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."
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.
everyone gets what the anger is about... But you just can't say, 'Well I
want all debts forgiven.' That is not happening,"