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local bank as evil as AIG

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strmrdr

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Less than a week after top executives at Amcore Bank received more than a million dollars in bonuses, the financial institution announces an employee pay freeze.

http://www.wifr.com/news/headlines/41408372.html

Stock price:
It was over $21 dollars a share a year ago. Mar 13, 2009 Amcore Financial closed at $1.25.
 

tlh

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This just boils my blood.

If you made money in 2008 but don''t project to make any money in 2009 - you don''t give any bonuses.... that is how you stay ahead, and in business. That is why America is having this crisis... everyone was living on yesterday''s success - without forsight into tomorrow.
 

fleur-de-lis

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On the positive, they''re not receiving TARP money. In that one way, that makes them NOT as "evil as AIG". By digging a bit deeper into news feeds, it further appears the CEO is a longtime board member who assumed the leadership position as part of a restructuring to try and fix the bank in 2008 after lending practices before 2007 by the prior regime caused the bank financial harm.

Source: http://www.chicagobusiness.com/cgi-bin/news.pl?id=33285

Storm, since this is ATL, are you arguing that all banks should be socialist with egalitarian pay structures for all?
 

strmrdr

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Date: 3/18/2009 12:26:56 PM
Author: fleur-de-lis

Storm, since this is ATL, are you arguing that all banks should be socialist with egalitarian pay structures for all?
You don''t give some people unearned bonuses while freezing or cutting pay for others.
That is evil.
They have also doubled fees in the last 2-3 months and made a bunch of other changes.
They have also sharply increased credit card interest rates.
They are trying very hard to push people on the edge over the edge and also they are directly responsible for 3 of my clients with perfect business credit going out of business.
 
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