Banks Are Now Accused of Cheating Customers Billions

franknez.com

2 pointsthunderbong3 comments

> The U.S. Securities and Exchange Commission (SEC) is currently investigating these banks to determine whether they intentionally steered clients toward “cash sweep” accounts that provided little to no interest earnings, despite the availability of higher-yielding options.

If we accept that the allegation is true...I get that it's a scummy thing to do, but is it actually illegal?

If it's not, it should be. Human finds loophole, human either fixes it or raises awareness.

Customers who are getting the best out of products and who are not being shoved towards worse products than are available at basically the same cost are better for all markets! Even for banks! Who knew? It's math! The honest kind at least ... that matters for athletic competition and that makes the colony a harder, better, faster, stronger, smarter place to live and thrive in.

In other news, the sun rises from the east.

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