Comments on: An Open Letter To Bono Re: Debt Relief http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/ As The Media Watches The World, We Watch The Media Sun, 20 Jul 2008 09:53:08 +0000 http://wordpress.org/?v=2.0.5 by: Joe Bass http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-1346 Sat, 14 Apr 2007 08:33:05 +0000 http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-1346 As so one who has built datacenters for large financial institution I can verify the facts that these institutions senior management gear all of their resources to fleecing the poor and middle class. For example if someone takes money out of an ATM they are charge from $1.50 to $2.50 if the ATM is not from the bank that they have an account in. It cost the back exactly $0.09 for any ATM transaction, that ladies and gentleman is a percentage that would make even a mafia loan shark blush. That is better than 1800% profit and yet if anyone other than the banking industry did it they would have the hammer of the Justice Department drop squarely on them. Think of how many ATM withdrawals are done in this country on a given day and the numbers become staggering. Recently the banks were embarrassed in Congress over their predatory practices with regards to charging interest on average daily balance rather than on the balance that the customer didn’t completely pay off. Why were they not order by Congress to return all the monies they stole? Some would tell you they it would be almost impossible for them to go back in the records. Don’t you believe it one bank in particular has a 1500 processor massively parallel computer in its credit card division whose sole purposes is to do data mining on card holders purchases so that they can figure out what products to offer clients, ever wonder about the junk that comes along with your statement urging you to buy a product, well know you know how it got there. Trust me, ladies and gentlemen if they were told that they were only entitled to charge $0.20 for those ATM withdrawals and had to credit everyone that they charge they have more than enough computing power to do it in a in less than a week would more than likely to hour. As so one who has built datacenters for large financial institution I can verify the facts that these institutions senior management gear all of their resources to fleecing the poor and middle class.

For example if someone takes money out of an ATM they are charge from $1.50 to $2.50 if the ATM is not from the bank that they have an account in. It cost the back exactly $0.09 for any ATM transaction, that ladies and gentleman is a percentage that would make even a mafia loan shark blush. That is better than 1800% profit and yet if anyone other than the banking industry did it they would have the hammer of the Justice Department drop squarely on them. Think of how many ATM withdrawals are done in this country on a given day and the numbers become staggering.

Recently the banks were embarrassed in Congress over their predatory practices with regards to charging interest on average daily balance rather than on the balance that the customer didn’t completely pay off. Why were they not order by Congress to return all the monies they stole? Some would tell you they it would be almost impossible for them to go back in the records. Don’t you believe it one bank in particular has a 1500 processor massively parallel computer in its credit card division whose sole purposes is to do data mining on card holders purchases so that they can figure out what products to offer clients, ever wonder about the junk that comes along with your statement urging you to buy a product, well know you know how it got there. Trust me, ladies and gentlemen if they were told that they were only entitled to charge $0.20 for those ATM withdrawals and had to credit everyone that they charge they have more than enough computing power to do it in a in less than a week would more than likely to hour.

]]> by: guestblin http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-1118 Mon, 09 Apr 2007 21:55:35 +0000 http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-1118 hello! good article... hello!
good article…

]]> by: David Slesinger http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-890 Wed, 28 Mar 2007 02:02:35 +0000 http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-890 Looking forward to seeing the film. I just ordered it. Danny was the "news dissector" in Boston when I was a student anti-Vietnam war activist. There's a way for people to curb in-person promotion of credit cards at colleges, airports, fairs, auto shows, home shows. They offer a free gift but usually charge an annual fee. So the free gift claim would be a lie. Looking forward to seeing the film. I just ordered it. Danny was the “news dissector” in Boston when I was a student anti-Vietnam war activist.

There’s a way for people to curb in-person promotion of credit cards at colleges, airports, fairs, auto shows, home shows. They offer a free gift but usually charge an annual fee. So the free gift claim would be a lie.

]]> by: frank meagher http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-642 Sat, 10 Mar 2007 18:43:24 +0000 http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-642 As an American living in Paris and actively involved with African issues through the Club Millenium, I feel qualified to comment on this request to acknowledge poverty without borders. Debt is a disease that is reaching epidemic proportions. One does not have to be starving in the sub Sahara to be inflicted. The streets of Paris are rapidly filling up with tents to shelter the homeless, mobile soup kitchens are visible every night, shelters are overcrowded and forced to turn people away. This is true in every city of the world. Poverty has existed since mankind became domesticated. The new poor are those working people that are overextended because the very banks that issued them credit are now overcharging them for using it. The billions of dollars that are collected from this corporate greed should be recycled to debt relief, wether personal, national, or international. I remember when credit unions were established to help people finance their projects and profit was not the goal of the lender. What happened to that idea and why not revive it? As an American living in Paris and actively involved with African issues through the Club Millenium, I feel qualified to comment on this request to acknowledge poverty without borders. Debt is a disease that is reaching epidemic proportions. One does not have to be starving in the sub Sahara to be inflicted. The streets of Paris are rapidly filling up with tents to shelter the homeless, mobile soup kitchens are visible every night, shelters are overcrowded and forced to turn people away. This is true in every city of the world. Poverty has existed since mankind became domesticated. The new poor are those working people that are overextended because the very banks that issued them credit are now overcharging them for using it. The billions of dollars that are collected from this corporate greed should be recycled to debt relief, wether personal, national, or international. I remember when credit unions were established to help people finance their projects and profit was not the goal of the lender. What happened to that idea and why not revive it?

]]> by: Elizabeth Adekunle http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-635 Fri, 09 Mar 2007 23:26:06 +0000 http://www.mediachannel.org/wordpress/2007/03/09/an-open-letter-to-bono-re-debt-relief/#comment-635 I absolutely agree with this lettr. As an African living in America, I often struggle with the need to support African relief efforts, and the neglect of support for many American poor. Also, as a graduating senior attending Rutgers in the city of Newark (was the most dangerous city in America), I understand. I do think more effort needs to be geared in America because poor people are everywhere. Although, the poverty of America is not comparable to that of developing countries,the conditions are not comparable to this country's wealth either. I absolutely agree with this lettr. As an African living in America, I often struggle with the need to support African relief efforts, and the neglect of support for many American poor.

Also, as a graduating senior attending Rutgers in the city of Newark (was the most dangerous city in America), I understand.

I do think more effort needs to be geared in America because poor people are everywhere. Although, the poverty of America is not comparable to that of developing countries,the conditions are not comparable to this country’s wealth either.

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