Wall Street’s Mutant Gene Marches On
by Jim Hightower
Posted June 14, 2012
Perhaps there’s some sort of greed gene that prompts compulsive outbreaks of financial graspiness by giant bankers. How else to explain the chronic gouges, excesses and scandals that we’re getting from this one, small subgroup of human beings?
Their latest reach is into the pockets of low- and modest-income college students who need federal student aid to help cope with today’s ever-escalating education costs. For decades, this financial assistance has come in the form of simple checks written to the students by the aid program or administered directly by the schools. But, of course, such straightforward simplicity begged the obvious question: How can we expect Wall Street bankers to grab a chunk of this student education money if it’s not routed directly through them?
Thus, from deep inside a particularly inventive banker somewhere, the greed gene shouted: “debit cards!” Rather than disbursing the aid by checks, banks get universities to issue debit cards for students to use to withdraw their aid funds electronically. More…