# BoA CEO "Incensed" About Public Hostility **URL:** \ **Category:** The BBQ Pit\ **Created:** [October 26, 2011, 7:45pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896 "2011-10-26T19:45:21Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Steve\_MB](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/steve_mb/32/5339_2.png) [@Steve\_MB](https://boards.straightdope.com/u/Steve_MB)\ **Post date:** [October 26, 2011, 7:45pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/1 "2011-10-26T19:45:21Z")
[Look up “self-absorbed” in the dictionary, find Bryan Moynihan’s picture](http://www.huffingtonpost.com/2011/10/26/brian-moynihan-bank-of-america-critics_n_1032370.html?1319637499): > [@](#): > > Bank of America CEO Bryan Moynihan says the public needs to start thinking before they criticize his company. > > “I, like you, get a little incensed when you think about how much good all of you do, whether it’s volunteer hours, charitable giving we do, serving clients and customers well,” Moynihan said to employees in a global town hall meeting last week, Bloomberg reports. “You ought to think a little about that before you start yelling at us.” > > The banking giant has received an outpouring of criticism since announcing last month it would start charging customers $5 per month to use their debit cards for purchases… > > Moynihan said earlier this month that his bank’s $5 fee is justified because the bank “has a right to make a profit,” according to CNNMoney. The bank netted $6.2 billion in profits last quarter compared to a $7.3 billion loss in the same quarter of last year… (I figure I might as well just post this direct to the Pit, since it’s going to end up there anyway.) ---
**Author:** ![Bosstone](https://avatars.discourse-cdn.com/v4/letter/b/22d042/32.png) [@Bosstone](https://boards.straightdope.com/u/Bosstone)\ **Post date:** [October 26, 2011, 8:06pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/2 "2011-10-26T20:06:44Z")
“has a right to make a profit”? Well, it’s no dumber than “too big to fail,” I guess. ---
**Author:** ![tim-n-va](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/tim-n-va/32/3001_2.png) [@tim-n-va](https://boards.straightdope.com/u/tim-n-va)\ **Post date:** [October 26, 2011, 8:11pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/3 "2011-10-26T20:11:32Z")
Well, he has a right to _ **try** _ to make a profit. I have closed my BoA accounts. It was coincidental but I don’t mind them thinking it was due to the fees. ---
**Author:** ![VinylTurnip](https://avatars.discourse-cdn.com/v4/letter/v/b2d939/32.png) [@VinylTurnip](https://boards.straightdope.com/u/VinylTurnip)\ **Post date:** [October 26, 2011, 8:17pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/4 "2011-10-26T20:17:33Z")
Much as I’d love to jump on the BoA hatewagon, it sounds like he was addressing employees rather than whining to the public at large. I would assume morale at America’s eponymous bank isn’t at record high levels lately, and this was probably his best attempt at a pep talk. We want you all to remember that we appreciate everything you do and we’re behind you 100%! (Until the mass layoffs, anyway.) ---
**Author:** ![Damuri\_Ajashi](https://avatars.discourse-cdn.com/v4/letter/d/898d66/32.png) [@Damuri\_Ajashi](https://boards.straightdope.com/u/Damuri_Ajashi)\ **Post date:** [October 26, 2011, 8:18pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/5 "2011-10-26T20:18:31Z")
> [@tim-n-va](#): > > Well, he has a right to _ **try** _ to make a profit. I have closed my BoA accounts. It was coincidental but I don’t mind them thinking it was due to the fees. If you look at the bottom line of a lot of large financial institutions, their net profits would be cut in half without these fees. They no longer rely largely on the spread between the borrow rate and the lend rate to earn their income, they rely on dinging their customers with late charges and credit card fees. Still, if fully informed people will pay then why shoud we stop them. Just like Netflix losing 800K customers and having many of the ones taht remain go from online+disc to a lower fee online only or video only. ---
**Author:** ![Anaamika](https://avatars.discourse-cdn.com/v4/letter/a/5f9b8f/32.png) [@Anaamika](https://boards.straightdope.com/u/Anaamika)\ **Post date:** [October 26, 2011, 8:19pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/6 "2011-10-26T20:19:31Z")
> [@VinylTurnip](#): > > Much as I’d love to jump on the BoA hatewagon, it sounds like he was addressing employees rather than whining to the public at large. I would assume morale at America’s eponymous bank isn’t at record high levels lately, and this was probably his best attempt at a pep talk. > > We want you all to remember that we appreciate everything you do and we’re behind you 100%! (Until the mass layoffs, anyway.) Yeah, that article makes no sense. First it says > [@](#): > > Bank of America CEO Bryan Moynihan says the public needs to start thinking before they criticize his company. Then it says: > [@](#): > > Moynihan said to employees in a global town hall meeting Buwh? But no one has any kind of “right” to make a profit. ---
**Author:** ![silenus](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/silenus/32/166_2.png) [@silenus](https://boards.straightdope.com/u/silenus)\ **Post date:** [October 26, 2011, 8:21pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/7 "2011-10-26T20:21:33Z")
I wonder how “incensed” he’ll be when he’s strung up by the ears from a lamp pole by an angry mob? ---
**Author:** ![JSexton](https://avatars.discourse-cdn.com/v4/letter/j/96bed5/32.png) [@JSexton](https://boards.straightdope.com/u/JSexton)\ **Post date:** [October 26, 2011, 8:21pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/8 "2011-10-26T20:21:59Z")
> [@Anaamika](#): > > But no one has any kind of “right” to make a profit. Well, they have the right to price their products as they wish, just as consumers have the right to shop elsewhere. ---
**Author:** ![Steve\_MB](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/steve_mb/32/5339_2.png) [@Steve\_MB](https://boards.straightdope.com/u/Steve_MB)\ **Post date:** [October 26, 2011, 8:24pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/9 "2011-10-26T20:24:13Z")
> [@VinylTurnip](#): > > Much as I’d love to jump on the BoA hatewagon, it sounds like he was addressing employees rather than whining to the public at large. I would assume morale at America’s eponymous bank isn’t at record high levels lately, and this was probably his best attempt at a pep talk. The comment “You ought to think a little about that before you start yelling at us.” is directed at his employees rather than the public at large? 😕 ---
**Author:** ![Bosstone](https://avatars.discourse-cdn.com/v4/letter/b/22d042/32.png) [@Bosstone](https://boards.straightdope.com/u/Bosstone)\ **Post date:** [October 26, 2011, 8:25pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/10 "2011-10-26T20:25:49Z")
> [@Anaamika](#): > > Yeah, that article makes no sense. Huff’s article is poorly written. It doesn’t make any distinction between what Moynihan said to his employees and what he said to public critics. The link to Bloomberg from HuffPo says: > [@](#): > > “I, like you, get a little incensed when you think about how much good all of you do, whether it’s volunteer hours, charitable giving we do, serving clients and customers well,” Moynihan said during the Oct. 18 gathering. **To the bank’s critics** , he said, “You ought to think a little about that before you start yelling at us.” Bolding mine. But the HuffPo piece just says: > [@](#): > > “I, like you, get a little incensed when you think about how much good all of you do, whether it’s volunteer hours, charitable giving we do, serving clients and customers well,” Moynihan said to employees in a global town hall meeting last week, Bloomberg reports. “You ought to think a little about that before you start yelling at us.” ---
**Author:** ![Swords\_to\_Plowshares](https://avatars.discourse-cdn.com/v4/letter/s/b38774/32.png) [@Swords\_to\_Plowshares](https://boards.straightdope.com/u/Swords_to_Plowshares)\ **Post date:** [October 26, 2011, 8:28pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/11 "2011-10-26T20:28:05Z")
> [@silenus](#): > > I wonder how “incensed” he’ll be when he’s strung up by the ears from a lamp pole by an angry mob? Quoth Lemony Snicket: > [@Snicket](#): > > Historically, a story about people inside impressive buildings ignoring or even taunting people standing outside shouting at them turns out to be a story with an unhappy ending. > > If you have a large crowd shouting outside your building, there might not be room for a safety net if you’re the one tumbling down when it collapses. ---
**Author:** ![Anaamika](https://avatars.discourse-cdn.com/v4/letter/a/5f9b8f/32.png) [@Anaamika](https://boards.straightdope.com/u/Anaamika)\ **Post date:** [October 26, 2011, 8:29pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/12 "2011-10-26T20:29:43Z")
> [@JSexton](#): > > Well, they have the right to price their products as they wish, just as consumers have the right to shop elsewhere. Yes, but as you imply (I think) that doesn’t guarantee them the right to make lots of money off it. Thank you, Bosstone, that makes more sense. I don’t think it’s right to yell at BoA’s employees for a corporate decision, but yelling at the CEO? Why the fuck not? ---
**Author:** ![John\_Mace](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/john_mace/32/185_2.png) [@John\_Mace](https://boards.straightdope.com/u/John_Mace)\ **Post date:** [October 26, 2011, 8:31pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/13 "2011-10-26T20:31:32Z")
> [@silenus](#): > > I wonder how “incensed” he’ll be when he’s strung up by the ears from a lamp pole by an angry mob? Pretty goddam incensed, I’d say! 🙂 As for this issue-- meh. If you don’t want to pay the fee, bank somewhere else. No one is forcing you to use a debit card. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [October 26, 2011, 8:39pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/14 "2011-10-26T20:39:33Z")
In its insensitivity, the comment reminds me of this one, by former BP CEO Tony Hayward, “There’s no one who wants this [i.e., the Gulf oil spill] over more than I do. I’d like my life back.” ---
**Author:** ![Jackmannii](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jackmannii/32/311_2.png) [@Jackmannii](https://boards.straightdope.com/u/Jackmannii)\ **Post date:** [October 26, 2011, 8:41pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/15 "2011-10-26T20:41:05Z")
Besides, if banks don’t charge all those fees, they won’t be able to pay dividends to their little old lady stockholders on fixed incomes, and they’ll starve. Think about that before you whine about the debit card fee. ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [October 26, 2011, 8:43pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/16 "2011-10-26T20:43:44Z")
His point about charity is well taken. He and his fellow bankers gave millions of Americans a lot of extra time to work on charity, not being bothered by having to go to work any more. ---
**Author:** ![Bosstone](https://avatars.discourse-cdn.com/v4/letter/b/22d042/32.png) [@Bosstone](https://boards.straightdope.com/u/Bosstone)\ **Post date:** [October 26, 2011, 8:46pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/17 "2011-10-26T20:46:49Z")
> [@Voyager](#): > > His point about charity is well taken. He and his fellow bankers gave millions of Americans a lot of extra time to work on charity, not being bothered by having to go to work any more. I have to wonder how much of that “charitable giving” is United Way-style crap, too. ---
**Author:** ![msmith537](https://avatars.discourse-cdn.com/v4/letter/m/d9b06d/32.png) [@msmith537](https://boards.straightdope.com/u/msmith537)\ **Post date:** [October 26, 2011, 8:47pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/18 "2011-10-26T20:47:21Z")
It’s funny how everyone wants jobs but no one wants companies to make profits. ---
**Author:** ![Bosstone](https://avatars.discourse-cdn.com/v4/letter/b/22d042/32.png) [@Bosstone](https://boards.straightdope.com/u/Bosstone)\ **Post date:** [October 26, 2011, 8:52pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/19 "2011-10-26T20:52:03Z")
> [@msmith537](#): > > It’s funny how everyone wants jobs but no one wants companies to make profits. If by “companies” you mean “companies with shitty business models,” absolutely. ---
**Author:** ![Absolute](https://avatars.discourse-cdn.com/v4/letter/a/b2d939/32.png) [@Absolute](https://boards.straightdope.com/u/Absolute)\ **Post date:** [October 26, 2011, 8:58pm UTC](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896/20 "2011-10-26T20:58:27Z")
Bank of America made a $6.2 billion profit last quarter, but they sold off a major division for $3.6 and added $4.5 billion as a result of accounting adjustments. Without that $7.8 billion in additional income, they would have lost $1.6 billion last quarter, just like they lost $4 billion or so last year. I am no fan of BoA, but they are certainly entitled to do whatever they need to do actually turn a profit. And that includes charging debit card users the fees that they are no longer legally allowed to charge merchants. And the people complaining about the debit card fee are, unfortunately, mostly idiots like this guy, who’s a fucking financial advisor of all things: > [@http://www.cbsnews.com/stories/2011/09/29/business/main20113708.shtml](#): > > The growing prevalence of the debit card fee is alarming for Josh Wood, a 32-year-old financial adviser in Amarillo, Texas. > > Wood relies entirely on debit cards to avoid interest charges on a credit card. If his bank, Wells Fargo, began charging a debit card fee, he said he would take his business to a credit union. > > If a debit fee became so prevalent that it was unavoidable, Wood said he’s not sure how he’d react. > > “I might use all cash. Or go back to writing checks,” he said. > > Bank of America’s debit card fee will be rolled out in stages starting with select states in early 2012. The company would not say which states would be affected first. You stupid dipshit, you don’t have to pay any interest on a credit card if you pay off the balance each month, just like you have to treat a debit card (in fact, a credit card is actually better because you can wait until the end of the month to come up with the cash). If you’re too goddamned stupid to keep track of your spending throughout the month and overspend on your credit card, maybe you chose the wrong line of work. Incidentally, I got sick of Bank of America’s crap business practices two years ago and I switched banks. That’s really the only “protest” that means anything to them. If you’re mad, don’t be mad at Bank of America, be mad at all the idiots who put up with this bullshit and continue to give them money. [Next page](https://boards.straightdope.com/t/boa-ceo-incensed-about-public-hostility/600896.md?page=2)