Here's a sorry story.
When the Wall Street collapse began, I took my son’s college nest egg out of a high income bond fund, and bought a one-year CD from Wachovia Bank at 4.5 percent interest. Now that the year is up, I thought I’d roll it over at the same bank.
Not going to happen. Now they are paying just one percent and forcing their customers (read victims) to buy an 18-month CD. I have a one week window in which to get that money out, or the bank will roll it over automatically at one percent.
Remember Wachovia is now owned by Wells Fargo, which bought it for $12 billion, shortly after receiving a $25 billion bailout from you and me. This makes it the second largest bank in the U.S. which is now even more “too big to fail.”
In October Wachovia raised its credit card interest rates three percentage points. Now they range from 12 to 22 percent Another brief story to show how capitalism really works.