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NEWS
October 31, 2011
I read with interest Gregory Karp's article discussing the relative advantages and disadvantages of credit unions and banks ("Crowning a banking champ," Oct. 23). As the article correctly points out, both banks and credit unions offer consumers distinct benefits. Ultimately, however, banking today is all about getting services to customers, rather than the other way around. Consumers now want convenience along with stability. They want to make transactions quickly, get accurate and timely answers to questions and conduct business whenever it is convenient for them.
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NEWS
By Robert B. Reich | March 19, 2014
It's often assumed that people are paid what they're worth. According to this logic, minimum wage workers aren't worth more than the $7.25 an hour they now receive. If they were worth more, they'd earn more. Any attempt to force employers to pay them more will only kill jobs. By this same logic, CEOs of big companies are worth their giant compensation packages, now averaging about 300 times the pay of the typical American worker. They must be worth it or they wouldn't be paid this much.
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BUSINESS
By Liz F. Kay, The Baltimore Sun | October 10, 2011
Ken Rose is a Bank of America customer, but he has also done business for years with Destinations Credit Union in Parkville. Now, with the bank's announcement that it will charge many debit-card users a $5 monthly fee, the Edmondson Village resident says he plans to switch all his banking to the credit union. "They do everything," Rose, 60, said of Destinations. "Nobody's going to banks anymore. " While that might be an overstatement, local credit unions are seizing on the public's discontent with big banks — Wells Fargo and Chase are also testing debit fees, and Citi recently announced new charges for checking accounts — to step up their marketing efforts and pull in more customers.
NEWS
September 30, 2013
Since the economic meltdown of 2008, there has been a diminishment of wages for the working class, a diminishment of wages for the middle class and an inadequacy of tax revenue to the government, which has caused a deficit. So who has all the money? Big banks, big corporations and people who are already wealthy and know how to shelter their wealth, such as politicians. Does anybody else see a move toward feudalism? If there are only lords and serfs, which one are you? Susan Detwiler, Baltimore
NEWS
September 6, 1991
In tandem with likely passage of federal legislation permitting big banks to open branches throughout the country, the merger trend turning financial giants into behemoths is moving at whirlwind speed. The summer has seen three huge consolidations -- one in New York between Chemical Bank and Manufacturers-Hanover, one in the southeast quadrant between NCNB and C&S Sovran and now the latest on the West Coast between BankAmerica and Security Pacific. Only Citicorp will outrank them in assets.
NEWS
By Robert B. Reich | September 19, 2013
While attention is focused on Syria, the gambling addiction of Wall Street's biggest banks is more dangerous than ever. Five years ago this month, Lehman Brothers went bankrupt, and the Street hurtled toward the worst financial crisis in 80 years. Yet the biggest Wall Street banks are far larger now than they were then. And the Dodd-Frank rules designed to stop them from betting with the insured deposits of ordinary savers are still on the drawing boards -- courtesy of the banks' lobbying prowess.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 6, 1996
In the button-down world of banking, Columbia Bank has an attitude.Outside its offices in Ellicott City on U.S. 40, where streams of cars race by at blazing speeds, it recently slung a green and white plastic sign between the light poles blaring: "Ready to switch. Welcome."The bank hardly needs such advertising. In just eight years since it opened its doors, Columbia Bank has brought in 25,000 customers and captured 12 percent of Howard County's estimated $1.4 billion deposit market -- ranking third behind NationsBank and First National Bank of Maryland.
NEWS
September 30, 2013
Since the economic meltdown of 2008, there has been a diminishment of wages for the working class, a diminishment of wages for the middle class and an inadequacy of tax revenue to the government, which has caused a deficit. So who has all the money? Big banks, big corporations and people who are already wealthy and know how to shelter their wealth, such as politicians. Does anybody else see a move toward feudalism? If there are only lords and serfs, which one are you? Susan Detwiler, Baltimore
BUSINESS
By New York Times News Service | June 29, 1995
WASHINGTON -- An alliance of liberal Democrats and conservative Republicans threw prospects for broad bank deregulatory legislation into confusion yesterday by amending a related bill so as to allow banks to merge with insurers, an idea that had previously been squelched.The amendment vote on the House Banking Committee was driven by a variety of motives. Conservatives were seeking a broad dismantling of barriers in the financial industry.Liberals hoped that the amendment would be a "poison pill," killing the bill it was added to, which would repeal a number of laws meant to ensure that people in poor neighborhoods can get loans.
NEWS
By Arnold Rosenfeld | April 16, 1998
YOU'VE GOT to hand it to the big banks for sheer brass. First they get the courts to stop what everyone knows is the berserk growth of credit unions. A few days later, they announce mergers creating banks large enough to buy the Third World -- if the Third World could prove it had anything worth buying and laid off its work force.I don't think my father ever went into a bank -- or wrote a check. I think he was afraid of banks. A little guy didn't feel right in those days in a vaulted lobby with marble pillars and forbidding men sitting in polished metal cages.
NEWS
By Robert B. Reich | September 19, 2013
While attention is focused on Syria, the gambling addiction of Wall Street's biggest banks is more dangerous than ever. Five years ago this month, Lehman Brothers went bankrupt, and the Street hurtled toward the worst financial crisis in 80 years. Yet the biggest Wall Street banks are far larger now than they were then. And the Dodd-Frank rules designed to stop them from betting with the insured deposits of ordinary savers are still on the drawing boards -- courtesy of the banks' lobbying prowess.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 26, 2013
Most checking accounts pay little or no interest, and fewer and fewer are free. But at Patapsco Bank in Dundalk, checking customers can earn about 2 percent a year in a free account or choose cash back or even iTunes rewards. And members of Money One Federal Credit Union in Largo can receive as much as 3 percent. Both institutions participate in a national rewards program for community banks and credit unions called Kasasa that helps them structure and market free checking accounts.
NEWS
By Robert B. Reich | June 19, 2013
There are two great centers of unaccountable power in the American political-economic system today -- places where decisions that significantly affect large numbers of Americans are made in secret and are unchecked either by effective democratic oversight or by market competition. One goes by the name of the "intelligence community," and its epicenter is the Maryland-based National Security Agency within the Defense Department. If we trusted that it reasonably balanced its snooping on Americans with our nation's security needs, and that our elected representatives effectively oversaw that balance, there would be little cause for concern.
NEWS
By Robert B. Reich | January 16, 2013
TARP, the infamous Troubled Assets Relief Program that bailed out Wall Street in 2008, is finally over. The Treasury Department recently announced it will soon be completing the sale of the remaining shares it owns of the banks and of General Motors. But it's not really over. The biggest Wall Street banks are now far bigger than they were four years ago, when they were considered too big to fail. The five largest have almost 44 percent of all U.S. bank deposits. That's up from 37 percent in 2007, just before the crash.
NEWS
November 13, 2012
In the wake of Mitt Romney's loss to President Barack Obama, many in the Republican Party are soul-searching, to determine where their man went wrong in his attempt to attract a majority of voters. Was it because he was stiff and un-relatable or because he seemed willing to take any position to get elected? Or that he should not have attempted to coast over the finish line after a strong first debate performance? One key area being examined is why Republicans nominated a candidate from big business as the nation was trying to recover from a recession that many think was brought on largely by the excesses of big business (i.e.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 6, 2012
Two small thrifts founded many decades ago to cater to Baltimore's immigrant population could merge as early as the end of November following approval Monday by a federal regulator. Kopernik Federal Bank in Fells Point and Hull Federal Savings Bank in Locust Point each have one office, and both will remain open and operate under the Kopernik name after the merger. The marriage of these two institutions — opened a combined 189 years — is just another sign of the difficulties of small financial institutions, banking analysts said.
NEWS
August 18, 2011
In your article "Big banks vow no repeat of '08" (Aug. 11), bank CEOs insist they have fundamental strengths so that a repeat of the 2008 financial crisis is not about to happen. Their overwhelming message in the article: This time is different. Didn't we hear that before the 2007-2008 crisis? Wasn't that what Fannie Mae and Freddie Mac and the big banks said about buying loans being made to subprime borrowers? And the recession before that and the banking crisis rooted in the savings and loan industry that started in 1984?
BUSINESS
By Jane Bryant Quinn and Jane Bryant Quinn,Washington Post Writers Group | January 2, 2000
WHAT is it about an ATM fee that drives people nuts? You pay an average of $1.50 to withdraw money from your account at a "foreign" ATM (a machine that isn't owned by your bank). And you begrudge every penny. But the ATM owners provide a service that, to me, is worth paying for. They've made cash available anytime, anywhere. In the pre-ATM days, you generally couldn't cash a check at another bank. You had to use your own bank. At lunchtime, the lines for the tellers could be a lunch-hour long.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | November 5, 2012
Dunbar Armored has been in the armored-car business for nearly 90 years. But the Hunt Valley-based company now is branching into a new way to protect banks' and businesses' money and valuables: cybersecurity. The company is launching a subsidiary, Dunbar Digital Armored, early next year to tap into the growing need to protect online transactions for its thousands of bank and retail customers. Dunbar will focus its cybersecurity products on small and mid-size companies that are looking for tech-savvy solutions but don't have the deep pockets or cybersecurity expertise of the big banks.
NEWS
By Michael Greenberger | October 8, 2012
Corporate-sponsored groups have launched a campaign of litigation in the lower federal courts challenging the legality of the second major piece of President Barack Obama's legislative program, one that received a lot of attention in last week's first presidential debate: the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. When these cases reach the Supreme Court, we could very well see a reprise of the drama surrounding its decision on the Affordable Care Act at the end of this past term.
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