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kill all bankers

11 January 2012
by

Anytime you feel like arguing against your cranky old uncle who says “Those damn banks make all this shit too complicated on purpose, just so they can screw us,” read this first.

http://www.rollingstone.com/politics/blogs/taibblog/credit-card-firms-they-dont-just-steal-from-cardholders-20120109

The most galling part of the story is that the “fines” claimed by Visa and Mastercard were part of a fine-print arrangement that is virtually impossible for merchants to learn about, much less defend against. If you want to have a restaurant, you must allow credit card charges — but if you allow credit card charges, you have to sign, sight unseen, an agreement that says you can be fined tens of thousands of dollars every time a credit card firm thinks your security procedures are bad:

 

P.S. Matt Taibbi is a disgusting sexist idiot. Great financial reporting, though.

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