August 20, 2009, on this blog: Printing the legend
This may all sound like 100-year-old history, but the sick part is that Delaware pulled the same trick a second time in the 1980s, lowering and abolishing its banking standards — particularly usury laws and other consumer protections — in order to lure the banking industry to the state. It worked again. And since banks are only bound by the standards of the state in which they are chartered, this had the effect of gutting usury laws and consumer protections in the other 49 states as well.
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