Tag Archives: Consumer Fraud

Rampant Bank Fraud Shows Why We Need The Consumer Financial Protection Bureau

Since its creation in 2010, certain members of Congress have been desperate to thwart the Consumer Financial Protection Bureau (CFPB)  by repeatedly passing bills to limit the CFPB’s power.  Generally throwing a fit, these congressmen claim that the CFPB is a "run-away regulator unlike any other in American history."   A case decided last week by the Ninth Circuit Court of Appeals, Gutierrez v. Wells Fargo Bank, shows why the CFPB is so important, how its predecessor (the Office of the Comptroller of the Currency) failed the American public, and why we should view anyone opposed to the CFPB with ... Continue Reading

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One-Sided Arbitration: How To Tell If A Company Expects To Hurt Or Cheat You

Every day, billions of dollars changes hands based on the myth that people actually read, and agree to, every word in every contract they've ever signed. Ever read your cell phone contract? Your cable contract? Judge Posner famously admitted that he didn't read the contract that came with his home equity loan. Truth is, who has the time or energy to scrutinize every line? And what power do you have to negotiate it? Try negotiating your cell phone contract some time. See if you can even find a person at the company with the authority to negotiate. Decades ago, thoughtful ... Continue Reading

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LCD Soundsystem vs. Ticket Scalpers; “‘It’s Legal’ Is What People Say When They Don’t Have Ethics”

Jason Kottke summarizes the situation: So, LCD Soundsystem is retiring and to see off their fans, they decided to perform one last show at Madison Square Garden. Except that they didn't think they'd sell the place out and didn't pay too much attention to how the tickets were being sold. When the tickets went on sale last week, they sold out immediately. Many fans didn't get tickets, the band's family and friends didn't get tickets, and even some of the band didn't get tickets. Scalpers bought thousands upon thousands of tickets and the band is hopping mad. What to do? The ... Continue Reading

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