Comment Re:Don't have much sympathy... (Score 1) 35
And on the other side of that coin, the OCC just accused BOA along with the other eight largest US banks of discriminating against customers based on "reputation risk" rather than clear and objective criteria.
Which is the polite way of saying Trump threw a hissy-fit over being debanked as a 34-time convicted financial fraudster, and decided to punish Moynihan and Dimon and the rest for daring to hold him to the same standards as every other human on the planet. The core accusation itself is the most telling - OCC is primarily accusing banks of using political criteria, which despite what Team Red might want to believe this week, isn't a federally protected class. Refusing to make a cake for a gay wedding? "Right to free association". Blocking a convicted criminal from accessing a company's financial services? Waaah, unfair, make 'em suffer, Daddy Gould!
It's not often I side with banks on any issue, and the much-reviled BOA even rarer; but if they're going to be punished either way, may as well just do what they want and earn the fines.
Which is the polite way of saying Trump threw a hissy-fit over being debanked as a 34-time convicted financial fraudster, and decided to punish Moynihan and Dimon and the rest for daring to hold him to the same standards as every other human on the planet. The core accusation itself is the most telling - OCC is primarily accusing banks of using political criteria, which despite what Team Red might want to believe this week, isn't a federally protected class. Refusing to make a cake for a gay wedding? "Right to free association". Blocking a convicted criminal from accessing a company's financial services? Waaah, unfair, make 'em suffer, Daddy Gould!
It's not often I side with banks on any issue, and the much-reviled BOA even rarer; but if they're going to be punished either way, may as well just do what they want and earn the fines.