Saturday, April 20, 2024
Miles from the Mainstream
D. R. ZUKERMAN, proprietor
Holy-Moley -- A Hurrah, and Also Questions, for Senator Levin

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.

 

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?