Monday, May 7, 2012

The definition of insanity

Fortune 500 has published their Top 20 companies for earnings in 2011.  Normally pretty dry reading but I have to say this list just pisses me off given the current economy.
  •  3 of the top 4 companies are oil companies.  Seriously??  You tell me you have to charge me $4.00+ for a gallon of gas because of what you have to pay.  How about a little reality check.  Exxon profits jumped by 35% last year.  Chevron's went up 41%.  Sadly the article didn't list Philips 66's (#3 on the list) profit change.
  • If you pay taxes, this one should make you see red.  Fannie Mae made the list at #8, posting $137,451 million in revenue last year.  Yes, this is the same Fannie Mae that we tax payers loaned $116 BILLION to...what was that...3 years ago?  Now here's the real kicker...they're still losing money and have asked for another $4 billion in loans.  Oh yeah, now that sounds like a sound use of my taxes.
  • Bank of America is #13 on the list....and yet another company we bailed out.  Seems to me it's time to start paying some of that money back to us.  And if you'd like a little salt in the wound....they announced in March they're going to start charging monthly fees on their basic checking account customers.  Guess they feel they need to earn a buck any way they can.  Have I mentioned how happy I am to have pulled my accounts from BoA several years ago?
I keep wondering where my bailout is.

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