A Victory Over Predatory Payday Lending (by Tom Allio)
The people of Ohio won a big victory over the predatory payday lending industry this June when a new state law banned the sky-high interest rates that had trapped many poor Ohioans, as Tom Allio describes in the August issue of Sojourners. Below, Allio, who is chair of the coalition of faith-based consumer, labor, and human services groups that won the June law, describes the ongoing fight against the industry's attempts to reverse the law.
The payday lending industry is intent on rolling back the consumer-protection legislation promoted by the Ohio Coalition for Responsible Lending (OCRL), which was signed into law on June 2 by Gov. Ted Strickland. The industry is seeking two ballot initiatives for the November election. One would completely overturn H.B. 545. The second initiative would eliminate the central section of the bill, which prevents payday lenders from charging exorbitant interest rates -- rates that amount to an astounding 391 percent APR for the typical two-week loan.
And, as OCRL spokesman Bill Faith put it, "The industry is now using high-priced lawyers and misleading language to mask its efforts to legalize 391 percent interest." The misleading language is in the "summaries" of the referendums -- the words that payday lenders asked to use when gathering petition signatures to get their referendums onto November's ballot. The industry's wording, which was neither clear nor concise, omitted information about key consumer protections -- and did not even mention that both the referendums would repeal the 28 percent interest-rate cap that is the centerpiece of this June's anti-payday-lending law!
Under state law, summary language must be judged acceptable by Ohio Attorney General Nancy Rogers before the industry is allowed to begin circulating petitions. In June, Rogers rejected the proposed language of the first referendum because of its inaccuracy. Later, she rejected the industry's revised try at a "summary" because it was 17 pages long (only two pages shorter than the referendum itself).
The summary language for the second referendum petition has been approved, and the trade group for the industry has provided $850,000 for the Reject H.B. 545 Committee to assist in the hiring of the petition circulators and for other contracted services.
One thing remains clear in this ongoing "David and Goliath" battle in Ohio: The payday lending industry will do anything in its power to maintain its privileged, and predatory, position in the marketplace. Rumors are rampant that they are prepared to spend upwards of $15 million in this fight for their survival.
Tom Allio is chair of the Ohio Coalition for Responsible Lending and a board member of Sojourners.
Add to Del.icio.us
Add to Technorati
Add to Digg
Add to Newsvine
Comments
I don't know much about the business of payday lending and have never used one. But won't these laws force payday lenders out of business? Maybe that's a good thing, I don't know. There's obviously a market for payday lenders and quick cash. Are people better off without getting the quick cash or with high interest rates? It doesn't seem like an open-and-shut case to me.
I could be missing something here. I don't like exhorbitant interest rates any better than anyone else.
Posted by: Eric | August 5, 2008 2:02 PM
Tom:
I was hit up by petitioners at a bus stop in Columbus late last week, along with others waiting for a ride. They're using deceptive tactics in getting signatures. They say they're trying to "save 6,500 jobs in Ohio." They said nothing a bout preserving the right to charge almost 400% interest.
I remember two years ago when petitioners used deceptive tactics to try and "sell" people on signing petitions for gambling promotion and for smoking in public places. I think Ohio needs a "truth in petition advertising" law that requires petitioners to be honest about the proposal they're promoting and that also would require them to disclose all funding sources.
Eric:
I believe lending companies can stay in business without charging these kinds of rates; they of course want us to believe otherwise. True, they are lending to a risky population, for the most part, and higher rates help cover their losses. But are they providing a legitimate service, or are they exploiting the working poor? And are there other avenues for people to receive quick cash when needed? And where are the services that can help these people with budgeting, so they don't find themselves out of cash so frequently?
Further, you need to know that when the consumer protection legislation was originally proposed, the legislature went to the lending companies and asked them what they could reasonably live with. The lenders basically told the legislators they didn't want any restrictions and that they weren't going to participate in the process. This all-or-nothing approach on the part of the lenders is the main reason why the legislature passed the most restrictive proposal. In a sense, the lenders did it to themselves.
Peace,
Posted by: Don | August 5, 2008 2:41 PM
Eric,
The article states that some lenders were charging a 391% APR over a two week period.
Check out the biblical injunctions against usury. [How come we've dropped that one as opposed to other commands?]
This is an open and shut case. The lenders were legalized loan sharks.
Perhaps you are wondering about how folks might have enough to live payday to payday without needing to take loans in order to eke out survival.
Peace,
DUH-SCIPLE
Posted by: Duh-sciple | August 5, 2008 2:45 PM
When I was in the Service, I was a "loan shark" and charged a flat fee instead of interest. Even so, I was accused of usury and was threatened with a court Marshall hearing.
What I did in no way was as outrageous as these "payday predators" and I cannot understand how they can be considered legal or just in any state of mind. They are Legalized extortion and as evil as organized money lending of the crime syndicates.
Posted by: Paul, seeking wisdom | August 5, 2008 2:58 PM
I don't know much about the business of payday lending and have never used one. But won't these laws force payday lenders out of business?
Yes, and that's the point; my own church started a credit union because of the legal loan-sharking that often takes place in its neighborhood. A friend of mine noted that, for a number of reasons, some people often can't open regular bank accounts so they have to resort to patronizing such places.
Posted by: Rick | August 5, 2008 3:07 PM
Tom:
Thanks for the great post, and thanks to all of those who responded. I am helping Tom and his team with the media campaign to keep Ohio's new payday lending reform law in place. We are hearing many examples of people who were asked to sign the petitions under false pretenses. If you believe that you were given false or misleading information when asked to sign the petition, please send an email to questions@cohhio.org.
Thanks,
Sandy Theis
Posted by: Sandy Theis | August 5, 2008 3:07 PM
I'm a lender on the website Prosper.
I've found that there are certain classes, and they tend to fit the stereotypes, who aren't likely to repay me. If I lend, I am beginning to think I practically have to consider it a gift to a stranger. But to cover my losses from them, I only need to charge about 18% interest to everybody else.
Not 300%, 400, or 500%--and the refund anticipation loans for income tax refunds can charge an effect rate of over 1000%. That's really something that needs to be regulated.
Posted by: Rob | August 5, 2008 3:08 PM
Don,
Thanks for the insight from Ohio. The tactics of the lenders don't sound like they're constructive and the dishonesty they're apparently using to gain support for their initiative doesn't reflect well on them either.
Your questions about services to help people who need quick cash and to learn about budgeting are goods ones. Perhaps Gov. Strickland can address those issues too. This would also be a good chance for local churches to step in. Our church offers microloans to Africa. Why not in our local community too?
I agree with Duh-sciple and Rob that rates of 300 percent or more are usurious, and I'm aware of what the Bible says about it (no need to get snide Duh-sciple). But many people think that rates of 15% are usurious too and want to go after credit cards companies next. That's when it really starts to hit people like me who use credit cards responsibly. If lenders are forced by the government to only offer lower-interest loans, similar to a mortgage, I would think the ability to get credit and borrow money is going to greatly decrease.
There has to be some element of personal responsibility here. If you're taking out a loan at 400% and you know you can't pay it back it's not really a good idea to take the loan out. Where's the foresight?
Posted by: Eric | August 5, 2008 3:37 PM
This is good news but a small step in getting these lenders to do better. I work in a lot of urban communities and can rarely find a bank but the payday loan and check cashing places are all over the place. The entire nature of the business perpetuates an anti-savings mindset and keeps people confined to unhealthy spending, saving and budgeting habits. The government should make these lenders fund and provide some kind of financial education seminars in poor communities but that would go against everything they are trying to do, which is exploite the conditions of poor people. Isn't it interesting how everything seems to be more expensive in poor communities. Grocery stores carry lower quality food, gas stations charge more, etc. Some people need an underclass to exploite and benifit from their bondage. Good to know atleast somethings being done.
Posted by: Rev. Tune | August 5, 2008 4:46 PM
Years ago I fell into the viscious circle of payday lending. All is takes is one small problem and they seem like the perfect place to go when you need money in a hurry. Yes there is an element of personal responsibility to it but when you need money and you need it fast they are about the only place to go for it. They make it all so easy to get the money you need, even if you don't have a checking account. Right now I don't remember exactly how I got out of the circle but I'm reasonably sure part of it involved defaulting on the loan. Not because I wanted to but because it was necessary to get out of the trap they put you in. Since then I have never used one as I know now how horribly easy it to can get entangled in it. A few years ago a former friend of mine got a title loan on her van and they repossesed it and she was mad and put rocks in the gas tank to mess with them. I told her when she got the title loan that she had made a big mistake. I learned my lesson about that type of lender years ago.
Posted by: Kathy G | August 5, 2008 4:57 PM
These one arm bandits really prey on the poor and desperate . Also needing attention are the practices of banks with their service fees and guidelines for using them . many people go pay check to paycheck occuring the ame problem as with these pay day loan sharks .
Something very wrong about the poorest and neediest people paying a couple hundred dollars every month to intee or fees , and yet they own nothing .
Posted by: politicsmakeusthisway | August 5, 2008 5:35 PM
Pay-day loans are predatory. Predatory by definition means preying on the weak or defenseless. [from Encarta Dictionary on-line: greedily eager to steal from or destroy others for gain; extremely aggressive, determined, or persistent]
Desperate people take desperate measures and this temporarily legal option for quick cash may look better than stealing or some criminal activity. However, the poor become poorer with outrageous interest costs increasing the downward spiral of loss of buying power and loss of self-sufficiency. Wasn't it Tennessee Ernie Ford that sang "Another Day Older and Deeper In Debt"?
Gambling, another wealth robber, at least has to tell you the bad odds of playing. I hope the Ohio group holds on to its legal success and can be a model for the nation.
We are our brother’s keeper; looking out for the widow and the orphan with just weights and measures.
Posted by: Bruce Draper | August 5, 2008 5:39 PM
So, the state of Ohio is in the business of price fixing?
Posted by: Bradley | August 5, 2008 10:16 PM
So, the state of Ohio is in the business of price fixing?
Nope, just to keep people from being ripped off due to their need. That's a Scriptural principle.
Posted by: Rick | August 5, 2008 11:50 PM
The scriptural principle opposing payday lending applies to both parties, so this isn't a black and white issue. That said, I have no problem with laws against usury, because usury is unbiblical, and I think it is valid to enact laws against that which defies scripture.
Posted by: kevin s. | August 6, 2008 1:07 AM
Question: for the sake of easy math, lets say they are charging 400% APR. That's ANNUAL percentage rate. What would that translate to in dollars in interest paid back for a 2 week loan?
Yep, I'm bad at math. That's why I refuse to own a credit card.
Posted by: paul W | August 6, 2008 7:43 AM
Do not predatory lenders make lots of money without doing any work or producing anything?
I am not against financial companies making money, however, there's a big difference between 400% and 18%. The recent sub-prime loan crisis is what happens when we carry deregulation to the extreme. I am very concerned that some of you appear to be defending loan sharking-- an injustice the prophets railed against.
Where are the theological conservatives with the doctrine of original sin? In our Lutheran liturgy we confess that "we are in bondage to sin and cannot free ourselves" and that's why we need Christ to set us free.
One of the purposes of the law is to reign in sinfulness. When you don't have law to have some political control of human beings- you see the result. Even followers of Christ, in the process of growing into the likeness of their Master, frequently blow it. Count me as pro-regulation.
Duh-sciple
Posted by: Duh-sciple | August 6, 2008 8:21 AM
As personally repugnant as the "payday-to-payday loan" business is to me, with its high interest rates and its appeal to the working poor, I would rather see the church step up to the plate and do its job, even if that means that the local churches get into the lending business according to scriptural principles, than government regulation of yet another area of life that, in the final analysis, requires someone to walk in the door of the business and ask for the money. The business and the customer should have the right to "do" a contract, if both of them have their eyes open, even if the result is a worldly situation where one loses, and loses badly.
However, the church can do things differently, if only we will. Maybe, instead of the new 100,000 suare foot addition to the community center, we ought to consider opening a "local church lending center' where the working poor can come, and borrow at low (or no) interest. Yes, the church will "get taken." That will be the problem of those who take us, not our problem.
Posted by: joekc | August 6, 2008 8:50 AM
Tom mentioned that the trade group, CFSA, has already donated $850,000 to the campaign to overturn HB 545. That amount is only likely to escalate dramatically in the next couple of months. CFSA and the payday lending industry has already spent $8.7 million collecting signatures and duping voters in Arizona for a November initiative and the industry successfully bought HIGHER interest rates (592%) in Virginia from the state legislature for $20 million. Tom says $15 million - that's probably close to being right on target. Must be nice to be able to buy an election - they're certainly going to try! So goes Ohio, so goes the Nation!
Posted by: John | August 6, 2008 9:29 AM
The world would probably be better off without these payday loan places, but I'm sure there are a number of people that have benefited from their existence. And the obvious merits utterance, If you pay off the loan on time, you don't pay the ridiculous interest rates.
It's not accurate to say that these companies are charging these high rates so they can just pocket the huge profits. Their lending is extremely risky. They lend to people that have no real particular need or concern for their credit scores (they would just get a credit card if they had decent credit scores). And damaging a credit score is a lending institution's only weapon against people defaulting on unsecured loans that small (they could sue, but the loan would have to very large to be worth the legal fees of suing a debtor.)
With all that said I do think these payday loan joints are damaging and probably sinful. But I don't think we can regulate everything we feel is sinful. And, yes, Rick it is price fixing. You may feel it's for the best, but it's price fixing nonetheless.
As it has been pointed out, the real goal should be for people not to have the need to go to these places. I agree with this, although I'm sure I would differ with most of the people on here how it should be done.
Posted by: DITE | August 6, 2008 10:11 AM
Well, I'm pleased. We didn't get the expected knee-jerk "don't expand the government, let the church take care of the problem" retort until 18 responses down the thread. The social Darwinist libertarians are asleep at the wheel.
Snarkiness aside, activists for the poor should look into asking their state governments to support local asset-building and earned income credit outreach coalitions. Volunteer Income Tax Assistance (VITA) sites provide free tax return services and in some cases, they cooperate with credit unions to provide refund anticipation loans that charge a very low rate (although the latter practice is controversial among advocates). The coalitions also promote opening up of bank accounts and offer courses in financial literacy.
My state of Michigan currently has a statewide initiative to do all of this. I am involved with it and we are seeing quite a bit of success. The website is www.MichiganEIC.org --take a look if you think this is something your own states could benefit from doing.
All that being said, community-level and faith-based outreach will not solve the entire problem. Regulation and restrictions from the top down are the only way to take a real bite out of this practice, and I salute Ohio for passing a law with some real teeth.
Posted by: I and I | August 6, 2008 10:20 AM
The world would probably be better off without these payday loan places, but I'm sure there are a number of people that have benefited from their existence. And the obvious merits utterance, If you pay off the loan on time, you don't pay the ridiculous interest rates.
The overriding principle is whether the people who own and operate those places actually live in the neighborhoods they "serve" -- I'll bet that they don't. See, part of the problem is capital leaving the neighborhood because shop owners have no real connection to it, which doesn't give folks who live there the opportunity to "create" wealth (I use the term figuratively because wealth cannot really be created).
Posted by: Rick | August 6, 2008 10:42 AM
Maybe, instead of the new 100,000 square foot addition to the community center, we ought to consider opening a "local church lending center" where the working poor can come, and borrow at low (or no) interest.
As I mentioned before, my church has done just that, but it's in a poor neighborhood so it can directly serve it in the way you envision. The real challenge will come to the suburban/exurban mega-churches that the poor can't even get to because, realistically, you have to have $$$ to live anywhere near them (or at least own a vehicle).
Posted by: Rick | August 6, 2008 10:55 AM
concern for their credit scores (they would just get a credit card if they had decent credit scores). And damaging a credit score is a lending institution's only
Back in the 1980s (that was when Reagan was president, the decade was called the decade of greed for a reason), I new a guy whose ex-wife's father's lover had to visit a payday lender because he got himself into a tough spot. He had to pay rates of over 350% (this was after Republicans got rid of all banking regulation to keep black people from ever getting to the middle class). When he didn't pay the loan back, the local Republican club called on some of their most extreme conservatives to come and physically threaten him. That's what conservatives like to do. All of them.
But then my evangelical church stepped in. By the way, it's not one of those bad suburban mega-churches. It's a true Christian church that actually ministers to people's needs. We have people from all races there. It’s lovely and really what the Kingdom of Heaven would look like. We did as much as we could, but then the big-money, conservative, libertarian, Darwinist think tanks in Washington got in the way and ruined all our best-laid plans. Do you know how they get their money? They have a shady network of people that try to recruit minorities (they once did this to me back in the ‘80s). They argue for lower taxes and then, when the rich get richer they ask them to donate to their cause. It's all so corrupt compared to how Progressive think tanks do their work.
Don't you see how bad conservatives (and Reagan, Goldwater, Gingrich, Friedman, Buckley, ect) are!? This is why everyone in the black community hates them.
Posted by: Rick N. | August 6, 2008 11:23 AM
I think you'd be surprised at who all uses these places. One thing we all can do is educate people not to use them. They're just not an option.
Posted by: frankie | August 6, 2008 12:23 PM
I understand that 300% sounds like a lot, but realize that we are talking say $70 on a two week loan of $600. I suspect that an interest rate like this is probably not to far off. Essentially I think they are saying that if 1/9 loans default they are breaking even. I don't know the real statistics, but I would assume for the payday loan population this doesn't sound out of line.
With that said of course something needs to be done, although I am not sure government is the answer. How about picketing? How about changing public opinion? How about financial education and counseling? How about getting our hands dirty and changing lives rather than trying to fix a symptom. The problem is people trapped in cycles of poverty and addiction, payday loans aren't the problem.
I like the sound of churches getting involved or non profits that form relationships, lend money, teach, save, and inspire. Now those are steps towards a real solution.
Right on joekc and others a long the same path.
Posted by: The Happy Rock | August 6, 2008 12:57 PM
"but you get the point, right?"
Yes and no. That is also satire, but I agree with what you wrote...which was meant to be satire.
Posted by: DITE | August 6, 2008 1:55 PM
I feel like I am in the middle of this argument because my neice works for one of these types of lending places and my son uses these places more often than I like.
I liked the idea someone mentioned about 'where is the foresight'? It seems to me that the people who use these payday lenders are lacking in that area. Many of them, my son is included in this group, have never learned to budget money and to save for things they want. He works everyday, rarely misses a day of work, but his pay is $10/hr. and he is not able to support his family on this amount because he wants to live a lifestyle beyond his means. Thus, he resorts to borrowing and gets himself even more financial trouble.
What is the answer? More education or getting rid of payday lenders exhorbitant fees?
Maybe our legislators can provide a public service announcement that would educate people about how much money they waste by using these types of lenders? But, something needs to be done to help educate people about these types of loans because many who use them may be unaware of the trouble they are borrowing.
Posted by: Jacqueline | August 6, 2008 4:53 PM
I feel like I am in the middle of this argument because my neice works for one of these types of lending places and my son uses these places more often than I like.
I liked the idea someone mentioned about 'where is the foresight'? It seems to me that the people who use these payday lenders are lacking in that area. Many of them, my son is included in this group, have never learned to budget money and to save for things they want. He works everyday, rarely misses a day of work, but his pay is $10/hr. and he is not able to support his family on this amount because he wants to live a lifestyle beyond his means. Thus, he resorts to borrowing and gets himself even more financial trouble.
What is the answer? More education or getting rid of payday lenders exhorbitant fees?
Maybe our legislators can provide a public service announcement that would educate people about how much money they waste by using these types of lenders? But, something needs to be done to help educate people about these types of loans because many who use them may be unaware of the trouble they are borrowing.
Posted by: Jacqueline | August 6, 2008 4:53 PM
I enjoy Rick's comments generally, but the satire was kinda funny. People have issued worse posts under my name, and I have been parodied (and worse) as well.
"What is the answer? More education or getting rid of payday lenders exhorbitant fees? "
I think the latter. Our economy succeeds, in part, by virtue of the buffer created by an offer of credit. This is not a new development by any stretch, nor is it essentially problematic.
Given this fact, it is in our best interest to control the price of credit. Credit institutions are not protected by the constitution, and scriptural precept argues against usury. As such, governments are free to act in the interest of controlling the credit industry.
The counterargument here is that credit prices are tied to risk. While this argument is correct, it is unpersuasive. The benefit of credit is that it allows a purchaser to secure funds that allow otherwise prohibitive purchases, such as homes, small businesses, and cars.
All of these purchases facilitate further purchases. Without a car, one cannot take on a demanding job. Small businesses employ workers. Home ownership results in a variety of purchases.
Payday loans either accelerate the purchase of lifestyle items or, at best, facilitate the purchase of necessities. Neither circumstance benefits the economy or the borrower.
Posted by: kevin s. | August 6, 2008 5:48 PM
Good article and comments.
For the Record, Illinois passed a landmark Payday Loan Act in 2005 which protects borrowers against abusive practices.
Posted by: Dan W. | August 6, 2008 6:02 PM
To "the church should do it" crowd:
Please try to be biblical in your applications. What would a scriptural lending institution look like? The church is commanded to be discriminatory in it's fiscal practices. Worse yet, people who lie on applications would face the threat of death by the Holy Spirit. Another thing, how come you "church should step up to the plate" people never advocate selling all you have and laying it at the apostle's feet?
Pastor Jeff
Posted by: Pastor Jeff Staples | August 7, 2008 8:57 AM
I and I: "But I appreciate the rest of your post--maybe you're not as bad as I thunk you was."
Oh, there's a sense of humor, even some irony, in there somewhere. Kevin does his darnedest to keep it hidden, but occasionally can't help himself.
Posted by: carl copas | August 7, 2008 3:17 PM
Okay, so the post impersonating Rick stays up, but my post asking for it to be removed gets removed. Go figure. (And MonsterLad or whatever his name was says the blog only removes posts by conservatives.)
Posted by: I and I | August 7, 2008 5:39 PM
I and I: "MonsterLad or whatever his name was"
ROFL
Posted by: carl copas | August 7, 2008 5:43 PM
Ohio should never have allowed predatory payday lending in the first place! The payday lending industry conned the Ohio General Assembly into exempting them from our state's usury laws and it's a good thing that political leaders in Ohio had the backbone to admit they made a mistake and to right it!
The industry is sending in the big guns with the big dollars, but I suspect Ohio voters will not be fooled by their commercials and antics!
Posted by: Craig | August 8, 2008 11:57 AM
I applaud the desire to keep people from preying upon the poor in our country. However, this may be an example of treating the symptoms and not the disease. The problem is there is a group of people who because of their foolish decisions lands them in a position where the only people who will lend them money are loan sharks--legal or otherwise. What they really need is a community of people who will live alongside them not only to provide money for legitimate needs, but will also provide example and counsel in avoiding future problems. I have found that a local church is an excellent way to do this. Our church regularly gives about a third of the total offerings to help families in our community who are unable to meet their needs. The offerings from the congregation are strictly free will offerings given in the name of the needy person. As such the giver forgoes any tax-deductibility for the gift. To qualify for the offering the recipient must be in the process of completing an approved Bible Study/financial counseling class, meet weekly with their budget coach, and attend church. We have provided $4000 to aid people released from prison to help them clear tickets and enable them to obtain their driver's license. We have supported single mothers with $300 to $500 a month to cover the loss of child support, and $1000 to $2000 to tied a family over during unemployment. The program is as flexible as we need it to be and as restrictive as it wisdom seems to dictate. Because it is a free-will offering it is completely without compulsion and as many or few can give as dictated by their own heart and pocketbook. Over 10 years, we have never had a need go unmet by our congregation. Did I mention, our congregation is made up of about 30 people?
Posted by: Charles McClelland | August 8, 2008 1:37 PM
Kudos, Charles
Pastor Jeff
Posted by: Pastor Jeff Staples | August 8, 2008 2:21 PM
Charles, I applaud your church for its commitment to outreach in this area. More churches need to do this, and that will certainly help prevent people from making foolish decisions. However, top-down legislation is still needed. It is both/and, not either/or.
Posted by: I and I | August 8, 2008 5:19 PM
Hi Everyone. There are many books out there regarding the predatory practices of the banking industry as a whole. Educate yourselves before you sign for that next loan, credit card, etc. Read the FINE print! People are losing their homes, going into bankrupcty, etc. all due to the predatory practices of the banking industry. People are having to chose between paying the MONTHLY interest charges, late fees, over-the-limit fees, etc. over food and utility bills because they have a SINCERE desire to keep a good credit standing. Many people end up in debt not because of luxuries purchased but because they lost their job and need the credit cards to carry them until they get back on their feet again. Many also find themselves in debt because of an unexpected medical crisis. The banking industry is making record earnings of approximately $400,000 per QUARTER (not per YEAR) off the backs of people in distress! And more sadly, our government stands by and does NOTHING because these banking corporations make HUGE political contributions and receive FAVORS in return. Write your representatives! The banking industry may have money but we have something that they dont have....VOTES! As a public accountant by profession, I say FIGHT back against these criminal corporations.
Posted by: Justice for All | August 17, 2008 12:36 PM
Sorry but I made a mistake. The comment "The banking industry is making record earnings of approximately $400,000 per QUARTER (not per YEAR) off the backs of people in distress!" should say $414 million per QUARTER!!
Check Capital One's earnings announced on September 30, 2004 if you don't believe what you are reading.
Posted by: Justice for All | August 17, 2008 1:55 PM
Post a Comment
Are you aware of our Rules of Conduct?