Letters to the Editor

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BANKS: What’s going on isn’t very clear

Letter by Dallas J. Hoopes, University Place on Jan. 24, 2013 at 12:04 pm with No Comments »
January 24, 2013 12:04 pm

Re: “Customers now treated like crooks” (letter, 1-24).

The writer might be interested in an article in The Atlantic’s January-February issue, “What’s Inside America’s Banks?” In it we learn about much more activity than lending. It seems that “trading” appears to be the main business of big, respected, American banks in recent years.

Are they making money at this? Who knows? They don’t – at least their annual reports don’t convey that. According to the article, ” . . . most people do not read past the introduction. In the pages that follow, the sunny faces of satisfied customers disappear. So do the stories. The narrative is replaced by details about the bank’s businesses that range from the incomprehensible to the disturbing.”

I’m certainly not an expert on this, but it appears that “something is happening here – what it is ain’t exactly clear.”

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