Profit, but hon­est profit

Daily Local News (West Chester, PA) - - BUSINESS -

It’s no won­der the fi­nan­cial ser­vices in­dus­try is bent on de­stroy­ing or at least de­fang­ing the bureau. It’s not just the bil­lions of dol­lars they’ve paid out in fines and resti­tu­tion. The in­dus­try would like to pre­tend the abuses that led to the Great Re­ces­sion ei­ther didn’t hap­pen or couldn’t hap­pen again. It claims the agency is med­dling un­nec­es­sar­ily in its busi­ness and thwart­ing the free mar­ket sys­tem.

In fact, it was the fi­nan­cial ser­vices com­pa­nies that did their best to thwart the ba­sic tenets of cap­i­tal­ism. In­stead of com­pet­ing based on qual­ity and price, they larded con­tracts and ser­vice agree­ments with hid­den “gotcha” clauses to

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.