Senator Bob Corker wants to exempt payday loan outfits from the financial services “reform” legislation currently going nowhere in the US Congress.
This is primarily because the payday boys have contributed handsomely to the Senator’s campaign, but of course that’s not bribery, it’s just a way of expressing admiration.
America’s loan sharks no longer operate in back alley offices with enforcers on the payroll. They’re out in the open, happily fleecing the poorest Americans while our leaders get rich on their takings.
Here’s their pitch to be exempt: On Monday, the nation’s largest payday lender, Advance America of Spartanburg, S.C., said in a filing to the Securities and Exchange Commission that “any federal law that would impose a national 36 percent A.P.R. limit on our services, if enacted, would likely eliminate our ability to continue our current operations.”
Gorilla thinks: “The mafia has set up shop in Tennessee! Now that’s a corker!”
