"The Daily Show" hammered big banks and credit card companies Tuesday night over exorbitant fees and other predatory lending practices. Jon Stewart described some of the typical credit card schemes:
Or the bank changes your bill due date without warning you, which they can do so you'll incur late fees and a penalty interest up to 30% interest. Or maybe they just give you a rate hike up to 30% for no reason at all. Why? F*ck you, that's why!
Stewart laughed off the idea that clear and comprehensible financial products would keep people from burying themselves in debt, comparing the idea to nutrition facts posted in fast-food restaurants. But he reserved most of his ire for the lenders who spent the nine months since the passage of the Credit Card Accountability, Fairness and Disclosure Act devising new fees and other ways to prey on their customers.
Correspondent Wyatt Cenac met with a former mafia loan shark who complained that Bank of America is giving lenders like him a bad name.
No hidden fees, it is what it is ... Our word was our word in the mob. No fine print, no bullshit.
Cenac also caught up with Jackie Ramos, the Bank of America employee who was fired for helping customers and is still out of a job. and surveyed the growing number of YouTube complaints against Bank of America, including a "Debtor's Revolt" video.