A Right to Make a Profit? Consumers Say No.

Some interesting things happening across the country.

The Occupy Wall Street protests.

Netflix’s flip-flop on splitting their subscription plan (lost them millions of subscribers, now they’ve ditched the plan and people aren’t hurrying back). According to this report, it’s going back to one account, but retaining a big jump in price.

Bank Transfer Day. Bank of America made news the other day with a monthly $5 debit card fee and people flew off the handle – if your bank is going to start charging higher fees, etc, then ditch your bank and go with a local, smaller bank – that’s the idea of Bank Transfer Day.

The other day President Obama said that Banks don’t have an inherent right to a certain level of profit. How true! A ‘right’ to a profit? Are you kidding me? That’s like me opening a business and claiming I haveĀ  ‘right’ to succeed and make a certain level of profit. Rather than fail because I mistreat and ignore my customers.

Know what the CEO of Bank of America, Brian Moynihan said in response? The bank has a right to make a profit, and, “I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders.” Of course he has that duty, but he doesn’t have a ‘right’ to succeed – if he thinks that he needs to look up the definition of a ‘right.’ He only has a right to try – within the legal framework of duly enacted laws and regulations. Which are sorely needed considering how close the financial industry brought us to ruin in the credit crisis of 2008 – after which taxpayers painfully bailed out the industry in the interest of the greater good.

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