What’s Inside America’s Banks?

What’s Inside America’s Banks? [TheAtlantic]

A disturbing number of former bankers have recently declared that the banking industry is broken (this newfound clarity typically follows their passage from financial titan to rich retiree). Herbert Allison, the ex-president of Merrill Lynch and former head of the Obama administration’s Troubled Asset Relief Program, wrote a scathing e-book about the failures of the large banks, stopping just short of labeling them all vampire squids. A parade of former high-ranking executives has called for bank breakups, tighter regulation, or a return to the Depression-era Glass-Steagall law, which separated commercial banking from investment banking. Among them: Philip Purcell (ex-CEO of Morgan Stanley Dean Witter), Sallie Krawcheck (ex-CFO of Citigroup), David Komansky (ex-CEO of Merrill Lynch), and John Reed (former co-CEO of Citigroup). Sandy Weill, another ex-CEO of Citigroup, who built a career on financial megamergers, did a stunning about-face this summer, advising, with breathtaking chutzpah, that the banks should now be broken up.

Story of the week for sure.

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“It’s Only $1.78!”

I went to RadioShack (yes, that shitty battery store that’s been in business for nearly 30 years now) the other day to buy a new case for my iPhone. The checkout process was rather silly:

Cashier: “Did you find everything you were looking for?”
Me: “Yes”
Cashier: “Cash or credit?”
Me: “Credit”
Cashier: “Would you like to purchase a protection plan for $1.78?”
Me: “No”
Cashier: “Are you sure? It’s only $1.78!”
Me: “Do you really expect me to buy a ‘protection’ for ‘protection’? I mean.. I really don’t see the point.”
Cashier: “Fair enough.”
Me: “Thanks”
Cashier: “Would you like to donate $1 to cancer research?”
Me: “No”
Cashier: “Would you like a bag?”
Me: “No”

I appreciate good customer service – but why all these questions?

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