Posted by: mutantpoodle | April 7, 2009

Ken Lewis: Don’t pay back TARP money on MY back

B of A SucksIt was just under three weeks ago that Bank of America CEO Ken Lewis announced that he “might” be able to repay the federal government $45 billion in TARP money by the end of this year or early 2010.

Now I think I know how.

In the mail today was a notice from Bank of America, which took over from MBNA the credit card associated with my undergraduate alma mater. They are raising my rate. And it’s not because I’m late with payments. It’s because they’re hurting, so they’re taking money where they can get it.

Or, as they put it:

We are making this change to your Annual Percentage Rate due to a change in our business practices, and due to the pattern of payments and Annual Percentage Rates on the account. [Italics mine]

Translation: because we want to, and we can.

And, by the way, this isn’t a small increase. It’s – wait for it – a 77.5% jump.

I have hated Bank of America for decades. I used to bank with them and they were always nibbling at the edges of my money with little fees here and bigger fees there. I avoided them at all costs, and I would have canceled my credit card when they took over for MBNA, except that I wanted to keep giving Brown University a little taste of whatever purchases I put on plastic.

So, Mr. Lewis? I am one of the 300 million people who is part owner of your miserably managed organization – you know – the one that paid $50 billion for a worthless investment bank and then needed my money because the deal was so incredibly stupid. Maybe, before you turn loan shark, you should try and get back the $15 billion in bonuses that Merrill Lynch shot out the door just before you decided to buy them last year. Or maybe you should pay me back my $150 share of the TARP money you’re sitting on before you nearly double my interest rate because you can. Or maybe you should quit, because there’s one thing I know for sure: whatever trouble Bank of America is in right now, it sure as shit isn’t because I’m not paying enough interest on my credit card.

Here’s the thing: I have another credit card – one I don’t use, but keep around in case of emergencies. I haven’t used it, because it doesn’t funnel money to my old college.

I’m gonna use it now, and your card is going into the shredder. And Ken Lewis?

Fuck You.

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