Citigroup Inc.’s (NYSE:C) CEO Vikram Pandit supports a 10% cap on credit-card interest rates — or so men of God told me on Monday.
I was standing outside the City University of New York’s Graduate Center, where Pandit spoke at an event organized by The Economist magazine called The Buttonwood Gathering.
There, Rev. David Benke, president of the Atlantic District for the Lutheran Church, Missouri Synod, revealed to me the word of Pandit.
In November 2009, the Boston Globe quoted Pandit as supporting an interest-rate cap on new credit-card accounts. Somehow, though, this hasn’t helped Roger Gench, pastor of New York Avenue Presbyterian Church in Washington, D.C.
“I had the interest rate raised on my Citibank MasterCard to 29.99%,” he said. “And when I called to complain…the person I talked to had the gall to say to me, “Why do you care? You pay off your balance every month.'”
This is what’s happening, according to men of God: Banks destroyed the economy, people lost jobs, and now sometimes the only way to feed starving children is with credit cards.
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