Inspection- Suck in the Citi

Just how much do the execs at Citi suck?

An interest rate on cards at about 28%.

Well over 10% on, dishonestly applied, late fees.

Jump the % to 29% or more after a payment is made “late,” like when Mr. or Ms. Consumer calls their confusing phone tree that encourages the caller into pressing an option that makes them think they’ve just payed, but only “promised” to pay.

On a $500 card balance the late fee for being fooled by that shell game is a little less than $50 dollars. And when such cons are used, why do some always blame the conned and not also the con-er?

A “help” center that promises dishonestly applied late fee will be subtracted; then… it’s not subtracted.

And this is only their cards.

Citi is into everything, credit-wise. Chances are if you have a Radio Shack card or any other business credit cards, you’re wallet is being Hoovered by Citi.

So to repeat my question…

Just how much do the execs at Citi suck?

After all that they’re still going belly up and begging for bailouts. Just how bad do you have to be to be using every con in the credit industry arsenal and still destroy your own Butch Cassidy and Sundance-run business? Far worse than just using too much dynamite. Probably more suck than all the Electrolux vacs ever made. But to be honest, probably no worse than all the other corporations “too big to fail.”

Joe and Mary Consumer either miss, or ignore, the tiny print at the bottom of the loan form. They take a loan; over estimating if they can pay the new mortgage. They don’t understand that floating interest rates can equal rape. They take a loan that in better; more regulated, times a bank or credit company would not make… especially with Joe and Mary’s credit rating; and how much property they have to back up the loan.

I have some sympathy for John and Mary, though not a hell of a lot.

But as bad as the the Consumers are, should we have sympathy for failed execs who when bailed out will probably be back for more? (Strike “probably.” Some already have.) And unlike the common consumer, who probably wasn’t a grade A math student, and certainly didn’t get a bonus for their failures, Big Daddy government must save the buns of these high paid biz wizs who most likely went to business school ? And save them again? And again?

Joe and Mary Consumer at least have the excuse of not knowing better, and not knowing what they should pay attention to, and sometimes being about as dense as granite? But these “biz wizs” execs work harder than everyone else and are justly rewarded for, no failure, but their success by then “free” market: work harder and more than poorly paid teachers, grave diggers, mechanics, sewage process plant employees… or so we’re led to believe by the “business is run more efficiently than government” crowd. High pay is ultimate “proof” of this, supposedly.

Not.

The Right is busy moaning about that “socialist” Obama.

With bailing out failed businesses that use that money to reward failure through bonuses, junkets… maybe they’d be better ranting against National Socialism.

So far, all I hear from them regarding companies like Citi is the silence of what they used to called “being a good German.”
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Inspection is a column that has been written by Ken Carman for over 30 years. Inspection is dedicated to looking at odd angles, under all the rocks and into the unseen cracks and crevasses that constitute the issues and philosophical constructs of our day: places few think, or even dare, to venture.

Copyright 2009
Ken Carman and Cartenual Productions
All Rights Reserved