There
seems to be no end to the chutzpah of the big banks. They brazenly
break the law and then pay growing but still quite affordable penalties
to get out of their legal jeopardy. The latest examples have just been reported by the New York Times. The front page of the newspaper has a blood-boiling story
on how the likes of JPMorgan Chase, Bank of America and Citigroup
intimidate people who have gone through personal bankruptcy into paying
back debts that have been discharged in court. Although the debts are
not legally collectable, the banks keep the obligations alive on credit
reports, meaning that borrowers are faced with a choice between paying
and having their credit rating ruined. Such a tactic makes loan sharks
look good by comparison.According to the Times, the practice is being investigated by the Justice Department. Before long we will read of a settlement, and the banks will move on to a new way of cheating their customers.
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