Bank of America does not have a “right” to make a profit

This post was written by marc on October 6, 2011
Posted Under: Letters to the Editor

Letter to the Editor

Bank of America CEO Brian Moynihan is asserting that they have a “right to make a profit” as justification for their very unpopular new $5 debit card fee. I disagree. While corporations exist to try to make a profit, some succeed and some fail. There is no government entitlement right to make a profit. And this is especially true in the case of Bank of America.

Bank of America exist only because the taxpayers bailed them out. Now BofA thinks they are entitled to corporate welfare forever. BofA gets to borrow from the Federal Reserve at 0% interest and they pay no federal taxes on their huge profits. This is the United States of America, not the United States of Corporate America. In spite of what the corporate puppets on the Supreme Court say we are a nation of The People and the government exists to serve The People, not the corporations.

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