When banks go wrong part 4

Movie review:”Inside Job”

 


 

Kathleen Parker (Washington Post writers group also appearing with Eliot Spitzer on CNN) published a movie review of “Inside Job” that was republished in the 13th of October 2010 Spokesman-Review.  Her opinion is not only worth reading, it is one that truly needs to be applauded.  I will agree with her, that the history that “Inside Job” draws upon and Parker feels is accurately represented is not about class warfare.  And no, neither would I care to advance class warfare.  Neither would I turn a blind eye to truly criminal behavior.

I haven’t seen this movie.  Should it come out in the theaters, I am certain to invest at least some money just to see it.  Should it come out on television, I will definitely look for the listings, as I would not care to miss out on it.  This movie would undoubtedly touch on what I have described in prior posts.  Yes, it is time that people—who represent the electorate—truly come to appreciate the decades of nightmare that was visited upon them because of “supply-side” economics.  As Parker stated, and I agree, everyone is culpable.

In the prior posts, “When banks go wrong” from the discussion of changes in laws that banks must now follow when issuing credit cards, to parts 2 and 3 that shows in what way one bank in particular (Capital One had not done so), “Inside Job” discusses TARP the taxpayer subsidized effort to keep banks from collapsing and keeping credit moving to assist market forces.  Capital One was confirmed to have received TARP.  It would also not surprise me that the bank’s corporate heads have been given subsidized golden parachutes and taxpayer funded bonuses.  And yes, they still intend to create a nightmare scenario for anyone who carries any amount of measurable debt on a Capital One credit card.

Long before Capital One had received this taxpayer bailout they were fully intent on screwing with any number of their customers.  In fact, a complaint website (customer complaint website) that was particularly crude for its time (2006); the website administrator needed the complaints e-mailed to put them on his site.  But, what had been posted, was a real eye-opener.  Capital One Bank was by no means the only bank that cheated its customers.  So did HSBC.  HSBC decided that if (and they would actually put this on their billing statements) you didn’t get the payment to them at least a week prior to the due date, that they would simply refuse to post the payment and further, would drive up the burden of debt.  A bank, literally that was publicly declaring that it could simply steal payments from the customers and then “make them pay” for the theft.  Yes, the account was closed once I was able to get a word in edge-wise to the corporate heads.  Obviously, I no longer have this card and will do no further business with this bank.  And by the way, just how many ads by HSBC has anyone seen lately?  But unlike HSBC that did in fact close the account when called on to do so, Capital One Bank refused to do so.  After all, if they actually had to close the account, they could not continue to compound debt on their deliberate billing errors.  And so, by refusing to close the account (bank policies dictating that the account could not be closed until the account was actually paid off—but they were going to guarantee that this actually wouldn’t happen) only then could the bank keep increasing the nightmare burden of debt.  Problem, if you pay them back all monies (with interest) that satisfied the original credit line, then your own fiduciary obligations are at an end.  Capital One Bank didn’t want to recognize that either.  With reference to the prior post that would be for one account, almost $7,000 more after they had received over $5,000.00 (or more than enough to satisfy an original credit line of $5,000).  Or for that matter, another $3,000.00 plus more after they had already received over $2,000 (again more than enough to satisfy the original credit line of $2,000).  Really?  The bank gets TARP and continues to try to screw their former customer over.  “Inside Job” is a must see for this reason.

Quite beyond my own trials and tribulations with this bank (and indeed I’d love to see a “Perp Walk” documentary myself); many people suffered from the sort of criminal malfeasance that “Inside Job” describes in-depth.  And further, the lack of regulation—or for that matter—the refusal to enforce the existing regulations; only caused foreclosures, the unemployed to sleep in tents, etc.  Which meant that “supply-side” economics was all about megacorporations not the marketplace.  If you don’t factor the people into the marketplace, then what inevitably is going to happen?  Only what “Inside Job” describes.  All of this should give anyone pause in this political season about what we as voters should wish for the future of our government and our democratic system in general.

The “TEA Party” after all only declared that they had no interest in showing much compassion toward those who suffered the consequences of the history behind “Inside Job.”  They were only interested in complaining about the Democrats in general, Obama in particular, and whining about the need to take “our country back” without an apparent clue as to from whom or what.  Could I make a suggestion here that the from whom are all the people who faced massive financial trauma as a consequence of HSBC, Capital One Bank, Countrywide, etc.?  No place for compassion by the “TEA Party” toward their distressed neighbors?

On the other side of the equation, stand in line when various retail stores (or catalog companies) that have cards issued under their names make an offer of a card only to have that offer rejected out of hand.  Well, I believe all of the above as well as what has been described in prior posts would be sufficient reason as to why such an offer will be rejected (conservative estimate) 100 to 1.  (100 nos to 1 yes.)  People were hurt, this is why.  If banks find that they can not issue credit cards because of prior bad practices, then they can no longer “turn a profit.”

Shouldn’t that be an argument for changing their behavior?  Of proving to the potential credit card customer that they are capable of being trusted?  In the case of Capital One Bank, seems they are now beyond the capacity for reform and refuse to engage in the sort of practices where trust is even possible let alone a reality.  But, they will put out the ads even in the face of criminal behavior against any of their customers.  “Perp Walk” the movie, should begin with the corporate heads of Capital One Bank.  Or name your favorite bank villain here________

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