Archive for the 'Personal Finance' Category
Robert Kiyosaki, author of the bestselling Rich, Dad, Poor Dad series of financial advice books, is offering his fans yet another lesson in how the rich are different than you and me: they file for bankruptcy not because of ill health or unemployment related issues, but instead as a strategic business move.
Rich Global LLC, one of the corporate arms Kiyosaki has done business under, filed for bankruptcy protection in August, after it was ordered to pay just under $24 million to the Learning Annex and its chairman Bill Zanker.
Kiyosaki was one of the small-time wealth guru mountebanks who made it to the big-time in the aughts by telling his forever falling behind audience that they could get ahead, they just had not learned how. The shtick behind the Rich Dad books was that Kiyosaki was sharing secret money-making strategies of the wealthy with his wage slave readers. The tips ran the gamut from ridiculous to illegal and downright hurtful and included advocating for insider trading, arguing for the purchase of multiple real estate properties with little or no money down and telling followers they could purchase stocks on margin via unfunded brokerage accounts. (more…)
This was his full-time job’: Man known as a ‘professional shoplifter’ stole from Safeway more than a HUNDRED times – and got $43,000 in the process.A man was sent to prison for being known as a ‘professional shoplifter’ after he stole merchandise from retail stores more than 100 times.
John Patrick Weismiller, 41, took items from Safeway stores 105 times and also stole goods from retailers like Target and Best Buy for seven months last year. (more…)
In 2008, Arturo de los Santos, a former Marine who lives with his wife and four children in Riverside, CA, fell victim to the economic crash caused by the greed of those on Wall Street. Like millions of Americans, he faced the prospect of mortgage default. Arturo was then encouraged by JPMorgan Chase & Co. to deliberately fall behind on his payments in order to modify his loan. A loan owned by Freddie Mac. Thinking the bank had his best intentions in mind, Arturo followed their instructions. Instead, JPMorgan greedily foreclosed on him, evicting Arturo and his family. Since then, Arturo has decided to fight back and re-occupy his home, even as he faces the possibility of arrest! (more…)
Arturo could be forcefully removed from his house at any time. Cuéntame and the Alliance of Californians for Community Empowerment (ACCE) are working together to spread Arturo’s story as wide as possible and tell JP Morgan and Freddie Mac that the abuse must end today! We need your help.
Samba Diarra, 15, journeyed 200 miles to live in a plastic hut alone and work in an artisanal gold mine in Mali. The teen came to the mine to help support his five younger brothers and sisters. “The main reason I left home is to help my parents and sending them money is my main goal,” Diarra said.
Diarra’s parents can’t afford to send him to school because he has to support his younger siblings. He is one of at least 20,000 children working in Mali’s artisanal mines. Mali is Africa’s third largest gold producer. Artisanal mines rely on heavy human labor and little mechanization. People throughout West Africa are flocking to work in the primitive pits.
“Globally, we’ve seen an increase with the number of artisanal gold miners because of the rise of gold prices, but that doesn’t necessarily translate to better living conditions,” said Juliane Kippenberg who helped author a Human Rights Watch report on Mali’s mines. (more …)
Homeowners Foreclose On Bank Of America
That’s how foreclosure defense attorney Todd Allen described the feeling of going to a Bank of America branch in Naples, Fla. to seize their assets. (more…)
Written By Manyell Akinfe, SVP of Optimum Capital Management, LLC
I recently read an article entitled “The Banks Are Bullying The Poor and I’m Not Having It” and I couldn’t believe my eyes. Russell Simmons was speaking out against predatory banking practices. While I’m all for getting riled up about the inequalities in the financial services industry, I’m not for hypocrisy.
I have a lot of respect for Russell as an entrepreneur and businessman and can’t imagine him not seeing the similarities in what the banks are doing and what he has been doing with the RushCard. Maybe he feels because he’s “one of us” he gets a pass. The same way brothers give other brothers a pass for calling them the “N” word but will raise Cain if a Caucasian addressed them that way. I’m not sure where the disconnect lays but I have to call a spade a spade.
I agree that banks are getting outrageous with their fees.read more
Become a “credit terrorist”.
The collection agency sent him a letter asking that he call back immediately. He dialed, armed with a voice recorder.
“Can you garnish my wages if I don’t pay?” he asked.
“Yes,” the voice on the other end of the line said.
“Can you put a lien on my house?”
Wrong answers. Turns out, Texas consumer rights laws are some of the most consumer-friendly in the country. And according to a federal consumer protection law, the Fair Debt Collection Practices Act (FDCPA), debt collectors are prohibited from threatening legal action that would violate state laws. In this case, garnishing wages or putting a lien on Cunningham’s house would violate the Texas Debt Collection Act. Read More
The Illinois state attorney general has filed a lawsuit alleging that the bank sold the more costly mortgages more often to blacks and Latinos as compared with whites with similar incomes. Accusing Wells Fargo & Co. of discriminating against minority borrowers by steering them into subprime mortgages, Illinois’ attorney general sued the San Francisco bank, asking a state court to negate the loans and to fine Wells, the nation’s largest home lender. “The dreams of many hardworking families have ended in foreclosure due to Wells Fargo’s illegal and unfair conduct,” Atty. Gen. Lisa Madigan said in filing the lawsuit Friday in Cook County Circuit Court. (more…)
More than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts, the team at Harvard Law School, Harvard Medical School and Ohio University reported in the American Journal of Medicine.
“Using a conservative definition, 62.1 percent of all bankruptcies in 2007 were medical; 92 percent of these medical debtors had medical debts over $5,000, or 10 percent of pretax family income,” the researchers wrote. (more…)