My bank is constantly and repeatedly recognized as one of the best-run, most ethical, and most customer-centric companies in the United States, if not the entire planet.
Of course it is not publicly-traded, so that eliminates one source of pressure to be a wretched hive of scum and villainy.
Of particular note is that they are the largest bank in the United States to not require or take a bailout during the financial crisis.
I imagine credit unions have the same lack of pressure that my bank does and it is incomprehensible to me that someone would patronize a financial institution that has incentives to screw them over to make their quarterly report look good.
It is entirely possible to interface with the financial system without dealing with scumbags, or putting your faith into digital magic beans that immediately collapse when the Ponzi stops.
JP Morgan didn’t require a bailout but was forced to so people wouldn’t know which banks actually needed bailouts, to stop bank runs. AFAIK Wells Fargo was in the same boat (although the Wachovia acquisition led it to need some help, Wachovia was insolvent)
I might be wrong but my foggy memory recalls that JP Morgan was in good shape because they were the top of the mortgage-backed security pyramid and that years later their penalty for misleading investors prior to the financial crisis was the highest of all time(or of all the banks?).
Of course it is not publicly-traded, so that eliminates one source of pressure to be a wretched hive of scum and villainy.
Of particular note is that they are the largest bank in the United States to not require or take a bailout during the financial crisis.
I imagine credit unions have the same lack of pressure that my bank does and it is incomprehensible to me that someone would patronize a financial institution that has incentives to screw them over to make their quarterly report look good.
It is entirely possible to interface with the financial system without dealing with scumbags, or putting your faith into digital magic beans that immediately collapse when the Ponzi stops.
https://en.wikipedia.org/wiki/USAA