I thought we had rid ourselves of the Spanish conquest when America won the Spanish-American war back in 1898. Sadly, that’s not the case.
The recent news that the Feds closed down Texas-based Guaranty Bank and sold it to the Spanish banking giant Banco Bilbao Vizcaya Argentaria, now BBVA Compass, reveals something mighty screwy. That our government is willing to take the assets we Texans built and send them overseas. In a way, I’m not surprised. The Feds are screwing up left and right. Look for yourself.
First, they bailed out the big out-of-state banks by handing out a blank check, totaling $200 billion. These are, of course, our tax dollars and they were handed out with no restrictions. Remember, these loans are to the same banks that played a big part in getting us into this deep financial crisis.
Second, because the bailout money had no restrictions, those same banks took $30 billion of it and paid it to themselves in bonuses! I guess they thought they needed to reward themselves for their terrible performance.
Third, they let the big out-of-state banks hoard most of the rest of the money. Instead of making sure the banks used the money to make much needed loans to their customers, they kept it. Then they turned around and invested it in Federal Treasury Bills. In effect, the banks gave the money back to the feds. Now the feds are paying those banks interest on the same money they lent them.
Go figure. Maybe the Feds thought BBVA Compass needed to get a little bigger. After all, they have only 35 million customers and over 1 million shareholders all over the world. How important do you think your account is to them?
Your website looks great and if you did not have time to really gather all the information… you would believe what you are almost saying. The banks noted in your video clip have paid back the tarp dollars already with interest, the government made billions on those loans. The bonuses paid to employees are not a concern unless you are a share holder of one of these banks.
Interesting comment Mr. Newman, but misleading – banks noted in fact HAVE NOT paid back TARP funds. Chase and BofA issued statements regarding a desire to pay back portions of OUR money back – but have not yet paid it all back. Wells Fargo?? Well they'll only act if someone else guilts them into it. Love their intent, still does not change a really good message: we should put our funds in local institutions that care about local people.
See you later BofA, Wells Fargo, and Chase……
I'd like to focus on Mr. Newman's point about the bonuses. Incentive pay should be for meritorious if not stellar performance – not for driving a financial institution into potential ruin. What did the shareholders get for their money paid to executives at these banks??? I'll tell you… an average investment loss of over 70%. Money well spent to you I guess?
The fact of the matter still exsists though… Foreign company's are taking over local banks. And reading all that is here, my family and I will be removing all of our money from BBVA Compass and I will be opening an account right down the road to a locally owned credit union
Diez y Seis de Septiembre 2009!!!! We just celebrated this. Remember Mexico kicked Spain back where they belong starting in 1810. The question should be" "Where is Father Miguel Hidalgo y Costilla when we need him?" BBVA – we are not going to let you conquer through banking what you could not hold after the conquistadors. We remember what you did to us the first time you came here – - -
seriously?
BBVA Bancomer is the largest financial institution in Mexico, dominating about 20% of the market. Founded in 1932 as Banco de Comercio (Bancomer), since 2000[1] its main stockholder is the Spanish bank BBVA.
The bank serves over 11 million customers, has 1,704 bank locations, and 4,286 ATMs. It represents 30% of the total revenues of BBVA worldwide, making it the biggest bank of the group outside Spain.
When a Spanish institution talks about globalization those of us in this part of the Americas KNOW EXACTLY what that means. We learned THAT lesson all too well 400 years ago. When Spain comes around it means conquest, exploitation and genocide. Can anybody say "Father Hildago" or Diez y Seis or proclaim El Grito!!!!!!
Mr. Arrow, do you mean dieciséis?
Yes. I did it the gringo way – sorry! P.C.A.
here is whats really funny when you mention the websites to an member of (lets say an employee of BBVA on skillman in dallas .TX they want to close your account) even if all you do is ADVISE them to look at what is being said about BBVA (Compass) on the internet