Philly Knows Lunch

On a recent trip to Philadelphia, I had the good fortune to stop for lunch at a grand bazaar of culinary delights, known as the Reading Terminal Market. In operation since 1893, the market provides a year-round array of fresh and prepared foods, housed in a revitalized train terminal, which was originally built with the grandeur of a bygone era.

Beneath the high-domed ceiling, row after row of independent merchants compete for the right to fill your stomach. And during lunch hour, you’ll be competing too, with throngs of locals and scores of business travelers, who come from the adjoining convention center. The atmosphere is one of mild chaos, which seems quite apropos for this setting.

Sections of the market, catering to locals, are devoted to stands featuring fresh produce, meat and fish. (Much of the fish on the day I visited was very recent pulled from the ocean by the nearby Atlantic fleet.) Interspersed among the raw goods vendors, are dozens of prepared food stands, which go well beyond the almost cliché Philly Cheese Steak sandwich. From falafels at Kamal’s Middle Eastern Specialties to mouth-watering roast beef and homemade Italian sausage sandwiches at DiNic’s, from ikura at Tokyo Sushi Bar to hand-carved turkey from The Original Turkey, there is something to please every taste.

A corner of the busy market is devoted to stands run by the Pennsylvania Dutch. Open on a more limited basis than the rest of the market, the stands run by the various Quaker sects, offer a range or organic meats, cheeses, produce and baked goods. And though their dress reflects their religion’s traditional codes and values, interaction between the Pennsylvania Dutch and their customers does much to dispel stereotypes. For instance, my purchase from the Lancaster Co. Dairy was concluded with a simple “thank you”, rather than a ‘Tis a pleasure doing business with you, English’. Their fresh-squeezed apple cider was nectar of the gods.

By meal’s end, you may feel like you could not take another bite, but leaving the market without dessert would be a mistake. I might suggest exiting the market on the Filbert Street side and stopping at Termini Brothers Bakery for a to-go box. Cannolis are filled on-site; the creamy sweet filling is not piped into the flaky crust until you place your order. The connolis are rich, yet delicate and are worth making room in your hotel room’s honor bar fridge, if you have no room in your stomach.

It’s hard to leave the Reading Terminal Market unsatisfied, but be forewarned. Upon exiting you may be left with a decision: a cup of coffee or a nap.

$25 For You, $80 Million For Them

Visa, MasterCard and Diners Club have recently entered into a settlement agreement in a class action law suit filed in the Southern District of New York, which will affect thousands of Chicagoans. The suit alleges that the credit card companies “conspired to set and conceal fees, typically of 1-3% of foreign transactions, and that Visa and MasterCard inflated their base exchange rates before applying these fees.” Any U.S. cardholder, who traveled abroad and used one of these cards to make a foreign transaction between February 1, 1996 and November 8 2006, is eligible to take part in the settlement.

The class action settlement agreement assumes no guilt on the part of the credit card companies, but does call for them to take steps to redress the complaint. Once the settlement is finalized, the defendants have agreed to more transparency in their billing statements, which will now provide detailed disclosures on foreign transaction fees. The defendants have also agreed to create a $336,000,000 settlement fund to compensate victims of these overcharges. Nationwide, several million cardholders are expected to be eligible to take part in the class. The current suit and settlement come on the heels of several other recent cases, which have resulted in an additional $35.5 million in payments from the credit card companies.

In the current settlement proposal, eligible plaintiffs can submit an “easy” claim form and receive a single payment of $25 once the settlement takes effect. The $25 payment is unrelated to the total amount charged on foreign transactions, and excludes that person from making any future claims. More meticulous travelers, who have access to 10 years of receipts, can submit a more detailed claim to potentially receive a refund of 1%-3% of their total purchases during that period. A traveler who amassed $10,000 in charges over this period could potentially be reimbursed up to $300.

While the third of a billion dollar settlement and changes in disclosure policy prove to be a mild rebuke to the multi-billion dollar credit card companies, the real winners would appear to be the law firms involved in the case, rather than consumers. The two law firms representing the plaintiffs, Coughlin Stoia of San Diego and Berger & Montague of Philadelphia, stand to profit handsomely. The settlement agreement calls for the firms to split a 27.5% share of the $313,000,000 that is expected to remain after deducting costs for administration of the suit. The firms can also claim an additional $5,000,000 for actual expenses incurred in handling the case, bringing their total compensation to a staggering 85 million dollars.

So, while affected Chicagoans, who are the real victims of collusion in this case, will receive a pittance in reimbursement for past over-charges, the boutique law firms will walk away with over $42,000,000 each. It is apparent incongruities like this that have led some to call for regulated limits on contingency fees, and others to wonders if justice, in class action law suits, is really being served.

When is an election important?

In case you missed it, one of the most historic events of year took place over the weekend, a little south of Chicago. Voters in Venezuela decided the long-term fate of their country in a referendum over sweeping changes to their constitution. The referendum would have given control of the country’s banking system to the central government and done away with term-limits for the president, among 67 other constitutional edits. If passed, the measures would have allowed sworn enemy of the United States, Hugo Chavez, to join the proud tradition of South American dictators.

In recent years, we have seen our own constitution tested by the Executive Branch in some disturbing ways, but not nearly to the degree as those faced by Venezuelans in Sunday’s vote. Tied to grandiose promises of pensions for “informal workers” (i.e. street peddlers) and a reduction to a 6 hour work day (interesting), Chavez’ proposals would have given him virtually unlimited power and would have effected the lives of every Venezuelan.

Enraged university students, once sympathetic to Chavez’ leftist politics, banded together with other opposition groups and disillusioned citizens. Told that they would be branded “traitors” if they voted against these measures, enough Venezuelans found the courage to vote with their conscience and defeat the measures by a razor-thin margin of 51%-49%. Democracy in Venezuela takes a step forward, “for now”, as Chavez was quoted as saying.

Despite what was at stake in the Venezuelan vote, only 56% of registered voters went to the polls. In an election that would have allowed Chavez to redraw congressional districts and declare himself president for life, just 56% of the electorate bothered to find the time to vote.

Perhaps it’s comforting to know that voter apathy is not just an American pastime. Our own presidential election, of no less importance, is just 11 months away. Will U.S. voters turn out in numbers higher or lower than 56%? I might bet the under.