Forum Post: Wall Street Manifesto - Part 6

(Hypothetical speech by a prominent Wall Street banker to the 99%)

We have opposed the Bureau of Consumer Financial Protection because we consider it to be an obstacle to the free enterprise system we cherish. It is counterproductive to have a government agency second-guess how we run our commercial banks and credit card programs. It is an insult to have a government watchdog determine what is best for our customers when we pride ourselves in treating our customers as we would treat our own family. It is foolish to nitpick fees we apply to credit cards and other financial services. If the government unfairly prohibits one charge or other because it deems it predatory, we will simply shift the charges elsewhere. Bank depositors recently learned how this works as we began to levy fees on debit card, checking accounts and other services, which were previously free of charge. It is a zero sum game. We are a business, not a charity. We have to cover our costs and those costs include meeting our generous payrolls and paying handsome dividends to our shareholders.