“The A.T.M.’s are inside the building, tough to find (no signs to point out) and wedged in a corner in a glass room between a vacant store and the stub end of a small newsstand. Moreover, the A.T.M. requires paper envelops for making deposits,” Mayo wrote in his latest report. “In contrast, nearby Chase and Bank of America A.T.M.’S are more sophisticated and do not require the use of envelopes.” [Dealbook]
Mike Mayo Was Once Stranded Without Cash, Couldn’t Find An ATM, Had To Go To A Deli And Pay A $3 Fee, And Now Citi Is Paying The PriceBy Bess Levin
Got to give it up for Volcker, who, despite growing uproar against his proposed eponymous rule, is soldiering on, saying it’s the best thing that ever happened since well, ever. Volcker is however getting increasingly frustrated and said he is “very disturbed” by the level of dysfunction in Capitol Hill and the Senate, and basically, WTF is going on with these people who can’t get things done?
In a CNN interview yesterday, Volcker said that regulators screw up big time in the years leading to the crisis, as a) they weren’t “on top” of anything and b) they didn’t understand what was going on anyway, relying on “somebody down in the bowels had it under control.” Also financial innovation sucks. The only innovation that has added value recently, is the ATM machine.