The Fourteenth Banker Blog

April 18, 2010

Huffington Post Article on Fourteenth Banker

Filed under: Running Commentary — thefourteenthbanker @ 3:22 AM

I realize I did not post this link from earlier this week.    Some of you came from the article others were following before.

http://www.huffingtonpost.com/2010/04/13/the-fourteen-banker-anony_n_534820.html

Comments welcome.    There are some issues here deserving of more discussion.    There were also some areas we discussed in the interview that did not make it into the article but that I will post about when I have a chance.

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2 Comments »

  1. Do you consider fractional-reserve banking and paper/fiat money creation to be fraud?

    Do you support currency competition and the re-legalization of constitutionally mandated gold and silver?

    Do you support ending legal tender laws as applied to imaginary credits willed into existence by a select few?

    Do you understand the true root of the sick, corrupt, oppressive “system” we’ve got going here? I’m just curious.

    Comment by BZ — April 18, 2010 @ 3:34 AM | Reply

  2. Familiar themes. Right now, I work for a publicly traded retailer. A minimum wage job. For me, it’s retirement, even though I’m a decade away from official retirement.

    The culture of revenue-enhancement-by-any-means rings true where I work as well. I’ve been there about 2 1/2 years now, and for the last year, we’ve been losing customers. We’re losing regular customers, and they’re often angry when they go. This, in the face of a major ongoing effort to boost traffic. It defies logic.

    Tightened return policies. More intrusion without value, in the form of the fairly new email advertising effort now going full blast. By my preliminary count, some 87.5% of our emails are worthless and a waste of money. (I used to be in that business). My preliminary count has since been revised upwards to around 95% email chatter. Now, I’m hearing customers telling me they’ve unsubscribed to the emails.

    I’m not surprised. We do emails badly, and it’s one of a growing number of ways that customers are having an overall negative experience of shopping with us.

    There are others ways they don’t even know about – but they’re being charged a tiny bit more than they used to be.

    For most of my life I’ve worked in startups. All save one in manufacturing. My record there is an 80% rate of success in creating businesses surviving on sustained revenue streams and with 100% customer retention. I’m well aware just what an achievement this is, and we did it the old fashioned way with customer service and building strong customer relationships. I don’t know of any business model that can survive without repeat business. I’m not a banker, but I doubt anyone wants to deal with a banker who lives on profits derived from the failure to disclose important parts of the business relationship to its customers.

    I don’t know how it is in your bank, but I can tell you exactly what the problem is where I work: to corporate management, the shareholders are their customers, and not the customers themselves.

    * * * *

    Btw, anyone who even remembers who Hugh Latimer was, is definitely ok in my book :^)

    Comment by papicek — April 18, 2010 @ 8:01 AM | Reply


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