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.: March 2007 --> Banking Industry Apologizes to Congress for its Predatory Practices

Banking Industry Apologizes to Congress for its Predatory Practices

» "The chief executive of Chase Card Services, one of the nation's five largest credit card issuers, will apologize to Congress today for charging a financially strapped customer $7,500 in interest charges and late fees on purchases of $3,200. Um....

Here's another choice quote: "Ed Yingling, head of the American Bankers Association, said the actions by Citigroup and Chase reflect a 'recognition in the industry that things have become too complicated and that it's working to address these issues voluntarily.... I think you are going to see more of it.'" Too complicated? I'd say it reflects a recognition that any reasonable person would consider their practices to be unconscionable, and that Congress is going to step in if they don't toss a bone or two.

This is one of those situations in which I'd prefer regulation no matter what concessions the banking industry offers. If an industry has demonstrated their willingness to engage in predatory practices, and those predatory practices have only increased over time, I don't trust them to change their behavior any more or any longer than they have to in order to escape scrutiny.

 [ 03.08.07 ]

1 Comment

There are many Big Business practices that are intentionally complicated for unethical reasons.

Please write your US Representatives: Congress is discussing ethics in politics this week!

This may be your greatest chance for a long time to push for the use of ethics in the US Government.

Big Business and Special Interests currently control the United States, not its citizens.

Please voice your concerns and solicit support to help us regain our democracy. The link below provides links to our Senators and Congressmen.

President Bush has misappropriated $22 Billion dollars. Giving $10 Billion to the Vice President's company. "Losing" more than $12 Billion in Iraq Reconstruction. Who is accountable for $22 Billion dollars. The President manipulates the media and we hear nothing of this unless we search for it ourselves on the internet.

We need not sacrifice Freedoms to gain Security; a detailed account is provided for National Security Agency (NSA) management that would representatively and "ethically" police our politicians and everyone working with our government.

Please also forward this email to your friends and associates.

James Dunn
Concerned citizen of a failing democracy
electrical engineer



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