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Secret History of Credit Cards (#1990)
Posted: 12/20/2005; 11:12 PM by Terry Frazier
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Great PBS expose' on the dirty business of credit cards. It's difficult to watch this and not come away thinking that bankers are crooks (the ABA lobbyist is a real sleezebag.) One of the big demons is the Office of the Comptroller of the Currency, the US Treasury agency that, in January 2004, declared itself sole regulator of the national banks and insulated them state-based legal action. NY Attorney General Eliott Spitzer thinks that's a really bad idea. But the (former) Comptroller thinks it will be just fine. She couldn't point to any examples where they'd actually taken a large bank to task over anything. But she was very assuring they're on the task. Sort of like the TSA, and FEMA, and the Dept. of Homeland Security - you know, all those federal agencies that do such a fine job of farting around whenever there's an opportunity to do whatever it is they're actually supposed to do.

You can watch the whole thing online. It's worth doing. And remember, YOUR Senators voted FOR the banking industry and AGAINST you to revise bankruptcy laws specifically to benefit credit card companies. Don't let them forget.
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