Sox First

The tactics of American debt collectors have reached an all time low with ABC News reporting that Bank of America used a debt collection called ACT Technologies which would make racist and obscene phone calls to collect debts. One person, who owed $81 on their credit card, got abused by a caller who said: "You little, lazy ass bitch, get your mother f—ing ass up and go pick some mother f—ing cotton fields, bitch."

The calls just kept coming in.

While Bank of America might sack the agency, this is the kind of stuff that was endemic during the bubble when American banks were running mortgage and CDO deals. During that time, they were bullying people into accepting the terms of various deals. They did it because they knew it worked.

The racist phone calls were no accident. It's all part of the bullying culture of American banks.

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