Bank of NY bought a huge competitor today. Any idea what is a good/bad sign when all banking bodies start consolidating? has to be bad for the consumer, right?
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I can't speak for all consumers, ...but I know it was good for me when my bank was considering consolidation.
It gave me great leverage when one of the tellers at my bank made a bonehead move and my bank mgr. made the stupid decision of backing her up without proper investigation. I told him my biggest regret in this situation was that I wouldn't have the ability to be a fly on the wall when his supervisors hauled his ass into their offices and demanded to know what he could possibly have been thinking when he made such an assinine decision; one with the potential to bring down such a huge PR nightmare on their heads, especially at this point in time, ...and that he had exactly til close of banking the next day to reverse his decision. He went into the bank Monday morning, looked up my account and account history, then promptly called me up apologetically stating that perhaps he had been a tad premature.
ps - The Canadian government eventually ended up putting a stop to the proposed merger.
