Beware the Fine Print
November 3, 2015 6:30am by Barry Ritholtz
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10 Tuesday AM Reads
Caveat Emptor – but what if the buyer is not really capable of comprehending what they are getting into. I know that is the general principle of predatory capitalism. Swindling people into thinking they are getting into one (fair and advantages) deal when in reality they are getting into another (predatory and exploitive) deal. But is it something that society can and should accept?
make sure the fine print is buried deep in the paper work so no one will know whats in it.
at some point you would think we would make a presumption that no deal that is being offered to us, is ever going to be fair.
its part of the change to the ownership society that started a decade ago and continues on today.
The large print giveth and the small print taketh away.
In general, small print is designed to protect the company (not the customer!) and generate work for lawyers!
Great comment bruder ….
I am always amazed that people act like the solution to predatory capitalism is to read the fine print. Let’s say that you read the fine print on your phone contract, or your auto loan, or even your retirement plan, and discover a binding arbitration clause that you dislike. What are you supposed to do about it?
You could live without phone service, I suppose. You could walk to work, and keep your money in a mattress. But if you want the service then you sign the contract.
What Low Budget Dave said: When every vendor and service provider within reach, from utilities to banks, requires ‘small print’ binding the customer to disadvantaged terms just what precisely are the customer’s options short of going without ….power, phone, loans, etc.
In the context of this couple that got ripped off on the car, anyone who has sat through a similar deal knows just how much paper there is and how much fine print there is on it. And don’t tell me that car dealer isn’t fully aware how easy it is to snow customers who can’t even make a deposit without trading in two derelict cars. Some may say caveat emptor but it sounds more like bullshit.
Remember what an escrow closing on a house was like? Bloody paper snow storm. I hire a lawyer for that kind of stuff because I can afford it and know there is no way in hell I’m going to catch all the wrinkles. I want legal counsel tied in to the deal before trouble rather than after regardless but there have been deals where the even my lawyer was not entirely sure how all the shit in the paper blizzard would play out if it went to court never mind arbitration.