James Surowiecki, The New Yorker’s financial writer, has this interesting analysis this week about how corporate brands are less valuable than they once were – thanks to the proliferation of consumer information.
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by Paul Alan Levy Somewhat more than 25 years ago, I represented a federal prisoner named Brett Kimberlin who made a sensational accusation against a sitting Senator who was running for Vice-President – Kimberlin claimed that, during his extensive career as a drug dealer, one of his customers had been a then-law-student who was the […]
We don’t often have occasion to praise debt collectors on this site, so it’s worth taking note when a debt collection company does the right thing. As many of you will remember from previous posts (see here and here), an online retailer called KlearGear tried to extort $3500 from its customer John Palmer because his […]
Yesterday, I received an unhappy email from the CEO of the on-line "crowdfunding" site Kickstarter, which regular folks use to raise money for unusual and creative projects and businesses. The email began: On Wednesday night, law enforcement officials contacted Kickstarter and alerted us that hackers had sought and gained unauthorized access to some of our […]
Former Michael Copps is very worried about media consolidation. Apparently spurred by what Copps calls "the stunning announcement that Comcast hopes to buy Time-Warner … for more than $45 billion" — a merger that he says could "run roughshod over consumers" — Copps has penned this lengthy "Dear Journalists" letter in the Columbia Journalism Review. Here's […]
We've discussed before the case against Facebook's Sponsored Stories program, which resulted in a settlement to which Public Citizen objected on behalf of a group of parents from around the country. See here for a description of our objections and the settlement. Chief among the settlement's flaws is that it allows Facebook to continue to […]
"Welcome to the new-and-not-so-improved world of payday lending, which has adopted more sophisticated sales pitches and branding to lure unwary consumers into loans that can trap them in endless cycles of debt," writes the Times. So what's the alternative? The U.S. post office has an idea: "Have post offices partner with banks to offer basic […]
by Brian Wolfman Remember JP Morgan Chase's agreement with the federal government to pay $13 billion to settle claims that it knowingly sold faulty mortgage securities that contributed to the financial crisis? For a refresher, go here and here. Now, the non-profit group Better Markets — whose tagline says it is a "nonprofit, nonpartisan organization that […]
On this blog and elsewhere, some posters have questioned the effectiveness of disclosure as a form of consumer protection. But disclosure remains an important feature of consumer financial protection statutes (RESPA and TILA are good examples), and many regulators think it is an important, if not the only, part of an overall regulatory strategy. With […]