The NY Times Advice To Financial Firms: Don't Sell Your Own Products

A recent NY Times article (front page, first section, no less) came with the headline “Confict Seen In Sales Tactic At JPMorgan.” The subheading was priceless:

“Bank Is Said to Favor Its Own Products”

The shock! The horror! A financial firm favored its own product than its competitors! Damn those financial firms. Because, you know, this would never happen in other industries.

Why, just last week I went into a Mercedes-Benz dealership, and the conversation went kind of like this:

Salesperson: Can I help you?
Me: I’d like to buy a car.
Salesperson: Can I interest you in a Ford Fiesta?
Me: Was kind of hoping to look at a Mercedes.
Salesperson: Oh, they’re so overpriced. For 90% less than the price of a Mercedes, I can put you behind the wheel of a brand new Ford Fiesta. The Fiesta gets better gas mileage, as well. And judging by the shabby clothes you wear, you probably couldn’t afford a Mercedes, anyway.
Me: You’re probably right. Thank you for your honesty and objectivity.

 

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