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As Dean Starkman nicely phrased it in the latest issue of The Columbia Journalism Review, the credit card industry "has shifted from a lending and underwriting paradigm to a sales paradigm; penalties, fees and default interest at rates that were illegal a generation ago are no longer regrettable outcomes to be avoided but central to the business model".
Call it what you will--taxes, penalties, fees or fines--but the only word that truly describes the constant bilking of the American taxpayer by the government and its corporate partners is theft.
The court judgment calls for ACI to pay more than $25 million in civil penalties, fees, restitution and injunctive relief, but Healey said those amounts were "largely uncollectible and suspended as a result of the school's insolvency".
Similar(57)
Owners are striking back with penalty fees and nasty messages.
And lots of cheques bounce, producing plenty in penalty fees.
Some banks are also raising assorted penalty fees.
Mr. Ryan estimates that the company's $4 billion in assets generate $400 million a year in penalty fees.
Virgin cites the "current uncertainty in the international marketplace" for the relaxation of the penalty fees.
Iraq owes Japan $4.1 billion, along with $3.5 billion more in penalty fees.
They also suggested a possible limit on hidden overdraft charges and penalty fees.
Iraq owes France about $3 billion and Germany about $2.5 billion, not including accrued interest and penalty fees.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com