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"At a minimum, they are incredibly tone deaf. At a minimum," added Biden.
"At a maximum, they are not -- they are not -- paying their fair share of
the bargain here, and middle class people are getting killed."

Joe Biden On Bank Of America: 'At A Minimum, They Are Incredibly Tone Deaf'


First Posted: 10/6/11 11:45 AM ET Updated: 10/6/11 11:47 AM ET
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WASHINGTON -- With protests against economic injustice continuing in New
York City and spreading across the country, Vice President Joe Biden said on
Thursday that he can't blame people for feeling "frustrated" and criticized
Bank of America's new debit card fees as the type of "tone deaf" move that
the public is angry about.

"You can't blame the American people for feeling an overwhelming sense of
frustration at this moment, when they're hanging on by their fingernails,
and all of a sudden, [the banks] come along and say, 'Okay, even though
we're going to make a healthy profit next year, we think we have to have
this additional income coming in,'" said Biden in a speech at the Washington
Ideas Forum at the Newseum in Washington, D.C.

Biden was referring to Bank of America's announcement that it will be
charging customers a $5 monthly
fee<http://www.washingtonpost.com/business/economy/bank-of-america-to-add-5-monthly-debit-card-fee-as-era-of-low-cost-banking-ebbs/2011/09/29/gIQAzyhL8K_story.html>to
use their debit cards. The bank argues the move was necessary after
Congress passed
legislation<http://www.huffingtonpost.com/2011/06/08/debit-card-fee-swipe-fee_n_873015.html>,
championed by Sen. Dick Durbin (D-Ill.), that reduced the amount of money
banks could charge businesses each time a debit card is swiped.

"At a minimum, they are incredibly tone deaf. At a minimum," added Biden.
"At a maximum, they are not -- they are not -- paying their fair share of
the bargain here, and middle class people are getting killed."

Biden also commented on the Occupy Wall Street protests, saying the rallies
are happening primarily because the "bargain has been breached with the
American people" -- and they have a right to be angry.

"The core is the American people do not think the system is fair or on the
level. That is the core of what you're seeing on Wall Street," he said.
"There's a lot in common with the Tea Party. The Tea Party started why?
TARP. They thought it was unfair, we're bailing out the big guys. What are
the people up on the other side of the spectrum saying? The same thing."

Moderator David Gregory, host of NBC's "Meet the Press," asked whether it
was justifiable for Bank of America to implement the new fee, since the
administration is imposing more regulations on the financial industry and
banks still need to figure out a way to make a profit. Biden rejected his
assertion, comparing banks to a kid without a license stealing a car.

"That's a little bit like saying to my kid -- I say, 'Here's the deal now. I
not only don't want you driving a car when you don't have a license, and
I've now caught you and I'm stopping you from doing that.' And my son says,
'Well I can't do that anymore, so now I've got to steal a car. I've got to
get around somehow,'" said Biden.

On Wednesday, also speaking at the Washington Ideas Forum, Treasury
Secretary Tim Geithner said Wall Street's frosty relationship with and lack
of gratitude toward President Obama was
"inexplicable<http://www.huffingtonpost.com/2011/10/05/tim-geithner-wall-street-obama-anger_n_996918.html>,"
given that the administration implemented policies that saved the financial
industry from a crisis of its own creation.

Biden framed the argument a bit differently, saying it's the American
people, not the administration, that Wall Street should be thanking and
helping to lift up out of tough economic times.

"The American people know ... the reason the CEO of Bank of America or any
other body in that business is in the business is because they -- that guy
making 50,000 bucks -- bailed him out. Bailed him out. Put his financial
security on the line when his government said, 'We're going to come up with
a trillion plus dollars to bail him out,'" said Biden.

"Then [the banks] turn around and they say, by the way, we're projected only
to make ... $17 billion next year, but you know what? The middle-class
folks, these guys with these debit cards, are on their back, and we're going
to charge them 5 bucks more to use their debit card."


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Alexander Snyder-Mackler
(302) 598-867