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Soros, Dell dragged into Magic Johnson credit card mess
Page Six ^ | January 18, 2014 | Ian Mohr

Posted on 01/18/2014 9:29:46 AM PST by SunkenCiv

Edited on 01/18/2014 9:33:09 AM PST by Admin Moderator. [history]

Billionaires George Soros and Michael Dell have been dragged into a nasty lawsuit against former NBA great Magic Johnson over his prepaid credit card, the Magic Card.

The moguls are principals of OneWest Bank, which entrepreneur Reed Wallace is accusing, along with the former NBA great Johnson, of stealing his concept for a Magic-backed credit card.


(Excerpt) Read more at pagesix.com ...


TOPICS: Business/Economy; US: California; US: Michigan; US: New York; US: Texas
KEYWORDS: california; celebritycards; georgesoros; magiccard; magiccashcard; magicjohnson; michaeldell; michigan; newyork; onewestbank; prepaidcards; reedwallace; texas

1 posted on 01/18/2014 9:29:46 AM PST by SunkenCiv
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To: SunkenCiv

SOROS SHOULD BE BROUGHT UP ON CHARGES OF RACIAL PROFILING


2 posted on 01/18/2014 9:31:21 AM PST by ronnie raygun
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...

Prepaid cards aren’t “credit cards”, just sayin’.


3 posted on 01/18/2014 9:32:03 AM PST by SunkenCiv (;http://www.freerepublic.com/~mestamachine/)
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To: SunkenCiv

” How can I have enough money to fight these billionaires”

My guess is, he doesn’t. Might (money) makes right.


4 posted on 01/18/2014 9:32:56 AM PST by Tupelo (I am feeling more like Philip Nolan every day)
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To: SunkenCiv

Gee, but I thought liberals were pro-poor? Don’t these kinds of cards charge outrageous fees?


5 posted on 01/18/2014 9:33:02 AM PST by Tea Party Terrorist (Why work for a living when you can vote for a living?)
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To: ronnie raygun

Sore-ass should have been hit/whacked/capped many years ago.


6 posted on 01/18/2014 9:39:46 AM PST by carriage_hill (Peace is that brief glorious moment in history, when everybody stands around reloading.)
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To: SunkenCiv

Obama supporter versus Obama supporter over greed. Nice to see they live what they preach.


7 posted on 01/18/2014 9:40:21 AM PST by School of Rational Thought
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To: Tea Party Terrorist
If the fine print is legit, the one advertised as the MAGIC card would be a better alternative for lower income persons.

Some banks charge monthly fees, of course the mileage will vary, but it looks like a decent product.

$5 bucks a month is very reasonable for lower income persons to have all their Government entitlements deposited in and spent at their will.

8 posted on 01/18/2014 9:42:34 AM PST by Theoria (End Socialism : No more GOP and Dem candidates)
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To: SunkenCiv

Leftist concept of a “Magic card” — money on the card magically appears, the holder spends it, and when the balance reaches zero, more money magically appears. No repayment by the holder is required.

Oh wait, we already have those: EBT cards


9 posted on 01/18/2014 9:45:15 AM PST by twister881
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To: SunkenCiv

“Prepaid cards aren’t “credit cards”, just sayin’.”

They report to the credit bureaus. They are a great way to for someone with no credit; or recovering from past bad credit; to build a credit profile. As a banker I have seen the good they can do.
Just need to chose wisely and watch any fees that are charged.


10 posted on 01/18/2014 9:52:50 AM PST by HereInTheHeartland (Obama lied; our healthcare died.)
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To: ronnie raygun

Soros should have been hanged as a Nazi collaborator decades ago.


11 posted on 01/18/2014 9:59:20 AM PST by Edward Teach
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To: HereInTheHeartland

They might be the only way available to some to recover from bad credit; the great way to establish credit in the first place is to find a relative to co-sign (at an early age, preferably) or to find a local biz that still allows credit acc’ts and then, regardless, pay the bill on time.


12 posted on 01/18/2014 10:00:43 AM PST by SunkenCiv (;http://www.freerepublic.com/~mestamachine/)
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To: SunkenCiv

Not the first time a guy got in trouble because of his Johnson.


13 posted on 01/18/2014 10:05:07 AM PST by Slings and Arrows (You can't have Ingsoc without an Emmanuel Goldstein.)
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To: SunkenCiv

” find a relative to co-sign “

Not the best thing to do! I have seen the downside of doing that!


14 posted on 01/18/2014 10:11:18 AM PST by HereInTheHeartland (Obama lied; our healthcare died.)
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To: HereInTheHeartland

Signing for or loaning to a relative is a poor idea.

Too many that borrow from family think the concept of paying the money back is just a suggestion, not something that is required.


15 posted on 01/18/2014 10:18:51 AM PST by Beagle8U (Unions are Affirmative Action for Slackers! .)
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To: carriage_hill

It’s never too late for that to happen — it can reduce further disasters emanating from this extreme leftist who despises America.


16 posted on 01/18/2014 10:26:23 AM PST by WashingtonSource
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To: SunkenCiv

Good. Sue ‘em all.

Sue Richard Simmons for making that stupid Obamacare video too.


17 posted on 01/18/2014 10:27:41 AM PST by SoFloFreeper
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To: HereInTheHeartland

Yeah, I’ve seen some kids be dragged down by their own co-signing parents (and vice versa), and I’m not in the lending biz.


18 posted on 01/18/2014 11:18:09 AM PST by SunkenCiv (;http://www.freerepublic.com/~mestamachine/)
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To: School of Rational Thought

...and they are ALWAYS shocked when one of their Lib “friends” screws THEM!!!!


19 posted on 01/18/2014 11:53:55 AM PST by Thom Pain (Income Inequality is caused by Effort/Discipline Inequality!!)
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To: ronnie raygun
SOROS SHOULD BE BROUGHT UP ON CHARGES OF RACIAL PROFILING

He has a long history of profiling, going back to turning his own people into the Nazis.

20 posted on 01/18/2014 11:54:38 AM PST by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: SunkenCiv

Never co-sign on a debt that you don’t plan on paying back yourself.


21 posted on 01/18/2014 12:07:02 PM PST by PAR35
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To: HereInTheHeartland
They report to the credit bureaus. They are a great way to for someone with no credit; or recovering from past bad credit; to build a credit profile.

Credit cards secured by a savings account are probably the best for that. I got one after I got divorced back in '92 because my rating got pretty much trashed, and it was frustrating not having any kind of major credit card (You can't rent a car or get a hotel room, for example). Once I got that, I started reading up on how to fix my credit profile, and there is actually quite a lot a person can do to get things back in order. It will take many years to get it back to perfect, but there are a lot of things that can be done right away.

22 posted on 01/18/2014 12:21:29 PM PST by Cyber Liberty (H.L. Mencken: "The urge to save humanity is almost always a false front for the urge to rule.")
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To: Beagle8U

Had one where she co signed sisters (and brother in laws) boat loan. Sister didn’t get the concept of paying on time! Not a nice thing to do to family member!


23 posted on 01/18/2014 12:36:53 PM PST by HereInTheHeartland (Obama lied; our healthcare died.)
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