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The Seven Minute Rule
Podcast

The Seven Minute Rule

Against the Rules podcast



Editorial Rating

9

Qualities

  • Eye Opening
  • Concrete Examples
  • Engaging

Recommendation

When you buy a new kitchen appliance, you wouldn’t want to worry about it bursting into flames. Indeed, in most economically developed countries, you can depend on your government to keep dangerous products off the market. And yet, the US government is failing to live up to its responsibility of protecting consumers when it comes to financial products, as Michael Lewis illustrates in this episode of his Against the Rules podcast series. Whether you are still paying off student loans, have been a victim of identity theft or simply take a personal interest in consumer protection, you will find this podcast episode highly disconcerting.

Take-Aways

  • The financial industry makes identity-theft victims responsible for righting wrongs that the banks were unable to prevent.
  • Private companies who service federal student loans do so without the interest of loan recipients in mind.
  • Student loan servicer Navient seeks to maximize its own profits by keeping customer calls to below seven minutes.

About the Podcast

In his seven-part podcast series Against the Rules, journalist and best-selling author Michael Lewis takes a searing look at what’s happened to fairness – in financial markets, newsrooms, basketball games, courts of law, and much more.