06 July 2018

At Least, There is Symmetry

It turns out that after his tenure as Treasury Secretary, where he spent his time screwing ordinary people for the benefit of big banks, and now he's doing that in the private sector:
Sorry if you had anyone else winning in your Most Hideous Career After Leaving the Obama Administration bracket, because Tim Geithner just blew the competition out the water. The Washington Post has a detailed and devastating report, published Sunday evening, about the predatory lending activities of Mariner Finance, a company “owned and managed by a $11.2 billion private equity fund controlled by Warburg Pincus,” of which Geithner is president. Cool job, Tim!

So what does Mariner Finance do? It mails checks to poor people, hoping they’ll cash them without reading the fine print—which reveal sky-high interest rates and a clause forcing the lendee to pay the company’s legal fees should it be forced to sue them for their debts. It’s a neat little scam that works in tandem with the other revolting ways America extracts money from its poor. Per the Post:


These loans are very similar to payday loans but aren’t as closely regulated, according to the National Consumer Law Center. As the paper explains, “consumer installment” lenders “offer slightly larger loans—from about $1,000 to more than $25,000—for longer periods of time.” They’re like payday loans, but for bigger amounts and a name that doesn’t immediately reveal how predatory they are.

Is Geithner’s firm ashamed of its investment in and management of this vile business? Of course not. Warburg Pincus told the Post that “Mariner Finance delivers a valuable service to hundreds of thousands of Americans who have limited access to consumer credit.” Worse still, Mariner representatives described the company as fulfilling a “social need.”
Tim Geitner is really an entitled and evil bastard.

I really hope that karma catches up with him.


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