JOE NOCERA | Why People Hate the Banks

JOE NOCERA | Why People Hate the Banks

A few months ago, I was standing in a crowded elevator when Jamie Dimon, the chief executive of JPMorgan Chase, stepped in. When he saw me, he said in a voice loud enough for everyone to hear: “Why does The New York Times hate the banks?”

It’s not The New York Times, Mr. Dimon. It really isn’t. It’s the country that hates the banks these days. If you want to understand why, I would direct your attention to the bible of your industry, The American Banker. On Monday, it published the third part in its depressing — and infuriating — series on credit card debt collection practices.

You can’t read the series without wondering whether banks have learned anything from the foreclosure crisis, which resulted in a $25 billion settlement with the federal government and the states. That crisis was the direct result of shoddy, often illegal practices on the part of the banks, which caused untold misery for millions of Americans. Part of the goal of the settlement was simply to force the banks to treat homeowners with some decency. You wouldn’t think that that would be too much to ask. But it was never going to happen without the threat of litigation.

Rest here…

And please consider contributing to Lisa Epstein’s campaign for Palm Beach County Clerk of Court here…


One Response to “JOE NOCERA | Why People Hate the Banks”
  1. Debbie says:

    I don’t use credit cards and I am out of state. Is there a P.O. Box or physical address where donations can be sent for Lisa?

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