Banks say transaction reordering is not simply a new way to squeeze profits from unsuspecting customers. They claim that by processing the largest transactions first, they're actually doing us a solid.
This summer, Wells Fargo paid $175 million to settle federal accusations that it steered black and Latino borrowers into high-cost loans and charged them excessive fees. Is Wells trying to make amends for its racism by increasing investment in communities of color? No.
When is Packard imagining himself having this conversation and what will he be asking for to call off the hounds? This statement speaks volumes about how the industry thinks about its involvement in politics.
J.P. Morgan's Chief Economist James Glassman recently indulged in a vaguely worded assault on financial reform, arguing that Congress is about to ruin the economy by cracking down on Wall Street. Don't believe a word of it.