With Allies like These, who Needs Enemies?

“The world doesn’t need another bank, it needs a better bank,” reads the latest well-written press release touting the launch of Ally, “a new brand for a U.S. online bank designed to disrupt the status quo and challenge win-lose practices in the banking industry. We are launching a new brand with a new approach of treating customers with total transparency,” states Chief Executive Officer Al de Molina. Either Mr. de Molina is confused about the definition of the word transparency, or he is simply lying; either way consumers are being duped by this “launch.” The “groundbreaking, disruptive philosophy” at the heart of the new brand is the mastermind of GMAC Financial Services, the 90-year-old holding company that created Ally. The new ban