It was a sad coincidence. It occurred within a couple days after the public was apprised of Wells Fargo’s new foray into discovering ways to make more money by bilking its customers.
“Ultimately, the rule may have unintended consequences for banking customers in the form of decreased availability of products and services, increased related costs, fewer options to remedy consumer concerns and delayed resolution of consumer issues.” - Keith Noreika, Comptroller of the Currency
Lets dissect this bit of vile mendacity piece by piece, shall we? First, the banks may elect to discontinue some products and services because same are so predatory and deceptive that a class-action tidal wave would pour over them. Second - increased related costs; well, if they can’t make out like bandits on the aforementioned products they will overcharge for what they still provide, because they will see no reduction in their gluttony, no siree. Third, fewer options to remedy consumer concerns? WTF, over? How can we have any less than by being forced to agree to “arbitration” if we want to do business with them? Lastly, “delayed resolution of consumer issues”: god-damned right! a hearing before the courts rather than being railroaded by industry-friendly arbitration panels for a quick determination in favor of the banks.
Greed speaks with the voice of Saurumon.
Another in a long list of crimes against the people by the Republican-dominated Congress!
Just as the new public face of white supremacy in the Trump White House by no means encompasses the deeply woven fabric of white supremacy in US society and economy, and condemning white supremacists in Charlottesville by no means addresses the embedded white supremacism in US culture and politics…
So ending the practice of forced arbitration by profiteering corporations by no means encompasses the deeply woven fabric of corporate supremacy in US society and economy, and condemning corporate criminals at Wells Fargo by no means addresses the embedded corporate supremacy in US culture and politics.
And, the two are deeply intertwined. The original limited-liability investor-owned corporations were invented to carry out colonization: the British East India Company, Dutch East India Company, Hudson’s Bay Company and the like. These first modern corporations were directly involved in the patriarchal white supremacist European campaign of colonization, conquest, genocide and enslavement that sits at the foundation of the United States and the modern global economy.
We need to dig deep, to address racism, and to address corporate rule. We need a “revolution of values” as MLK insisted, and we need a fundamental restructure of the operating system of the economy. We need wealth reform, political reform, and we need to end the investor-owned limited-liability corporation as the basic building block of the economy.
For more on the deep intertwining of these twin horrors, and our need to address them, please read Laura Bonham’s article also posted today at Common Dreams:
Brauchli sez: “The camel, whose back was threatened by a straw, can be heard breathing a big sigh of relief. The consumer can be heard simply sighing.”
Too bad the consumer can’t just drift off to the nearest credit union. I haven’t been inside a bank (physically or digitally) since '86.