Welcome to the new feudalism, where financial parasites can loot the few hundred bucks a month retirees receive to survive, in order to take their bullshit fees. Next stop: debtor's prisons.
The California Supreme Court unanimously overturned a billion-dollar class-action award against Bank of America Corp. on Monday, ruling that banks can collect overdraft fees from accounts in which government benefits intended for subsistence are directly deposited.
The ruling threw out a 2004 verdict by a San Francisco jury that found the bank violated state law by taking fees for insufficient funds from accounts set up to receive Social Security benefits.
The LA Times has the full story.
One wonders, do the people running these banks have ANY semblance of a conscience, or at least some self-respect? This being AFTER these scumbags have received billions in taxpayer bailouts. But I guess we can't use that leverage to stop this kind of outrageous behavior, because that would be socialism. We must preserve the sacred private property rights of the banks and hedge funds. We must save the paper, even if that means killing the people.
You know, in school, I never quite understood why the French cut off Marie Antoinette's head. Now I get it. The greed of these people - if they are in fact human - truly knows no bounds.