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IPFS News Link • Activism

Captains of finance clueless about Occupy's anger

• msnbc
David Mooney, chief executive officer of Alliant Credit Union in Chicago, one of the nation's larger credit unions, used to work at a one of Wall Street's top banks, JPMorgan Chase. There's a vast cultural gap between Wall Street and his new world, he says. Old friends from the Street, now jokingly refer to him as a "socialist."
A credit union is supposed to be run in the interests of all members, he says, while commercial bankers tend to see consumers as customers who can be "exploited" by layering on more fees.
Says Mooney: "I don't say this lightly, but the consumer is simply an income stream and exploiting that is the purpose of the banking organization."
In conversations with nearly two dozen current and former bankers, finance professionals and money managers across the United States, the prevailing sentiment is that the anger at Wall Street's elite is misguided and misdirected. Blame the politicians and policymakers in Washington, many of them say, for encouraging people to buy homes they couldn't afford and doing nothing to stop or discourage U.S. consumers from piling on more than $10 trillion in household debt.
"I think everyone gets what the anger is about... But you just can't say, 'Well I want all debts forgiven.' That is not happening,"  

1 Comments in Response to

Comment by David Jackson
Entered on:

      Who would seriously expect those cretins to give a damn. They know full-well what the "occupy" folks are on about, THEY JUST DON'T GIVE A DAMN!

       None of the travails of of the "common man" are of any concern to those who are responsible for the problems in the first place. There is no possibility that such parasites would ever be concerned with the well-being or attitudes of their hosts.

       The only thing that will ever get the financial predators to look up from their ledgers, will be the loss of control of the colluding politicos who have allowed the financial rape of the world. That isn't going to happen:  We've all sold out or bought in. They are counting on it! 

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