Why People Hate Banks

By Joe Nocera

A few months ago, I was standing in a crowded elevator when Jamie Dimon, the chief executive of JPMorgan Chase, stepped in. When he saw me, he said in a voice loud enough for everyone to hear: “Why does The New York Times hate the banks?”  It’s not The New York Times, Mr. Dimon. It really isn’t. It’s the country that hates the banks these days. If you want to understand why, I would direct your attention to the bible of your industry, The American Banker. On Monday, it published the third part in its depressing — and infuriating — series on credit card debt collection practices. ….Karen Petrou, the managing partner of Federal Financial Analytics, pointed out another reason these practices are so unseemly. In effect, the banks are outsourcing their dirty work — and then washing their hands as the debt collectors harass and sue and make people miserable, often without proof that the debt is owed. Banks, she said, should not be allowed to “avert their gaze” so easily. “In my church, we pray for forgiveness for the ‘evil done on our behalf,’ ” she wrote in an e-mail. “Banks should do more than pray. They should be held responsible.”

http://www.nytimes.com/2012/04/03/opinion/nocera-why-people-hate-the-banks.html?scp=3&sq=joe%20nocera&st=cse

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