JUNE 12, 2006 --

What kind of bank hits people with a 29.99% interest rate -- as Chase does?

What kind of businessmen impose
a 29.99% interest rate -- as the Chase management does?

And what kind of official remains silent as a bank like Chase uses the 29.99% interest rate as a punitive measure that brings to the bank a great amount of vig
money (Vig,--for "vigorish"--possibly a loansharking term, is not inappropriate here. Vig money does not reduce the principal -- but is the profit margin to the
lender -- or loansharker.)

New York Attorney General Eliot Spitzer wants to succeed George E. Pataki as governor of New York. Mr. Spitzer has gotten many headlines as attorney
general -- but none, so far as LPR is aware, for criticizing onerous interest rates on credit cards, much less for
probing banks like Chase that hit credit cardholders with 29.99% interest rates.

Gov. Pataki has also been quiet on the matter of 29.99% interest rates, but, of course, he seems quiet, generally. (No, LPR does not expect Mr. Pataki to be on the GOP national ticket in 2008 -- nor does LPR see Rudy Giuliani on the
ticket, but that is for another LPR posting.)

LPR offers this test of a political candidate who, in office, will oppose government of the insiders, by the insiders and for the insiders: will you demand an end to interest rates that once were considered usury?

(Or, is part of our involvement in Iraq intended to make the world safe for 29.99% interest rates on credit cards?