banks got $29.3 bil in ATM fees - Greenspan is happy

[donsu]

http://www.democrats.com/

Greenspan Brags that Banks Are Doing Just Great - Yeah, thanks to Fee-Gouging!
STL: "The U.S. banking system, having weathered a recession and the bankruptcies of several big corporations, is in very good shape, Federal Reserve Chairman Alan Greenspan said Tuesday. Technology and the use of sophisticated financial instruments to hedge risks have helped banks navigate through sometimes difficult economic and financial waters, the Fed chief said in remarks to the American Bankers Association's annual convention in New York." Why should anyone be surprised the banks "weathered the recession in good shape?! In 2003 ALONE, they raked in $29.3 BILLION in ATM fees ALONE! We shudder to think how much $35-a-pop overdraft fees contributed to their "vibrancy."


http://www.stltoday.com/stltoday/business/stories.nsf/story/5F8BEBE67D05F9EB86256F240056CD9F?OpenDocument&Headline=Greenspan%3A+U.S.+banking+system+

Greenspan: U.S. banking system 'vibrant'

-snip-

On banking, Greenspan, as he has in the past, credited the increased use of complex financial instruments known as derivatives for boosting flexibility by allowing banks and other financial institutions to spread their risks.

"Even the largest corporate defaults in history (WorldCom and Enron) ... have not impaired the capital of any major U.S. financial intermediary," Greenspan said.

Derivatives and the use of technology in risk management have helped banks be more flexible, something that aided them in dealing with the 2001 recession, he said.
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[The Backlash Cometh]

1. I'm sure Diebold isn't crying either.