Taxpayers Should Be Outraged as yet Another Billion $$ Credit Union is AnnouncedOK, so the banks, which nearly collapsed the world economy in their greed, got bailed out with our tax money and used that money to give the CEOs large bonuses who used that money to buy politicians like Scott Walker and Paul Ryan so that they could pass laws further benefiting the banks and CEOs are now carping because someone else is enjoying success.
Merger creates state's eighth "mega-credit union"
(MADISON) - Taxpayers should be outraged that Wisconsin may soon have its eighth billion dollar credit union. Pioneer Credit Union and Capital Credit Union have agreed to merge, creating yet another mega-credit union that won't be paying any income tax to the state. That means the average taxpayer will pay more in income tax than these billion dollar institutions. This new credit union will also be larger than 98 percent of the tax-paying banks in the Wisconsin.
Income taxes are collected for a reason. With yet another billion dollar institution still not paying their fair share, this means it is Wisconsin's businesses and consumers which are left to shoulder the burden of supporting the state.
"There is no reason these large, profit-driven credit unions should be allowed to continue to avoid paying their fair share," said Rose Oswald Poels, president/CEO of the Wisconsin Bankers Association. "They clearly have abandoned their congressionally mandated mission to serve those of modest means in favor of seeking larger profits."
It's amazing that their heads don't explode.
It's actually no surprise that the banks are squawking. They're probably hurting a lot more than they are letting on.
Remember that two years ago, there was a lot of union folks that pulled their money out of them, including when the AFL-CIO pulled their money out of M&I (now known as BMO Harris) because of their support of Scott Walker and the other Teapublicans. Many people - union and nonunion - had gone to the credit unions and haven't looked back.
And a lot of people pulled their money during the Occupy Wall Street and other actions.
Methinks that the banks might be hurting more than they are letting on.
I do know that we at Chez Capper have been receiving a marked uptick in advertising mailers from banks and the one bank we still have dealings with have started making so many phone solicitations to us so much as to be stalkerish.
At least they are starting to see that they aren't too big to fail after all.