Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘troubles’

“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 »

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

The Power of One Small Idea: How Alabama could hit a home run WITHOUT raising taxes in the budget crisis.

Posted by Warm Southern Breeze on Sunday, May 17, 2015

Creativity is in short supply in Monkeytown, Alabama.

I refer, of course, to Montgomery.

And to be certain, there is a backstory on the nickname.

Seems the Montgomery Zoo was originally located in Oak Park, and then named Oak Park Zoo. The zoo also had an island of monkeys, which once escaped. Hence, the nick name.

For what it’s worth, the Montgomery City Planetarium, formerly known as Gayle Planetarium, is also located in Oak Park. I encourage you to go there, sometime! I have.

But back to the creativity thing.

Alabama is in dire straits fiscally. But, then again, that’s nothing new. Governor Bentley has promised (and broken) numerous pledges in his first & second campaigns. The one bothering most folks is the “read my lips… no new taxes” promise he unwisely made while campaigning for a second term.

It may not be the lie the second time around, as much as it is the entire deception thing from the get-go. Because he, the AL GOP, and the entire Legislature knew all about this well in advance. They knew there would come a day when the monies they “borrowed” from the Alabama Trust Fund must be repaid. That day has come… and is now gone. They’re essentially reneging on their promise, which not only makes them liars, but thieves as well, since money is involved.

So, you’re damn skippy the people are hopping mad!

Again, to be certain, Alabama is in a Read the rest of this entry »

Posted in - My Hometown is the sweetest place I know, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

The Face of Leadership: Toyoda Apologizes

Posted by Warm Southern Breeze on Wednesday, February 24, 2010

“I’m deeply sorry.”

– Toyota Motor Corporation President & Chief Executive Officer Akio Toyoda

Akio Toyoda, grandson of Toyota founder Kiichiro Toyoda, …Continue…

Posted in - Did they REALLY say that?, - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , | Leave a Comment »

 
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