According to the Reputation Institute’s recent survey, banks have a lower standing than Big Pharma, the media, oil companies and telecommunications firms. They are however, slightly above Congress. Union Bank of San Francisco, a subsidiary of Mitsubishi financial services, topped the list with a ranking of 78.2 out of a possible 100. Bank of America ranks at the bottom. Its score along with that of HSBC and Wells Fargo was below 60. BofA’s customers rated it 52.6, non customers 35.1. The survey defined a ranking of 70 or above as an indication of customer satisfaction. Although both BofA and Wells Fargo claim that according to in house surveys their customer satisfaction is rising, those of us who have been observers of bank behavior since the 2008 financial crisis aren’t surprised by the Institute’s finding. What’s obvious to us doesn’t appear to be so for the banks’ decision makers. The BofA chairman said deposits are rising, and customers leaving the bank is at an all time low. Wells Fargo said that customer service scores were at an all time high in the second quarter of 2013. It looks like banks will work to fix their image and leave intact the underlying problems that at the very least are reflected in the low scores.
August 2013
-
Because We Should
There are at least 26,100 men and women 65 and over currently in state and federal prisons, a 65% increase in the last five years and making up the fastest growing segment of prison population. The cost for older inmates is three to nine times higher than for those under 65. Most prison staff admits to not being trained to handle geriatric prisoners. We know from studies on recidivism that age is a factor that lowers crime rates. And then there’s the issue of their debt to society. “Anger, grief and the desire for retribution are understandable,” writes Jamie Fellner, a senior advisor at Human Rights Watch who focuses on criminal justice in the U.S., “and we all agree that people who commit serious crimes should be held accountable. But retribution can shade into vengeance. While being old should not be an automatic get-out-of-jail-free-card, infirmity and illness can change the calculus of what justice requires.” As the Attorney General recently admitted, when he announced a compassionate release policy, there seems to be a point where the society no longer benefits from keeping older and ill inmates in prison. Regardless of what reasons or who articulates them, older inmates who are sick ought to be released simply because that’s what a moral society demands.
-
The Difference Between Time Warner And Tikkun
I’ve been amazed at how Time Warner has described its position in its dispute with CBS. The public stance has been that they are protecting the consumers and avoiding raising rates (disclosure, I am a Time Warner subscriber and my last bill informs me of a rate rise as of next bill). An L A Times article listed Time Warner profits for last year as 14%. Bloomberg says that the last report of their earnings topped expectations, a result of their strategy to boost profits rather than increase subscribers base. Accordingly, it adds, Time Warner promotions and rebates to customers have decreased. From what I gather CBS is not the injured party in this dispute, so there is enough blame to include both sides. I do, however, object to the way Time Warner is attempting to pull the wool over customers’ eyes, and perhaps that of their employees. When I called (and they have no special way of handling this issue), and mentioned the profit figures I had read, the tech support person argued with me that I shouldn’t believe what I read in the press. Profits are driving this dispute, not customers’ welfare, and I am disappointed that reporters and financial analysts haven’t been more direct about the issue of profits. Time Warner practices were underlined when I received an email from the Tikkun magazine community about Jewish Free Loans, reminding readers that the Torah forbids usury (as the Koran also does and calling to mind the story of Jesus and the money changers), and leaving me with a question: At what point do profits become usurious?