Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘Jefferson’

“Too Big To Fail” Banks Get Bailout, Gave Customers The Shaft

Posted by Warm Southern Breeze on Monday, December 19, 2016

Chalk One Up for the Working Man

By Donald V. Watkins
©Copyrighted and Published (via Facebook) on December 18, 2016
Used with permission

On Thursday, I tried a case for a close friend on mine in the Jefferson County, Alabama District Court in Bessemer, Alabama. My friend is a hard working Bessemer resident and family man whose world was turned upside down when Citibank sold his credit card account to San Diego-based junk debt buyer, Midland Funding, LLC. He is one of millions of bank credit card customers each year whose accounts are bundled in loan pools and then sold to junk debt buyers without the customer’s knowledge.

Midland Funding is one of several mega junk debt buyers in America. This group of financial sharks buys unsecured bank debt for pennies on a dollar and then strong arms debtors who miss one or more of their monthly payments. Midland is part of a multi-billion industry of shady financial predators.

In my friend’s case, Citibank sold his account to Midland Funding. The balance on the account was $6,800. My friend paid his credit card monthly on a regular basis, but had an unexpected hiccup in his monthly cash flow a couple of years after he opened the account. As a result he failed to make a couple of his payments on time. When this occurred Citibank sold my friend’s account to Midland, and Midland eventually sued my friend. This is how my friend became my client.

Remember, Citibank had a similar hiccup during the Great Recession of 2008. The bank requested and received a total of $181.6 billion in federal bailout assistance to keep from collapsing. In fact, Citibank led the banking industry’s “welfare queens” by receiving more financial bailout assistance than any big bank in the U.S.

Citibank’s “Thank You” to the taxpayers like my client, whose tax dollars made the financial bailout possible for these big banks, was the low-down act of selling his credit card account to a shark like Midland Funding. The big banks were quick to take taxpayer-sponsored financial assistance, but slow to give taxpayers similar financial assistance in return.

[Editor’s Note: Alamerica Bank, which is Read the rest of this entry »

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Posted in - Business... None of yours, - My Hometown is the sweetest place I know | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

It’s still true: Alabamians are “largely poor, uneducated, and easy to command.”

Posted by Warm Southern Breeze on Wednesday, August 22, 2012

One must understand the audience to whom Mr. Archibald writes his Birmingham News OpEds.

They’re the same ones who found hometown favorite criminal Richard Scrushy – monikered as “America’s First Oblivious CEO” – “Not Guilty” of violating the Sarbanes-Oxley Act, who to date, remains the solitary individual ever charged with its violation. Alice Martin, then Federal Prosecutor for the Northern District of Alabama, who failed to obtain a guilty verdict in the case, could have moved the trial to New York City – home of Wall Street – or “in Washington, D.C., or in New York City where pecuniary intricacies are understood,” but rather chose Birmingham, Alabama as the trial venue. John C. Coffee, professor of securities law at Columbia Law School, accurately said of the case, that “much of the information was over their heads” and jurors were “sick of trying to understand evidence that was beyond them.”

This remark – right, or wrong (but mostly right) – remains true for Alabama:
Citizens in the state are “largely poor, uneducated, and easy to command.

In context of course, historically, one should recognize Read the rest of this entry »

Posted in - My Hometown is the sweetest place I know, - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Thomas Jefferson on “the Buffett Rule”

Posted by Warm Southern Breeze on Monday, April 23, 2012

How much is enough?

How many houses does a man need to live in?

How many cars does a man need?

In response to the question “Can you ever have enough money?,” billionaire entrepreneur Sir Richard Branson replied, “You only need one breakfast, one lunch, one dinner, and therefore the money aspect is not actually that important.”

Thomas Jefferson on the Buffett Rule

by Alan Grayson on Friday, April 20, 2012 at 1:44pm ·

I don’t know what Founding Father and President Thomas Jefferson would have thought about TV, cars, spaceships, cellphones, skyscrapers, computers or nuclear weapons. But I do know what Jefferson would have thought about the Buffett Rule. He would have liked it.

The Buffett Rule is the Obama Administration’s proposal to adopt a 30% minimum tax rate on personal income above $1 million a year. It would promote one of the central tenets of progressivism: that the burden of taxes should fall on the rich, not the poor.

In 1811, two years after Jefferson left the Presidency, Jefferson wrote a letter to General Thaddeus Kosciuszko, a hero of the American Revolution. Jefferson said that he supported taxes (then tariffs, since there was no income tax yet) falling entirely on the wealthy. As Jefferson explained: “The farmer will see Read the rest of this entry »

Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: , , , , , , , , , , , , , , , , | Leave a Comment »

 
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