How the game is rigged
Dear Editor:
Our Constitution gives us a right to sue, but the plutocrats in Congress have abridged this right to the point where it has become meaningless. Why? Because justice can be expensive.
We saw this abridgment process at work again this last week in the senate. Senator Collins, voting with the plutocrats, took away our right to sue banks under a Consumer Protection Financial Bureau rule.
What this means is that if you have a mortgage, an IRA, 401(K), own a mutual fund, have a credit or debit card, or use any other financial service or product, and have a legitimate claim, you are forced into binding arbitration without an opportunity to appeal.
The bank gets to choose the arbitrator, the place of arbitration and may enjoy a long standing ex-parte relationship with the arbitrator. The arbitrator is not compelled to follow the rules of law or evidence in arriving at their decision.
What this means is that if a bank costs you your house or savings, and recent history is replete with examples of banks shirking their fiduciary duty to their customers, you are basically screwed. What makes this worse is that banks retain the right to sue you if they wish.
The plutocrats argue that entering into a contract is a choice and a fundamental right to conduct business. But there is no choice when every bank and corporation offers only contracts that include arbitration clauses. We must have limits on contracts as a matter of good public policy where those contracts systematically deprive citizens of their rights denying justice and equity.
Trump was elected on his promise to fix our rigged system and drain the swamp. Given Trump’s trail of broken promises, it is unlikely that he will veto this bill.
When we elect plutocrats who promise to be business friendly, this is what they do and that is how the game gets rigged.
Fred W. Nehring
Boothbay
