Skip to comments.Soros, Dell dragged into Magic Johnson credit card mess
Posted on 01/18/2014 9:29:46 AM PST by SunkenCivEdited 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 ...
SOROS SHOULD BE BROUGHT UP ON CHARGES OF RACIAL PROFILING
Prepaid cards aren’t “credit cards”, just sayin’.
” How can I have enough money to fight these billionaires”
My guess is, he doesn’t. Might (money) makes right.
Gee, but I thought liberals were pro-poor? Don’t these kinds of cards charge outrageous fees?
Sore-ass should have been hit/whacked/capped many years ago.
Obama supporter versus Obama supporter over greed. Nice to see they live what they preach.
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.
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
“Prepaid cards arent 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.
Soros should have been hanged as a Nazi collaborator decades ago.
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.
Not the first time a guy got in trouble because of his Johnson.
” find a relative to co-sign “
Not the best thing to do! I have seen the downside of doing that!
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.
It’s never too late for that to happen — it can reduce further disasters emanating from this extreme leftist who despises America.
Good. Sue ‘em all.
Sue Richard Simmons for making that stupid Obamacare video too.
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.
...and they are ALWAYS shocked when one of their Lib “friends” screws THEM!!!!
He has a long history of profiling, going back to turning his own people into the Nazis.
Never co-sign on a debt that you don’t plan on paying back yourself.
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.
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!