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John Buell: Combating US Capitalism's Moral Blinders
http://www.commondreams.org/view/2013/03/20 @

Banking

Glen Ford: From Detroit to Cyprus, Banksters in Search of Prey
http://www.commondreams.org/view/2013/03/22

@John Buell:

Combating US Capitalism's Moral Blinders

vswaminathan13 • 16 hours ago

The real life story is no different, in fact globally so, in another important field of social welfare activity; that is,- 'education'. It is for taxation purposes regarded a 'charitable purpose', hence exempt. But the million (billion ?) dollar question, crying for a righteous answer, is not known to have been even raised in any quarters; that is, Is such an exemption continuing for long any longer justified, -even in modern times, when 'commercialization' has increasingly become a socially acceptable buzz word !

 http://disqus.com/jrp1900/
 http://disqus.com/theoldgoat/

Theseus • 16 hours ago

Lending institutions certainly put profits over ethics. I paid online and made extra payments. Instead of the payment money going to the principle, the money paid went to future payments thus going to pay off future interest. They later sold my loan to another company. When I asked them about it they told me I should have used the paper bill and marked the amount as going towards principal. They told me every time I just used the payment button for the online payment that it would always go towards future payments. I asked another student loan company how to pay onto the principle of my loan. I asked that loan company to send me a paper bill so I could pay on the principal. They told me that the only option is to pay online and select the "pay towards the principal" option. I went online and looked for that option but it wasn't there. So I called back and explained that I couldn't find it on their webpage. The operator told me that they are still working on their webpage and to just pay it as a payment and that he would make a note in my file to have it go to the principal. I paid a substantial amount because I wanted to pay towards the principal while I had the money. After I paid that amount they promptly sold my loan to another institution. I am now paid up to way in the future and I got a statement stating that I had paid thousands of dollars in interest. My new student loan company has sent me one statement when they first bought my loan. This new loan company has not contacted me since nor has it sent me any bills. Corporate America sucks.

Key Note:
May be, back home, none is aware of any such convoluted practice of lender transferring 'loan' to another company. Nonetheless, it occurs to one, is the so-called 'EMI' (the ongoing practice of reckoning and apportioning principal,interest components) questionable validly - that is, on the ground that (at least) in theory (conventionally accepted) that a borrower has the right to require the lender first adjusting / appropriating repayment towards principal !

Perhaps,a satisfactory answer to the inherent puzzle has to come only from a 'mathematician'-  not necessarily a genius like Ramanujam !



To Study - Any relevance these >?
 
Relationship between Banker and Customer: - India Development ...

www.indg.in/.../relationship_between_banker_and_customer.p...

File Format: PDF/Adobe Acrobat - Quick View
For depositing or borrowing money there has to be an account relationship with the ... (d)Prospective/ Potential customers: Those who intend to have account relationship ... These relationships confer certain rights and obligations both on the part of the ... The relationship in the first case when a person deposits money with ...

Economist's View: 'More Ideological Excuse Making for Bad Banks'

economistsview.typepad.com/.../more-ideological-excuse-mak...

Jan 17, 2013 – Banks — not borrowers — are the ones who actually make the loan decision. 2. ... helps that) and banks also can tap the Fed for even more capital. ..... Perhaps we need a public deposit and payment system this can sit on ..... When that questionable business practice led to failure, the banks got bailed out.

Housing Affordability for the Urban Poor: - MESH

meshfresh.com/GS2012_CHAPTER1.pdf - United States

File Format: PDF/Adobe Acrobat - View as HTML
Jan 27, 2012 – EMI-Equated Monthly Income. PV-Present Value. FAR-Floor Area ... 1.4 RATIONALE .... feet for MIG, at costs that permit repayment of home loans .... bank loan. The fields marked in red show the requirement that ... avail a housing loan for tenure of 15 years @ 9% ...... participation is questionable. There is a ...

theoldgoat jrp1900 • a day ago

"In business "schools" across the nations, students are taught the ethical dilemmas of the buyer/seller relationship."
I can't remember who it was that pointed out fairly recently that American universities have an 'economics department' where the 'theories' are taught, but application is taught in a separate place called the 'business school'. I guess recruitment centers really wouldn't fit in the economics departments. Much as military recruitment is not conducted in civics classes. (though I think I recall having heard of some trying).

<>The real life story is no different, in fact globally so, in another important field of social welfare activity; that is,- 'education'. It is for taxation purposes regarded a 'charitable purpose', hence exempt. But the million (billion ?) dollar question, crying for a righteous answer, is not known to have been even raised in any quarters; that is, Is such an exemption continuing for long any longer justified, -even in modern times, when 'commercialization' has increasingly become a socially acceptable buzz word !

<><> The one word commonly but unashamedly used , not  pricking the conscience, to suit the largely obtaining mindset of humans, is, - ‘commercialisation’ (C). Think of any human activity in any walk of life, ‘personal’ life being no exception, the dominant rule of the game is rooted in ‘C’. So much so, ‘unjust enrichment’ has become the universally acceptable buzz word (or ‘password’); no longer regarded a ‘moral blinder’ (to borrow the very same expression found  in the article), albeit conceptually it may mean different depending on individual’s mindset.

The recent blog wprt the subject of ‘education’ may be found to reflect the all pervading reality of modern days— link  http://vswaminathan-swamilook.blogspot.in/2013/03/toi-education-news-to-educate.html

toi

Court orders B'lore school to refund fees - Times of India Publications

3 hours ago ... Court orders Blore school to refund fees. Sruthy Susan Ullas TNN Bangalore: Parents battling with schools during admission season will surely ...

lite.epaper.timesofindia.com/mobile.aspx?article...

More >>>
1. Education should not be a business product: Abdul Kalam

2. Consumer forum asks school in Pune to refund Rs43,000 fee ... - DNA $

Jan 30, 2013 ... A school on Salunke Vihar Road has been asked by the Pune District Consumer Grievance Redressal Forum to refund Rs43,000 fee to the ...

www.dnaindia.com/...

3.School asked to refund fee

Deccan Herald - City

In a case that is bound to support parents' right to demand fee refund from schools, the Bangalore IV Additional Consumer Disputes Redressal Forum ruled in ...

www.deccanherald.com/contents/73/city.html

$ “Right To Education'”, same way as any other right claimed and clamoured for to be a fundamental right , has attached to it  a corresponding "responsibility"' in its profound sense. Such a responsibility requires to be realized and duly discharged by all institutions imparting 'education' of all sorts and grades. In modern times, truly speaking, that starts from the very elementary stage- popularly known as ‘Pre- KG'.

Topping all, the commonly and widely aired woes /irregularities complained of by parents have something to do with the unreasonably and unjustifiably exorbitant 'fees' charged by such institutions..Essentially so, if regard be had to the not so desirable quality of education. Yet another grievance similarly given vent to but the men in governance have never ever cared to pay any heed to is, - 'booking' of seats, too much in  advance, proving an irritant. Going by reported instances off and on, that is so done with the ostensible motive of   'unjust enrichment'. This  indisputable loathsome practice, verging on a social evil in its own way,  has come to surface  recently, so as to serve as an alert to the gullible parents. Reference may be made to yet another  favorable consumer court  order reported in TOI, Issue of 19th Mrch, - "Court orders B'lore  school to refund fees".

http://www.pathlegal.in/ConsumerCourt/India/?gclid=CP68l-_fh7YCFU566wodq18A_w

TI to host educators meet in Bangalore

Mini Joseph Tejaswi |