Slightly OT: Germany's Robin Hood Banker & ABC News
This story has nothing to do with a failure of the Obama administration. But it does tie in with Obama's war on the Chamber of Commerce, via his proposed consumer protection agency. The story begins in Germany and ends in October. Confused? Here's a roadmap:
- German banker steals $11 million, is dubbed the "Robin Hood Banker"
- ABC News picks up the story, lamely ties it to evil US banks and proposed banking regulations
- Obama! Obama! Obama!
A German bank employee has been convicted of stealing more than $11 million from her bank's customers in 117 unauthorized transfers.
Here's the kicker: Since she transferred the money from the accounts of wealthy customers to poorer ones, the banker has been dubbed "The Robin Hood Banker" by European media outlets.The employee was accused of allowing overdrafts for customers who would not normally qualify for them.
She then used the money from richer customers to temporarily disguise the loans during the bank's monthly audit of overdrafts.
Source: BBC News
Really.
Germany’s most generous banker was finally collared after she began subsidising a small taxi firm in addition to private customers.Generosity? How about theft?
Source: EuroNews
Keep in mind, her employer lost $1 million when the poorer customers couldn't pay back the unauthorized overdrafts.
ABC News quickly picked up the story, making sure to accentuate the "positives," in a story titled "'Robin Hood' Banker Draws Cheers From Angry Overdraft Payers":
"She's definitely in the wrong for doing that but, at the same time, the old putting-it-to-the-man mentality is good to see," said Craig Kear, 50, a Kansas City man who estimates he has paid nearly $3,000 in overdraft fees in the past two years.
Keep in mind, the "man" who it was getting it put to were unsuspecting bank customers, who had nothing to do with the bank's fees or policies. But ABC News didn't stop there:
Others agreed. "I wish she had found my bank account," joked Kelley Jackson, 46, of Atlanta, who once faced $700 in overdraft fees in one month. The banker, Jackson said, shouldn't have committed the crime but "her heart was in the right place.
"She saw an injustice," she said.
Earlier this month, the Federal Reserve announced new rules that would ban banks from charging overdraft fees on debit card and ATM transactions unless a consumer opts in to an overdraft program. The rules do not apply to checks, which can still trigger overdraft fees. The changes will go into effect July 1.
Source: ABC News
And that will bring us back to O!
Obama that is... See, the new Fed overdraft rules are at the heart of Obama's proposed federal consumer protection agency:
Overdraft fees have become a hot political issue this year, with President Obama criticizing the banking industry for padding their profits with fees from customers who overdraw their accounts. The banking industry brings in billions of dollars in fees each year related to people overdrawing account.
Source: Wall Street Journal
Of course, Obama's federal consumer protection agency is directly related his war on the Chamber of Commerce - a war that he has waged with vigor and aggression, as opposed to the war in Afghanistan (still dithering!) or the war against FoxNews (preemptively surrendered).
Let's jump in the wayback machine for some refreshing:
President Obama on Friday made his strongest push yet for the creation of a new consumer protection agency, lashing out against those who have lobbied hard to stand in its way.
"They're doing what they always do -- descending on Congress and using every bit of influence they have to maintain a status quo that has maximized their profits at the expense of American consumers," Obama said in televised remarks made at the White House. "That's why we need a Consumer Financial Protection Agency that will stand up not for big banks and financial firms, but for hardworking Americans."
The president reserved his harshest criticism for the U.S. Chamber of Commerce, which he said "is spending millions on an ad campaign to kill" the proposal. The Chamber of Commerce launched an ad campaign opposing the proposal, featuring a butcher and baker concerned about its possible impact on their businesses.
Source: CNN (October 9, 2009)
So there you have it. Barack Obama is like a modern day Robin Hood.
Or maybe he's more like a modern day Robin Hood Banker.
