The Big Banks still don’t get it. Bank of America recently announced that it will start charging its customers $5 per month to use their debit cards. Wells Fargo and JPMorgan Chase are considering similar fees on their customers.
Two years ago, the U.S. auto industry was on the verge of collapse. General Motors Corp. (GM) had filed for bankruptcy and had just begun to reorganize with $30 billion from the government’s Troubled Asset Relief Program (TARP). Chrysler, also with TARP support, reached a partnership deal with Fiat and began its climb from bankruptcy.
Today, six years ahead of schedule, Chrysler Corp. repaid the last of its $8.5 billion in loans the Obama administration made to the troubled carmaker in April 2009 to help keep Chrysler afloat and save the jobs of tens of thousands of Chrysler workers and workers in the supply chain.