Prof. Warren differs from many of the other 1% in that she wants to see the 99% not fleeced. She tells the story of giving a seminar at a large bank reporting her analysis of bankruptcies. She outlined her analysis and noted that if they did not extend credit to a well-defined subset of the most uncredit worthy clients that they could cut their bankruptcies by a large percentage. She said she got the “But Prof. Warren” question and all the eyes turned to the person with all the power in the room. The power broker responded “that is where we make most of our money.” The banker had more in common with a drug pusher - he knew the clients couldn’t pay but was going to get them in trouble and fleece them for all kinds of penalties and fees before they went bankrupt. Now nobody held a gun to these poor schmuck’s heads and made them sign loan papers, but I’m glad when people like Prof. Warren want to force the bankers to provide clear disclosure in plain English.
What a BS story!! The powerbroker says, “but that’s where we get the most money” (from poor people). That’s an outlandish anecdote.