Last night I did a story on a clause in the Treasury capital injection contracts that allow the federal government to change the terms on banks after the fact.
A couple viewers emailed in an excellent point. Here's what John Massie had to say:
Comments: Your Nov 13 show contained a segment showing some of the
wording on the conditions for banks receiving funds from the Treasury.
The statement that was made about the right of the government to change
the "deal" at any time in the future - something to the effect of
"un-heard of in the private sector..." meaning that consumers had not
been subjected to this kind of wording in a contract. Well someone
needs to look at credit card contracts - they can change the interest
rate, terms, fees etc based on virtually anything (including a late
payment on any other credit obligation you have). Bankers - welcome to
the world you have created.
Comments
Sorry to say, the VP’s rule!
They are at the top at the mountain looking down and having a glass of wine; while we fight among ourselves. Money goes up against gravity, best of luck to those with loss jobs and/or foreclosure as they are blaming you for this. even though you did not create the issue, but the they needed someone to move the blame.
In my opinion, I think it is as sine that AIG gets a big bail out from the U.S. government and with money in hand thumbs, its nose at the U.S. government by laughing- wasting money by partying for their top employees. While the automotive industry, in my opinion, worthy 10 times more ( employees many, many more) than the insurance industry is getting bulked by the U.S. Government.
Where is the governments priorities??
Alright! Let's adjust their credit limits and give them a 30% interest rate. I wonder if someone in Congress thought to create a fee schedule.