Posted on 02/22/2007 9:15:16 AM PST by Sub-Driver
Bank of America Won't Cancel Controversial Credit Card Program
Thursday , February 22, 2007 By Alexander B. Duncan
Bank of America (BAC) defiantly declared on Thursday that it would not cancel its new credit card program for individuals with no social security numbers or credit histories, which critics charge is an attempt to profit from illegal immigrants and a potential threat to national security.
In an opinion piece in the Wall Street Journal, Bank of America CEO Kenneth D. Lewis made clear the bank would not kill the program, which he said was intended only to offer services to customers lacking credit backgrounds, and was not initiated to target illegal immigrants in the U.S.
"Bank of America does not deliberately market financial products and services to illegal immigrants from any country." he wrote. Instead, the bank chief said that the program was created to help consumers who lack certain financial tools.
"We believe we have an obligation to serve all those in our country who are legally eligible to receive services. To do less would be discriminatory and unfair."
Click here to see the editorial in the Wall Street Journal (Password required).
Bank of America introduced the program as a trial in the Los Angeles, Calif., area last year, and expanded it to over 50 branches in mid-February. That expansion sparked outrage amongst some politicians on Capitol Hill, who see the program as a security threat that could give terrorists a financial lifeline in the U.S.
"After September 11, we were told that money was the lifeblood of terrorists, and that we should do everything possible to block their access to financial resources," Rep. Tom Tancredo, R-Colo., said in a statement last week. "Today we are hearing a far different message: Bank of America, it's everywhere terrorists want to be."
(Excerpt) Read more at foxnews.com ...
Bank of America (BAC) defiantly declared on Thursday that it would not cancel its new credit card program for individuals with no social security numbers or credit histories, which critics charge is an attempt to profit from illegal immigrants and a potential threat to national security. In an opinion piece in the Wall Street Journal, Bank of America CEO Kenneth D. Lewis made clear the bank would not kill the program, which he said was intended only to offer services to customers lacking credit backgrounds, and was not initiated to target illegal immigrants in the U.S.Of course, this is egregiously at odds with their fidiciary responsibility to the shareholders, since a lack of credit history implies greater risk to the lender. Thanks SB for the ping.
This story just makes me sick.
Ahab the terrorist can now finance his operations with borrowed money from BofA. Bank of America should be boycotted until they relent or fold. What brings them more business and income - illegal aliens or American citizens? Hmmmm...
Uh, you might want to rethink this when you've cooled down.
Now not only are they not making money off of me through fees and interest, but having me stay on with a zero balance is going to cost them in mailing bill payments and record keeping.
No, we are in an uproar because Americans must have a SSN and illegal cheap labor mexicans don't need to follow the rules as we do.
Regards.
I see more problems with the loan programs than the credit system.
That seems odd. You are upset that criminals don't have to conform to the law, but law abiding citizens do?
Isn't that obvious to begin with?
Well, as far as the "no credit history" part...when I got out of the Army, I couldn't get a car loan without a cosigner because they had no record of me at all. Not good, not bad...nothing.
It would not surprise me to learn that the government backed it.
Sam, your posts make no sense at all.
Thank you! I agree! (This was their point.)
This situation is so completely fubar compared to our perspective 5 or ten years ago, that seemingly obvious statements are now considered outrageous.
OLD CONSERVATIVE) Social Security is a ponzi scheme and SSN's should never be used for identification (even says it on the card). SSN's are just a way for the govt to track and control people's money.
NEW CONSERVATIVE) Banks that follow the law, don't require SSNs, and allow people's money to essentially remain anonymous, that's WRONG!
OLD CONSERVATIVE) People that break the law are criminals; criminals are people that are breaking laws.
NEW CONSERVATIVE) We want illegal aliens that are breaking our immigration laws to be treated the same as us law abiding citizens when they illegally open a bank account.
Arse, it's the rest of the posts on this thread that are senseless, not mine.
Marx had it right after all.
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