Pay-to-play politics at its worst:
Interest rates for some small consumer loans would more than double under a bill that cleared the House banking committee Thursday — despite opposition from consumer groups and top commanders of the state’s military bases.
Colonel Sicinski just learned a harsh lesson that many advocates in NC have already learned: If you think you've won a victory changing the hearts and minds of Legislators, you're probably mistaken.
Backers of the bill say small lenders haven’t been able to raise their rates or fees since 1983, meaning they’re working on slim profit margins.
“We’ve been studying this for years. It’s time we provide them with relief,” said Rep. Harold Brubaker, an Asheboro Republican and influential chairman of the Appropriations Committee.
That argument might have carried some weight, if it weren't for this:
“The industry gave its money to the speaker’s team and now the industry’s legislation is moving forward, despite obvious problems. It’s too reminiscent of the pay-to-play system that got Speaker Jim Black in trouble.”
Hall detailed $140,370 in campaign donations from lenders that make small installment loans and their PACS that went to Republican candidates or campaign funds during the 2010 election cycle.
If they can afford to throw that much money at politicians, methinks the word "slim", as it's used to describe profit margins, is more along the lines of calling a fat guy "Tiny" than it is an actual summary of P&L ledgers.
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