MARCH
13, 2007 --
Did
you hear about the hearing last week, chaired by U.S. Senator Carl
Levin on credit card abuse?
LPR did not see much about this in the major newspapers but read online that
execs from ACHES (better known, alas, as Chase) said they were sorry and would
give back one cardholder some money.
Senator Levin, is that the end of the matter for you?
Betcha
those guy's ain't sorry, except that they had to show up at the
hearing. If you really were serious, senator, wouldn't you direct
the ACHES execs to disclose the gains they get from penalizing
people
for a late payment.
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And
then, Senator, you could ask them to explain why those gains are
not really windfall profits -- and how those gains are consistent
with the view, in contract
law, that damages are supposed to reflect actual loss?
Finally, Senator, are the rest of us to continue to be abused by the credit card
barons?
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