Insight: The Wall Street disconnect – “The consumer is simply an income stream and exploiting that is the purpose of the banking organization.”

Insight: The Wall Street disconnect

David Mooney, chief executive officer of Alliant Credit Union in Chicago, one of the nation’s larger credit unions, used to work at 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.”

Full story here…

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Comments
2 Responses to “Insight: The Wall Street disconnect – “The consumer is simply an income stream and exploiting that is the purpose of the banking organization.””
  1. lvent says:

    They oversold interests in that income stream by $600 trillion…..

  2. Bobbi Swann says:

    You are going to see more and more of those who are no longer a part of Wall Street coming out of the closet, so to speak!

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