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The article is about JPMorgan Chase, but I think this Taibbi quote about Goldman Sachs applies: These banks are a 'great vampire squid wrapped around the face

• justizin 11y ago
  don't go quietly into the night of downvotes :) I worked earlier this year for a fintech company and they are doing their best, within their realm of understanding humanity, to improve people's access to life-changing finance, but what actually happened in the financial crisis is that the _businesses_ behind underwriting all of these loans started going belly up, so when your debt ends up in a spreadsheet sold to three different collection agencies and you pay the wrong one and your debt is never settled, fintech can't fix that, and is IMO putting their clients at greater risk of that than larger banks. In fact, the only reason Wells Fargo received any bailout money is that they saved another bank, but they still underserved that bank's customers because they did not have the resources to manage the fallout, so a lot of people were foreclosed upon illegally and unnecessarily and with little financial benefit to the bank or certainly society.