Saturday, June 07, 2008

Bush vs. Financial Institutions...Part I

loan to value...a loan that is given to Americans which appraise the value of a home, that once completed, has a value that what it would sell for, at that time. The same accounting technique used by Enron. It's a very ingenious way to get people to keep building. If the interest rate goes up, most people, wealthy or not, will not be able to afford the house they are building anymore. What a gamble.

Credit Card fees have gone up 160% over the past 5 years. Consumer lending is OBSCENELY PROFITABLE. The average American has over $9,200/year in credit card debt and $1,300/year in interest payments. It used to be $15 late payment and over limit fees; now it is upwards of $45 fees. $45 if you are late; $45 if you are over the limit; $90 in fees before you even do anything. And your interest rate is gonna go from 21.9% to 28.9%. SO THEY WANT YOU TO BE LATE!


The number 1 qualification for working at a bank is suggestive selling experience.

Debt buying is the fastest growing industry in America. Last year, investors bought $75 billion of bad debt alone.

We are gullible. We see names like "Bank of America" and Bank This and Bank That that the layman says, "gosh, they are not gonna take advantage of me." Too bad it is just the opposite.

But you say, "why don't they want people to make payments? don't they want the money?" no! They will make money even if they don't pay. how? you ask. A person stops making payments. After 6 months, Federal Laws says that the creditor gets to charge off the non-payment debt. That means they get to charge a card all the late fees, for those 180 days, before they ding your credit report. They "charge off" hundreds, even thousands of dollars, off more of the profit/loss, or PNL, before it hits your report. They will make money off of that because they will, in turn, sell that debt to those bad debt investors.

I will now tell you about a company called PROVIDIAN. Providian Financial intentionally HELD BACK checks until they posted LATE. They even shredded checks. In 2001-2002, Providian paid $400 million to settle charges it defrauded its customers. This was just one of many CORPORATE FRAUDS INSTITUTED ON ON THE AVERAGE AMERICAN.

This prompted President Bush (the current one) to create a judicial task force to go after this corporate greed. Two years after the Providian settlement, President Bush appoints an ethics "czar" to clean up corporate America...

Deputy Attorney General Larry Thompson... WHO WAS...



WAIT FOR IT.................................

HE WAS THE DIRECTOR OF PROVIDIAN!!!!!!!!!!!!!!!!!!!!!!!!!

need i more to say

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