Personal finance from around the web:
- Financial “innovation”? Yeah, right. Former Fed chair Paul Volcker told some of the world’s top bankers this week that the only innovation in the last 20 years has been the ATM machine. He also blasted other complex products like credit default swaps. [Seeking Alpha, Times Online]
- NPR looks at the world of exclusive, secret frequent flier programs: The “Skull and Bones” societies of the sky. [Morning Edition]
- They’ve entertained (and perhaps horrified) us all year long, but we can also learn a thing or two about personal finance from this year’s “rich and (in)famous.” [Thicken My Wallet]
- Our progressive income tax system may not be so progressive: The richest pay fewer taxes than the rich. [Tax.com]
- This summer one frustrated airlines customer took to YouTube to get his complaint addressed. Now, another example of customer service vigilantism via YouTube, this time aimed at Best Buy. See the videos below. [The Consumerist]
Follow More Money on Twitter at http://twitter.com/moremoneyblog.