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  1. #1
    Atomic Punk
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    Default Former JPMorgan Banker: Exploiting Consumers Is ‘The Purpose Of The Banking Organizat

    http://thinkprogress.org/economy/201...rpose-banking/

    By Travis Waldron on Nov 18, 2011 at 12:45 pm
    Wall Street banks, largely spared from the economic ruin felt by millions of Americans since the financial crisis of 2008, have returned to profitability, generating higher profits in the two-and-a-half years since the crisis than they did in nearly eight years preceding it. But that hasn’t stopped them from seeking new ways to generate revenue — like Bank of America’s proposed $5-a-month debit card fee or the millions banks have made from charging consumers to receive unemployment benefits or food stamps.
    If all this makes Americans feel like Wall Street banks only view them as money-making tools, well, that’s because the banks apparently do. According to David Mooney, a former JPMorgan Chase employee, Wall Street banks see consumers as an “income stream” to exploit for profit-making purposes, Reuters reports:
    David Mooney, chief executive officer of Alliant Credit Union in Chicago, one of the nation’s larger credit unions, used to work at a one of Wall Street’s top banks, JPMorgan Chase. There’s a vast cultural gap between Wall Street and his new world, he says: Old friends from the Street, he says, now jokingly refer to him as a “socialist.” A credit union is supposed to be run in the interests of all members, he says, while commercial bankers tend to see consumers as customers who can be “exploited” by layering on more fees.
    Says Mooney: “I don’t say this lightly, but the consumer is simply an income stream and exploiting that is the purpose of the banking organization.”
    Mooney’s bluntness may seem shocking, but his assessment shouldn’t. Wall Street banks made millions profiting off shoddy mortgage lending practices, setting the stage for the housing collapse that plunged millions of Americans into foreclosure. They made a mess of the foreclosure process, using robo-signers to speed foreclosures and foreclosing on homes they either didn’t own or that weren’t even in foreclosure. They sold deals to investors that they knew would fail, and took advantage of customers with outrageous overdraft, credit card, and other fees.
    In the aftermath of the financial crisis and the horrors it exposed, Wall Street banks spent millions to prevent the passage of financial regulatory reform. Once the Dodd-Frank Wall Street Reform Act passed, they spent just as much trying to shape its rules. They opposed the formation of a Consumer Financial Protection Bureau (CFPB), the agency tasked with protecting consumers from predatory banking practices, and in concert with their Republican friends in Congress, have fought to shape who will lead the bureau and how it will work.
    Unfortunately for Wall Street, it didn’t take blunt assessments like Mooney’s for Americans to take action. In October, 650,000 Americans joined credit unions, which, as Mooney noted, are “supposed to be run in the interests of all members.” 40,000 more joined them on Bank Transfer Day earlier this month.
    Wall Street, meanwhile, continues to ignore America’s anger at it, sipping champagne from rooftops while protesters march below.

  2. #2
    Forum Frontman It's Mike's Avatar
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    this is hardly news - no different than any other corporation.

  3. #3
    Atomic Punk edwardv's Avatar
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    12.15.17 @ 05:43 PM
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    Capitalism, its better than anything else since the dawn of man. Its not perfect nothing is but if you join the club you do well.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  4. #4
    Eruption donkost's Avatar
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    12.14.17 @ 09:23 PM
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    Both true statements guys, however, in capitalism if something is going to fail, it fails and that's that. The US government handing out $25 billion in bailout funds to these largest banks with no promise in return of changing anything isn't capitalism. I'm going to take the position that no institution is too large to fail, and others may of course disagree. Our government being heavily influenced and effectively run by big banks and big oil also isn't in the spirit of our founding fathers.

    I have had a mortgage and a home equity line (frozen without notice in '08 when they were close to going under, everything always automatically paid on time) with Chase since around '07. At the time a friend of mine worked at a small subsidiary bank that was under the Chase umbrella. It was so damn easy to move my mortgage there at the low interest rates of that time and open that line. I didn't even have to go to the bank to sign anything. That was still at the end of the era when Chase would send out mailings telling people they should take their dream vacation using their home equity credit line! Thankfully we didn't do anything like that with it.

    That small bank that was part of Chase went under but the loans were really with Chase anyway, and my friend became a realtor. I have belonged to a local credit union since '86 and now I am finally getting around to researching moving these loans to the credit union. IMO, this is what everyone in a position to do so should do with any loan at a large bank like Chase. I should have done the same back in '07 but getting that Chase loan was as easy as falling out of a chair. My wife and I both have very good credit scores and we should have no problems moving the loan and line to the credit union and getting an even lower interest rate as part of the process. However, many, many people are not in that situation and they are stuck with the loan that they have or are looking at foreclosure.

  5. #5
    Atomic Punk Dave's Dreidel's Avatar
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    12.15.17 @ 03:13 PM
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    Yeah, I am not quite sure what that article is supposed to enlighten us on.

    Most executives ande many others have believed the masses are pretty ignorant.

    And unfortunately, I agree with them. Doesn't excuse the taking advantage of them, but if you are looking for morality, corporate executives is not the place to start looking.
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  6. #6
    Atomic Punk edwardv's Avatar
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    Does anyone know the actual net worth of the entire USA?
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  7. #7
    Atomic Punk LLFHS's Avatar
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    Well, they didnt get where they are by being nice guys.
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  8. #8
    Atomic Punk
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    Quote Originally Posted by LLFHS View Post
    Well, they didnt get where they are by being nice guys.
    Do you hate capitalism? Why do you hate rich people?

    That's the way you're treated by some if you question anyone that is rich.

 

 

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