Russell Simmons preying on the poor is criminal

A Russell Simmons-created prepaid debit card called RushCard has millions of poor Americans — who can least afford it — suffering further because its system has been down — FOR 9 DAYS.

The debit card for the millions of unbanked Americans blames it on a conversion to another fulfilment company.

A quick  glance at social media shows the suffering as people are losing jobs because they don’t have the money to commute, missing rent payments because their money is not available, and going without food.

It is an outrage that I came across this a week. The reason it took so long to hear about it is because no banking regulator has stepped in to help those who need it most.

The RushCard clients are on the brink of poverty in the best of times. Children’s dinner menu yoyo from rice to hamburger depending on the day of the week and when payday will arrive.

So now you tell these people the work check you have automatically deposited with us is not available and last week’s is not as well, now you have a problem.

Most of these people are struggling, but are too proud to be on the government’s dole. They work three or four part-time jobs within the household to keep everyone warm and fed.

No one should have to struggle further and not have access to their money so a company can make a better profit.

Simmons — who told customers early on that the problem should be rectified in hours — should be held accountable for his company’s inability to fix the problem swiftly. I’m sure the change in providers was to save a penny or so on each transaction, and now millions of kids are going hungry.

There can’t be a worse feeling in the world for a parent than to say “Nothing,” when a child asks “What’s for dinner?”

Someone should hold Simmons accountable for this mess. Unfortunately his customers don’t rate the type of attention that the Washing DC pols need to court.

I thought Sen Elizabeth Warren said the Consumer Financial Protection Bureau  would have their back, but all I hear is crickets.

This should not happen in America in 2015, but it does.


 

The equities and bond markets have no clues as to directionality this week.

As market moving news is drying up and the China “growth” story becomes old news, everything is trading in a tight range putting markets in a holding pattern.

A Ferrari IPO with the latest models outside on Broad Street is the best the NYSE can provide as news.

And let’s celebrate today the date Marty McFly went “Back to the Future.”

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s