

Where is the competition that Capitalism is supposed to deliver? If one is looking at Credit Unions they have started raising fees for their services too.

A rising tide lifts all costs.

Wells Fargo’s Stumpf Sees New Costs for Customers - BusinessWeek: "Wells Fargo & Co. Chief Executive Officer John Stumpf said customers, not just the bank, will bear the financial burden for U.S. regulations that cover services ranging from home loans to credit cards.

“I can’t guarantee that we won’t pass on some of those costs,” Stumpf, 56, said in an interview at his San Francisco office. “We’ll try to tighten our belt and absorb some of the costs of compliance, but some costs may change and customers might pay for their financial services in new ways.”"