Coments of the Week
Published June 15, 2012 1:28 PM
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Updated June 15, 2012 1:43 PM
1 Min Read
On ING Bank's $619 million fine for violating economic sanctions:
"Keep this enforcement action in mind when reading articles about the supposed 'high risk' of money laundering represented by check cashing outlets and prepaid cards. A $25,000 money transfer at a money center bank doesn't raise an eyebrow. Apparently, neither do multi-million dollar transfers. But, a $2,500 transfer at a check cashing locations attracts everyone's attention." (Image: Bloomberg News)
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On the relationship between bankers and their examiners:
"Part of the problem has been the habit of federal regulators to implement policy changes and political strategies through examinations. Examinations are, by definition, a look at the condition of a bank, but too often the examiners come with an assignment to find violations whether they actually exist and whether the banker disagrees."
On mobile coupon offers that undermine people's willpower:
"Nobody's really looking seriously at the behavior/cultural aspects of the mobile marketing transformation. It looks like a pot of gold, but the privacy concern, the potential that it turns out to be a fad, and the likelihood that it will create a number of unconstructive 'unintended consequences' begs for deep anthropological understanding FAST — before the mobile offer ship sinks of its own weight...." (Image: ThinkStock)
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On mobile coupon offers that undermine people's willpower:
"For heaven's sakes, please protect me from myself! Be careful what you ask for or NYC mayor Bloomberg will make it another mandated verboten sugary Big Gulp issue. If anyone wants to do me a behavioral favor, please protect me from the Nanny State." (Image: Bloomberg News)
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On mobile coupon offers that undermine people's willpower:
"Gotta love it ... Banks are being blamed for most everything these days, might as well make some fee income. Set up an opt in/out for customers so they can decide to what degree they want to be sheep. Factor it all into your pricing and profitability models. ... Very George Orwell."
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On the Senate Banking Committee questioning Jamie Dimon:
"It is extremely ironic that the Congress that brought us the subprime lending debacle led by the funding of extremely risky loans funded with the severely undercapitalized Fannie Mae and Freddie Mac should be holding hearings on the one big bank that refused to play along." (Image: Bloomberg News)
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On the Senate Banking Committee questioning Jamie Dimon:
"Frankly, I don't know why the Senate felt the need to stick their nose in this issue in the first place. As stated, the mistake didn't cost taxpayers or deposits one dime — just stockholders — and Dimon has to answer to the stockholders every year." (Image: Bloomberg News)
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On the claim that mobile banking should emulate computer games:
"She's kidding, right? Just as our mothers told us not to play with our food, we shouldn't play with our money either." (Image: ThinkStock)
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On Home Depot claiming the Durbin amendment saved money for consumers:
"The retailers kicked the banks under the bus because of the 'second to personnel cost' argument, and now it seems impossible to track the savings and tie them to the discounts ... Their actions were both hypocritical and convenient. Sit back and watch their profit reports. ..." (Image: Bloomberg News)
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On investors balking at the national mortgage settlement:
"This is a nightmare. This is socialism and McCarthyism at their best, turning capitalists against each other and attempting to destroy future investment in the mortgage securitization, lending and servicing businesses. This current administration has to go!"
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On some banks still reordering debit transactions to trigger overdraft fees:
We fail to reform our self-serving practices, yet we complain that the public doesn't trust us! (Image: ThinkStock)
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