Credit Cards

If you have a credit card with Chase or do business with it in any way, here's some advice--cancel your account. Back in December, Irving Picard, the trustee for Bernie Madoff's assets, sued Chase for knowing that Madoff was a fraud and doing nothing to stop it. The suit was unsealed on Thursday--and based on its revelations, this is one company that doesn't deserve our business.

The suit alleges that Chase had evidence that suggested Madoff was engaging in illegal activity as far back as the 1990s and knew beyond all doubt as early as 2006 that Madoff was a fraud--and didn't do a damn thing about it. Earlier today on dKos, I called for Chase to be broken up. But the first step in punishing these guys is for us to cut off our business with them.

Senate Vote on H.R.627: Motion to Waive CBA Sanders Amdt. No. 1062; To establish a national consumer credit usury rate.

In a nutshell what was proposed was an interest rate cap on Credit Cards.

So while banks are free to get into mortgage backed derivatives, hedge funds and any other manner of unsavory business that would mar the credit of other businesses; they are still permitted to loan shark their customers for flippant reasons.

Thanks a lot Senator Hagan. This two-party electoral system should just be called "Dumb and Dumber."

Folks, I just left the House floor and couldn’t wait to report the good news that the Credit Cardholders’ Bill of Rights (HR 627) just passed in the House.

A special ‘thank you’ is particularly in order for Congresswoman Maloney of New York, who championed the legislation, and our own Representatives Brad Miller and Mel Watt who supported the measure through the Financial Services Committee.

The Credit Cardholders’ Bill of Rights will provide crucial protections against a number of unfair credit card practices, such as the arbitrary interest rate increases that have become all too common in these times of economic uncertainty.

Last week a representative from American Express called our controller to thank us for spending $1 million last year.

This week, for no good reason, they have limited us to $25,000.00.