Tuesday, January 31, 2006

Banks Profit Margins Beat Even Exxon Mobil (WayTooHigh.com)

To soften the effects from earning an historic $36 billion - in just one year - at the expense of profiteering from motorists and holding our economy hostage, Exxon Mobil again advertised that they "lagged far behind those of other industries, like ... banking."

This is a repeat performance from last quarter and the foundation of a previous WayTooHigh.com profile.

Once again, a media and advertising blitz by Exxon Mobil pointed fingers, not internally at their own greed, but at their comparable return on each dollar of sales. Full-page ads sponsored by the American Petroleum Institute indirectly helped the millions of merchants battling Visa and MasterCard; their message included banks' profitability. And why not? When you fix-prices and illegally charge hundreds-of-billions of dollars in merchant interchange fees over more than a decade, it is no wonder that oil executives appear even less slick than bankers.

[source: WayTooHigh.com]