What Playing Gotcha Can Getcha

October 12, 2010

Banks, credit card companies and other financial services firms made an art of snaring customers in loopholes and walloping them with fine print. Now they’re learning that playing “gotcha” can getcha in the end. The credit card companies, with their love of misleading semantics, ought to have been the first to applaud the linguistic dodge by which President Obama sidestepped the need for a Senate confirmation for Elizabeth Warren, who …

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Recklessness Has Its Place

January 26, 2010

President Obama is moving aggressively to stamp out what he calls “reckless risk” on Wall Street. The place for reckless financial behavior, in the president’s view, is Washington, D.C., where he can direct it. Smarting from his party’s loss last week in Massachusetts, Obama took another swing at his favorite political punching bag — the nation’s big banks — by declaring that they should be banned from running hedge funds …

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Going Where The Money Is

January 15, 2010

Question: What do Willie Sutton, Cristina Kirchner and Barack Obama have in common? Answer: They all target banks, because that’s where the money is. Question: Of the three, who is the only one to make peace with the bankers? Answer: Sutton, the career criminal. Before he died in 1980, he made a television commercial for New Britain Bank and Trust Co., promoting the bank’s credit card that included a photo …

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Banks Back The Banks’ Backer

October 7, 2009

The Federal Deposit Insurance Corporation continues to stand behind bank deposits up to $250,000. The only problem is that it doesn’t have any money. After nearly 100 bank failures this year, the agency’s pockets are empty. The fund it uses to protect depositors, which began the year with more than $30 billion, is now in the red. So the FDIC is doing the same thing you or I might do: …

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