Connect the Dots
In the “too little, too late” handwringing department:
Lawmakers expressed concern yesterday about whether a recent change in tax policy that makes it more attractive for banks to take each other over was justified and whether taxpayer funds have been used to support the acquisition of healthy banks.
And, naturally, the citizenry is hit with a double whammy: tax-payer funded bailouts to allow for more mergers to allow for higher overdraft fees:
Industry consolidation is also likely to result in higher fees. Banks with more than $20 billion in assets charged an average of $33.43 per overdraft, compared with $24.28 for financial institutions with less than $100 million in assets, according to a recent study by Moebs Services.
