It is no suprise, since most banks, such as Bank of America, Citi, Chase seem to only hire new young exec’s to be rewarded for finding new ways to add fees and charges to their customers; in lieu of designing new and better services for the banking public.
They seen to think we are just their suckers that have no choice but to submit to their newest charges!
It is my sincerest belief this is the root of their downfall. No business can succeed that trashes it customers.
I know I am tired sick of meeting young people in over their heads in credit card debt because the commercial bankers pushed easy and big lines of credit on 17, 18, 19 and 20 year olds with no experience in real life, much less understanding of the long term. It was insane banking, and easy for any one of even a little history to see what the upshot would be.
The usury laws — preventing rates over 12% and other predatory practices, and restrictions against those under 21 signing for major contracts were a learned social wisdom. What the Austrian school misses, is the same thing modern sexual libertines miss when the push sexuality on the young. Credit is predatory by default human interaction, just as sex is. It needs strict established rules and regulations, otherwise that hormone called greed rules most crudely. Just as that hormone called lust rules in the sexual arena.
My anthropologist professors would, perhaps link that natural potent greed to the “territorial imperative” — the lust of power over the “other”.