New Federal Program Aimed to Help Consumers Obtain Credit

A new program by the Federal Reserve is aimed at making it easier for consumers to get credit cards and auto-loans. These loans might not necessarily be at lower interest rates but should be easier to obtain. The goal of the Fed is obviously to loosen credit markets and once again spark consumer spending. Next month the U.S. central bank will begin offering up to $200 billion in loans to investors that have AAA-rated securities backed by new consumer loans and small business loans as well. The lack of credit available for both consumers and businesses has devastated our economy. In order for our country to come out of this recession we will need to make credit available again for consumers.

Credit card companies have been cutting back on the number of new customers as investors have fled the purchase of credit card bonds. The amount of new credit card solicitations has almost completely gone non-existent. Card issuers are now pulling out of many affiliate-marketing programs as well. Credit card affiliates direct new customers to card issuers who in turn pay a commission to the website should the application is approved. However, since November of 2008 many card issuers have been removing certain card offers from the affiliate marketing channel. However, as market conditions worsen, some card issuers have completely pulled out of the affiliate channel. Bank of America, Chase, American Express, Citigroup and new Capital One has either pulled out completely or partially from affiliate marketing channels.

In addition to acquiring fewer customers, card issuers have also cut back lines of credit for existing customers. The lack of credit availability has created a domino effect across every sector of the economy. Consumers have been spending less due to the lack of credit. The lack of consumer spending then causes retailers to cut back on employees, thus continuing the loss of jobs.

The flow of credit back to consumers will spur spending once again. This new program by the Federal Reserve is supposed to address the lack of consumer liquidity directly. Credit card issuers rely on the purchase of credit card backed bonds in order to continue lending. Credit card companies do not keep loans on their books. They sell the loans on Wall Street as bonds. The idea behind the Federal Reserves new consumer lending program is to get investors purchasing consumer loan type bonds. This includes car loans as well.

Our country needs credit to help sell products. The auto industry has also been devastated by the credit crisis. Every automaker from General Motors to Toyota has experienced losses never seen before. Car dealers do not blame the lack of traffic into their dealerships for the lack of sales. They are unable to obtain financing for a large percentage of new customers. Carmakers have been forced to shut down production in order for dealerships to sell off excessive inventory. The plant shut downs have affected the entire automotive supply chain. Point Logistics, a dedicated trucking company for General Motors has seen a 50% decrease in its business. This has forced the company to cut back on employees and reduce hours as well.

As I have said many times before, the Obama administration has a very difficult job ahead of them. The new government spending initiatives are aimed at creating new jobs. Consumers without employment can not pay debt, nor can they make major purchases, such as automobiles and other higher dollar goods. I am hopeful that the new administration will succeed at restoring our economy back to normal.


Save 10% and Protect Your Identity with TrustedID

Labels: consumer loans, consumer spending, credit card bonds, credit cards

Watch out for Cyber Fraud.

The other day I wrote an entry about a experience I had with a customer. To make a long story short, this guy wanted to buy some shade sails that I sell on the internet. Anyway, he claimed to be a Reverend from Africa wanting to buy 30 shade sails for his church. The total order was going to be about $12,000 (badly needed money) and so he sent four different Mastercard credit cards for me charge his order with. I was kind of suspicious of a scam but not 100%. As soon as I went online to try to charge the cards they were declined. I sent him an email back stating that the credit cards had been declined and two days later he sends me another email with four more Mastercard credit card numbers. Different then the ones he had sent before but they all had same eight digits as the other ones. By this time, I knew I had a scam artist on my hands and decided to call Mastercard to find out if the cards were valid or not. They in turn instructed me to call Citibank. I then called Citibank gave them the card information and sure enough, none of the information that he gave was matching.

The next day, as I was doing research for this blog, I found an article about a company called Heartland Payment Services who processes credit cards. Unfortunately, a hacker broke into their system and stole an undeterred amount of credit card numbers. They must have stolen thousands since this company processes credit card for more than 250,000 companies. I might not be a detective, but I would not suspect that this person tried to pass off some of those stolen card numbers. Heartland has been able to determine how long the spy ware was embedded within their system.

Cyber fraud is a very common occurrence these days. I receive every day emails claiming that I won the lottery or some sort of wacky job offer where I am supposed to be receiving monies on behalf of some foreign company. I have even received an email claiming to be the Internal Revenue Service. They then go on to say something about my stimulus check. The IRS does not solicit people via email. I have also received email from Bank of America asking me to update my account information. I do not even have an account at Bank of America. Every kind of scam that you can think of has more thank likely already been thought by some cyber thief in a foreign country.

Africa, in particular Nigeria, is well known for these types of con artists. They operate in internet cafes half way across the world prying on unsuspecting victims. Many people have fallen victim to these types of scams. I remember watching a documentary on 20/20 about a doctor that was conned by one of these con artists. Instead of using their knowledge for something productive, they use their intelligence for something sinister. These con artists are even celebrated over there.

Anyone can fall victim of cyber fraud if they are not careful. This individual that was trying to pass me the stolen credit card numbers to purchase my shade sails were looking to buy things on the internet that they could resell. It did not really make sense to me why this Rev. Oliver Smith wanted to buy 30 shade sails. He could have also tried to rob me by asking for a bank account number where he could make a wire transfer. That thought had run across my mind as well. People need to be careful with their credit card and personal bank account information. People need to look out even more especially during these hard economic times.

Labels: credit card, credit cards, cyber fraud

The Junk Food Tax

The government is looking for more ways to make money as the economy continues to deteriorate. In the State of New York the current governor David Paterson has come up with some very interesting ideas to generate additional revenue. One of his ideas was to tax ipod music downloads as a way to create more tax income. However, the most interesting idea that he came up with was something called the “Obesity Tax”. The “Obesity Tax” would add an additional tax on certain items like non diet sodas and candy. Could this be a way to force Americans into eating properly or is this proposition another tax injustice?

It is estimated that seven out ten people in the United States is overweight. It is not hard to be considered obese. Any male that is in excess of 25% body fat is considered obese. A female whose body fat is in excess of 33% is also considered obese. This should not come as a surprise. For too many years our country has been living on fast food, pizza and sugar filled drinks. Furthermore, the sedentary lifestyles that most people lead increase chances of becoming over weight as well. Children do not go outside and play as we used to. Video games have replaced swing sets as the primary means of entertainment for our kids. Although, there many who argue that video games help improve hand eye coordination, the bottom line is that they keep children in front of the television eating snacks. The same goes for adults. The more time you spend in front of the television the more junk you are likely to eat.

David Paterson’s idea would bring about more awareness as to the dangers of eating unhealthy. Perhaps many parents would not buy their children so much junk food if they know that they are being taxed a “junk food tax”. Tobacco and alcohol has faced additional taxes for many years. These are items that are unhealthy and considered addicting as well. Junk food on the other hand is just as bad and can also be just as addicting. Just like alcoholics and drug addicts, there are many people who are food addicts. Food addicts drown their sorrows in ice cream much like an alcoholic seeks solace from a bottle of booze. Obesity is also a leading cause of heart disease; just like smoking.

Do I think it would be a good idea to impose additional taxes on junk food items like non diet sodas and candy bars? The answer is yes. It is very sad to see our country succumb to obesity problems. I think that if tobacco and alcohol purchasers have to pay a vice tax, so should junk food eaters. We need to start to force fast food corporations to post calorie counts on their menus. In addition, we need to teach consumers that unhealthy eating can lead to many problems. Lastly, I would like to reiterate that if it is fair for smokers to pay a higher tax, then it is just as fair for junk food eaters as well.

Labels: David Paterson Governor of New York, junk food tax, The Obesity Tax

Barrack Obama: Banker in Chief

January 20, 2009 has proven to be a day that will go down in history. The first African-American President has been elected to the United States of America. This election has proven more historical in that this President was truly elected for his abilities. Barrack Obama is a graduate of Harvard University. This President is as smart as he is charismatic. Obama has the ability to bring about emotion from his crowd. He is one very good public speaker with the ability to inspire millions. The nation’s economy is the worst it has ever been in forty years. More job lay offs have been announced in recent weeks, corporate earnings are weaker and the stock market continues to decline. This year alone the market is already down almost 10%. It is now going to be up to Obama to fix our national economy before it gets worse. Mr. Obama has now earned himself the title of “Banker in Chief”.

Inauguration day proved to be a tough one on Wall Street today. The markets all lost significantly as a result of more problems in our banking systems. Bank of America shares tumbled almost 18% today setting a new 52 week low record. Bank of America posted a $2.39 billion dollar fourth-quarter loss due to rising credit costs. Shares still tumbled even though the Federal Reserve is going to provide Bank of America $20 billion to help it survive its acquisition of Merrill Lynch. Investors fear the uncertainty that the government will end up taking over and nationalize banking industry.

It will now be up to President Barrack Obama to restore confidence in the financial markets. I do not believe that the government is looking to get into the business of banking. Unfortunately, due to corporate excesses and lack of government control, our country has found itself in mess beyond comprehension. The focus of the Troubled Asset Relief Program is supposed to help banks and thus unfreeze the credit markets. However, it seems that our banking industry is not using the funds it has received from the TARP program to help businesses and individuals in need of money. Why did Bank of America invest $6 billion in a Chinese Construction firm? Why do other banking executives continue to receive lavish salaries while their firms are on the brink of collapse? This is a direct result of outlaw capitalism. Although greed (according to Gordon Gecko) is good, excess is bad. Regulation is needed in order to keep people honest. The lack of regulation has created a rouge Wall Street and instilled a lack of confidence in investors.

I am confident that our new Commander in Chief will lead our country to a better economy and new era of prosperity. In today’s inaugural speech Barrack Obama called for a responsible capitalistic society. The government is in business to govern our nation; they are not in the banking business. Regulations on banking must be enforced in order to prevent another possibly more catastrophic financial collapse. It should be the goal of the Obama Administration to regulate banking in order to revitalize lending. It will be the restored flow of credit that will eventually turn our economy around. Again, I am hopeful that this administration will bring about the kind of change that will propel our country into another era of renewed prosperity.

Labels: Bank of America, Barrack Obama, TARP

Why the Government Should Invest in Credit Card Bonds


The credit card industry has taken a significant toll since the onset of the credit crisis. Direct mail credit card marketing has seen a significant drop in the amount of mail being sent. Credit card issuers have pulled cards away from the affiliate marketing channel as well. The problem is that card issuers are having a hard time securitizing credit card debt. By that I mean, that credit card issuers are having less success bundling credit card debt and selling it off as an investment in Wall Street in the form of credit card bonds. The sale of credit card bonds is down 50%, thus so are approvals. The credit card industry needs to be able to be able to sell their receivables in order to generate new customers. As part of the economic stimulus package I think the Obama Administration should start buying up credit card bonds. This way consumer credit is unfrozen and people can go out and spend once again. Credit Card liquidity is needed in the economy in order to keep people shopping. The Obama administration needs to invest in credit card bonds and thus increase the spending power of the American consumer. Consumer spending via credit cards creates jobs in every sector of the economy from retail to logistics.

Retail spending has seen a significant drop off because of the credit crisis. More Americans these days putting their money back in the cookie jar. Even though some people have money they are not spending it. Job uncertainty is at an all time high these days. No one wants to spend money if they fear that job loss is possible. However, part of the reason for all these job losses is that no one is spending money. It is almost like a viscous cycle as well. Spending decreases as people continue to hoard money. Jobs suffer and continued losses occur because people are not spending. The reality is that economic growth happens because of consumer spending; not saving. The credit card industry has made it possible for consumers to spend money. The retail and service industry without credit cards is like the housing market without mortgages.

The Obama administration needs to stabilize the credit card industry as well. Card issuers have seen significant losses due to the credit crisis. The collapse of the mortgage industry has caused significant job loss in the United States. Those who are now unemployed are having a harder time making their credit card payments. In response, the credit card industry has had to reduce spending limits and increase interest rates in order to make up for the losses. This reduction in consumer credit has adversely affected spending. As I stated previously also, the reduction of spending has destroyed the job market as well. The government should invest in credit card bonds and as a condition require that card issuers lend more money to consumers. In order to save the economy we need to re establish consumer confidence and resume lending.

Credit cards have empowered consumer spending for many years. This spending has been the number one factor causing economic expansion. People with credit are able to go to restaurants and stores to spend money. Malls and shopping centers are built in order to facilitate the consumers every desire. Stores are forced to shut down when spending decreases. Circuit City has become the most recent victim to fall because of the credit crisis. 30,000 more jobs have been lost. Circuit City blames its failure on reduced consumer spending and its lack of ability to secure loans. The Obama administration needs to address this problem very soon. Once credit begins to flow again spending will increase, jobs will be created, and our economy will be back on track.

Labels: Circuit City, credit card, credit card bonds, credit card issuers, credit cards

Capital One No Hassle Points Rewards

You’ve worked hard at keeping your credit on track, and you deserve a reward program that reflects that. The Capital One No Hassle Points Rewards is an excellent option for you because you’ve worked hard, and you need a program that works just as hard as you do.

With no annual fee, and a low interest rate for balance transfers and purchases, it’s not only simple to save money on the things you buy, but also a great way to earn two points for every dollar you spend on every day purchases such as groceries, filling up on gas, and drug stores- but also, one point for each dollar on every other purchase you make. With no limit on the number of points you can earn, and points that don’t expire, it’s a great way to earn your way towards gift cards, travel and other merchandise. You don’t have to search for special places to earn your points, which makes this a very easy program for your busy life.

Also, it offers an APR of 0% until October of 2006, while still providing you with the common benefits of a platinum reward program you already come to expect from Capitol One- up to $100,000 in travel accident insurance, extended warranties for purchases, and emergency roadside assistance. You can rely on the benefits you look for, and enjoy the rewards you’ve earned with this card, even as you just go about doing the things you do from day to day.

You’re savvy about the things that matter to you and your credit and now you’re ready to see what rewards programs have the most to offer you. Capital One No Hassle Points Rewards has impressive benefits that actually work for you as well as giving you everything you already come to expect. Isn’t it time you found a points reward program that gives back what you’ve earned?

Labels: Capital One No Hassle Points Rewards, Captila One Credit Card, credit cards

Cash vs. Credit Cards

Thirty years ago very few people in the United States had credit cards. Today there are more than 650 million credit cards issued. As a kid in the seventies and eighties I do not remember seeing credit cards being accepted at the movie theatre. For the most part, everyone paid everything with cash. Things have changed drastically from where they were twenty or thirty years ago. Today there are credit cards everywhere from the movie theaters to the back of a taxi. It is now hard to imagine even going to the grocery store and not being able to pay with your credit card. Credit cards have completely changed the way we pay for things. It is even harder to get along without a credit card if you want to make purchases online. Have credit cards changed society for the better or for the worse? In this post I want to compare the pros and cons of life, as it once was when people paid with cash versus our modern cash less society.

In the days of black and white television everyone paid for things mostly with cash or checks. People went to the department stores to make purchases and always paid with a cash or check. Cash of course would always be the preferred method. A cash based society operates on less debt. People did not use credit cards to finance purchases. People used layaway for purchases that they could not afford. Cash was kept in the bank or in the “cookie jar”. If you did not have cash, you would pay with a check. Finances were much simpler. You spent what you had and paid with cash.

In 1970 only about 51% of American families had a credit card. Today you can’t throw a rock without hitting someone with a credit card. In the old days, everyone had to send his or her bills out in the mail or stand in line to pay. You can now pay most bills either over the phone or online if you have a credit card. This is a major improvement over writing checks and sending out a stamped envelope. The biggest advantage to having a credit card is the ability to have access to emergency loans when needed. Also, credit card companies offer rewards for spending money on their cards. That would be impossible to do with cash. Rewards earners can cash in their points for cash back, products and the most popular is airline points. 20,000 reward points can go along way. Credit cards also offer insurance on purchases that you make online or at the department store. The other advantage to having a credit card is how easy it is to replace if it gets lost. If you loose your wallet with a wad of cash chances is slime that you will see it again. If you loose your credit card all you have to do is call the issuer and cancel it. You are protected even if someone makes unauthorized charges on your card.

In all, I think that life is better now with the widespread use of credit cards. Credit cards make things easier to pay for. You can now log onto the computer or use your telephone to pay a bill with your credit card. Also, credit cards offer protection for consumers. Cash purchases do not get the same benefits that you can get when purchases are made on a credit card. There are no rewards points earned on cash purchases nor is their any consumer protection. Credit cards have given our society the flexibility that a cash only society can not provide. Money can be obtained for emergencies when needed. You can also go online and see a real time transaction report of your spending. In order to track cash expenditures, you need to save receipt, or write down what you spend on paper or pad. Credit cards have definitely made our lives easier and given us spending flexibility as well.

Labels: business credit cards, credit card, credit cards, small business credit card

How to Stay Out of Credit Card Troubles

Credit cards have essentially replaced the use of cash in our society. They are used everywhere these days. You can use your credit card to go to the movies, dinner, shopping, club hopping, traveling and just about anywhere that you can imagine. The lure to use your credit card has grown more and more over the years. Credit cards can be a great tool if used properly. However, when abused credit cards can get you in a lot of financial trouble. Staying out of trouble with your debit card is as easy as following a few basic guidelines.

Do not spend more than you can afford. This is the very most basic guideline to follow if you want to be a responsible credit card user. There are many people who apply for credit cards and use them recklessly. Reckless spending patterns are very easy to get into with a credit card. Most of are used to spending physical cash from our pockets. The day starts and you have $35 in your pocket. You spend $12 at lunch and put $20 of gas in your car. This leaves you with $3. At the end of the day your realize that you have spent $32 since you physically started out with $35 and are left with $3. With a credit card it is very easy to keep on spending. People a lot of times do not realize how much they have spent on their credit cards until the bill comes. I know because this has happened to me before as well. If you have a $10,000 limit and $4000 monthly income before you know it you will have racked up a bill if you are not careful. Since you are not actually physically seeing your money disappear it becomes very easy to start spending. However, if you have a plan and stick with you will be all right. A person with a $4000 monthly income should only spend what they plan on repaying at the end of the month.

Another good way to avoid getting into credit card hot water is too leave your credit cards at home. The old saying “out of sight out mind” is so very true in many situations. If you leave your credit card at home and not take with you too the mall with your friend, chances are you will not end up spending any money on things that you do not need or can not afford. Spend cash if you plan to have a night on the town. How many times have you gone to a club, had a few drinks and ended up spending more than you planned on your credit card? I know it has happened to me before. Alcohol lets free on inhibitions and many times the credit card spending will start. If you leave your credit card at home and spend cash, you will be limited to spending a certain amount. In the morning when you wake up you will certainly be thanking yourself for following my advice.

Log on to your online account frequently. As I mentioned previously, it is very easy to forget how much you have spent on your credit card. Most, if not all, credit card issuers have an online account for you to log on and check your statement on a regular basis. Most online sites will even track your spending in real time. In other words, if you spend $8 on lunch at the Chinese restaurant and then go log on to your account an hour later the charge will show up. Pay pal has a service that will send you an email or text message when a charge is made to your Pay Pal issued credit card. This is a very good way of keeping track of your spending. Other credit card issuers should also offer customers the same feature. Come home to your computer, go through your emails and see exactly how much you have spent.

Credit cards used responsibly will benefit anyone. There are often emergencies that come about where a credit card comes in handy. Sudden car repairs, doctor’s expenses and home repairs can easily and quickly cause you to end up in a financial fix. If you have a credit card and have used responsibly you can get yourself out of that bind quickly. However, if you have overspent your credit limit you might continue in a financial bind should you not have any other way of obtaining emergency money. Do not spend more than you can afford. Leave your credit card at home. Go online frequently to check your account. Stick with these guidelines and you will definitely keep out of financial trouble with your credit card.

Labels: credit card, credit card advice, credit card issuers, credit cards

Credit Card are Accepted Everywhere These Days

Credit cards and debit cards have definitely transformed the way we do business these days. These plastic cards that we take so much for granted have enabled us to engage in sorts of commerce. The old fashioned mail order days when you sent your check to some post office box somewhere in America are over. Although I am sure any mail order business will not refuse your check in the mail; these days mail order companies have transformed into Internet businesses that can process your order with credit cards in a flash. We were using credit cards over the phone way prior to the Internet. Credit cards are now being accepted in places that you would have not even thought of before.

Technology is now changing the way credit cards are processed and also opening up new avenues where credit cards can be accepted. The invention of the cell phone has made it possible to process credit cards almost anywhere on this planet. If you had a satellite based phone you could litteraly process a credit card anywhere in the world. This technology now makes it possible for merchants to just call a phone number, enter the card information and wait for an approval decision. Twenty years ago it would have been very difficult to set up a weekend flea market stand that could accept credit cards. Today many flea market vendors are able to accept credit cards very easily. No longer is it uncommon to go to a place like a flea market and use your credit or debit card.

Airlines are also joining the plastic money band wagon. Major airlines like Air Tran, American Airlines, Continental, Delta, Frontier, Jet Blue, Spirit and even Southwest Airlines are accepting credit cards in flight. Credit and debit cards are making our lives easier even while we travel on our favorite airline. Exact change is no longer required to purchase cocktails or beer on your flight from New York to Phoenix. These days it is possible to give the stewardess your debit or credit card instead of the cash that you have in your wallet.

You still do not necessarily need your cash once you have landed and ridding in a taxi. A company headquartered in New York has now created a service that allows taxi drivers to process credit cards in the back of their cab. Creative Mobile Technologies make a device that will allow you to swipe your credit card within seconds. This credit card swipe machine also includes a small touch screen monitor where customers can view where they are on a GPS controlled map. They can even get information about restaurants and other places of activity within the area. According to a press release this new service is being utilized in Boston and New York. It will not be long before other Taxi companies catch on and begin offering the same service.

Credit and debit cards are being accepted in wider variety of places as our society becomes “cashless”. Many people in today’s society carry at least a debit card if they do not have a credit card. Furthermore, as more employers start adopting direct deposit, even more people are using at least a debit card. We no longer have to be embarrassed by holding up the checkout line while we write out a check, have your identification checked and then get it processed. Instead, swipe your credit or debit card into the card reader, enter your pin code and your transaction takes place in a flash. Credit cards also offer protection from carrying cash as well. Loose your cash and your chances of recovering what you lost are usually slim. All you do is call customer service and cancel should you loose your debit or credit card. Furthermore, a new card is sent to you right away and your back in business. Now that you can use your credit card virtually anywhere, it make more sense to leave your cash in the bank.

Labels: Creative Mobile Technologies, credit card, credit card reader, credit cards

Capital One No Hassle Rewards Student Credit Card

In 1988 Nigel Morris and Richard Fairbank founded Capital One. The core focus of Capital One was to provide consumer loans such as credit cards, home loans, auto loans as well as banking and savings products. In addition, Capital one was one of the first mass marketers of credit cards. They began this mass marketing in the early 1990s. The Capital One No Hassle Rewards student credit card is an excellent choice for students those with limited credit history.

Capital One has established itself as a significant player in the credit card market. Students will be happy to take advantage of the many features that this credit card has to offer. 0% interest until June will give cardholders a chance to save money on purchases they make with their credit card. Charge your books on your Capital One No Hassle Rewards student credit card and avoid paying any interest until June. This 6 month no interest policy applies to all purchases made during the introductory period.

The Capital One No Hassle Rewards credit card also has an excellent rewards program. Cardholders can earn 1% cash back for all charges made on their Capital One credit card. This is a great way to save money as well. Use your credit card where you spend the most money like at grocery stores or gasoline stations. Should you spend $5000 throughout the year on your credit card, you will earn $50 back in rewards cash. Furthermore, there is no limit to the amount of cash back rewards that you can earn. In addition, you will earn a 25% bonus based on your previous years cash back earnings. Furthermore, there is no limit to the amount of cash back that you can earn. There is also no time limit to redeem your rewards nor is there a limit that you must meet before you can withdraw that rewards cash. Also trade you rewards points for gift cards as well.

Another major advantage to this Capital One student credit card is that it protects its customers against liability relating to fraud. You will have $0 liability should your credit card be stolen from you and used before you are able to report it. By law credit card issuers can hold their customers up to $50 responsible for fraud. Capital One goes the extra mile and does not put any responsibility on the cardholder.

Students also pay a 3% fee for all cash advances they make on their Capital One Rewards No Hassle student credit card. The only disadvantage to your cash withdrawal is that the minimum fee will be $10. Therefore should you withdraw a small amount of cash like $30 you will be billed $10 for that transaction. Should you withdraw a larger amount like $400 your fee will be 3% of the withdrawal which equals $12. It makes more sense to use the cash advance only when you need to withdraw a relatively large amount of money.

Students should also be aware of additional fees that Capital One charges for late payments and for going over your limit. The late fee is usually calculated on the amount of your outstanding balance. The fee is $15 for outstanding balances between $0 and $99.99. A fee of $29 is applied to all outstanding balances that are between $100 and $249.99. For outstanding balances of $250 or more, a $39 late fee is applied. Over the limit fees are also based on your credit limit. A fee of $19 is charged for going over your limit should that amount fall between $0 and $499.99. Should your credit limit be within the $500 to $999.99 range then your over the limit charge will be $29. For credit limits of $1000 or more it will cost you $39 to go over the limit.

The Capital One No Hassle Rewards student credit card is an excellent credit card to build your credit history. Cardholders will be very pleased with the rewards programs offered as well as the 0% 6 month introductory fee. Students who are approved for the Capital One credit card will ultimately benefit from using this credit card.

Labels: 0% credit card, credit card issuers, credit cards, Rewards Credit Card, Rewards Credit Cards, student credit card, student credit cards

5 Rules Everyone Should Know about Credit Cards

1) A credit card does not become valid till it is signed

The back of every credit card has a section for a signature. Usually it is a small strip that you can write on. Next to the strip there is a small notation that says “not valid until signed”. This is where you want to sign your credit card. The card is not considered valid until this section is signed.
There are steps that a merchant should take when he or she is presented unsigned card:

a. The merchant should first ask for the customer’s identification. Adriver’s license is ideal. A signed passport will work should the customer not have a driver’s license.

b. Then, the merchant should ask the customer to sign the card and compare the signature to the signature on the driver’s license or passport. Should the signatures match, then card is good. If the signatures do not match, then the merchant needs to call the card issuer and report possible fraud.

c. If the customer refuses to sign the card, then the merchant should not accept the credit card.

2) Liability for the unauthorized use of a credit card can not surpass $50.

The Fair Credit Billing act was established to protect consumers against fraud and billing errors. In order to initiate a dispute, a cardholder should write the credit card issuer within sixty days of receiving your credit card statement. Furthermore, this letter needs to be sent via US mail. However, the cardholder is only responsible up to $50 should the unauthorized use not be reported within the sixty days.

3) A minimum purchase can not be required by a merchant as a condition to use your credit card.

Have you ever been to a convenience store to purchase a soda and chips with your credit or debit card only to find out that the store owner is requiring you to charge a minimum of $5? This practice is against the user agreement that the merchant signs when they are given a credit card processing account. The only thing the merchant can do to offset fees incurred by accepting credit cards is to increase prices. They can include a cost factor in the price of the soda and chips, but they may not require customers to make minimum purchases or charge a surcharge for using your card. In today’s direct deposit society more and more people carry debit or credit cards as opposed to cash.

4) Do not buy extended warranties on purchases if your credit card already has a purchase warranty program.

How many times have you gone to Best Buy or Radioshack and been asked to purchase an extended warranty on what you just bought? For those of you paying on your credit card chances are, your credit card issuer already comes with a buyer protection program. This is one of the advantages to using a credit card to make purchases as opposed to cash. Be sure you know the features that your credit card has to offer. In addition to purchase protection, many credit cards even give you rental car insurance or even road side assistance.

5) Merchants are not allowed to pre authorize your credit card to include a tip.

An example is when you go out to dinner and pay your meal on a credit card. You are fist given the bill, and then you give the waiter or waitress your credit card. This person must authorize your card for the amount of the meal only. They may authorize the tip without your say so. You (the cardholder) then decide how much tip to give once the individual brings back your credit card and receipt. Should you choose to give a tip, then the restaurant is allowed to charge your card.

Labels: credit card, credit cards, Fair Credit Billing Act

Should Madoff Go To Jail?

It is very had to believe the Bernard Madoff is still on the streets today. Madoff a.k.a. “Madeoff” is still free today living in opulent luxury in his $10 million Manhattan apartment. Madoff continues to live a great life despite the financial turmoil and destruction that he has caused other people. This is living with servants; take out food, television, internet and lifestyle that many of us would only dream about. He also has a blog where he has been giving his opinion on a daily basis. I like many others are appalled that this individual is not in jail. His blog entries show the total lack of regard that he has for his victims.

First of all, “Madeoff” does not really think that he did anything wrong. Prosecutors are seeking to have him put in jail because he sent gifts with values of over $1 million to his kids and other friends. He calls them “trinkets”. Watches that value $50,000 are not considered “trinkets”. Last time a checked a nice Rolex watch can be purchased for under $8000. $50,000 watches are not worn by your everyday professionals who want to splurge on a watch. He supposedly also gave his housekeeper jewelry as well that he called a Christmas gift. I wonder if he was really giving to his housekeeper or just using her as a way to move his assets. Then he brags about no one in his family having to “hawk” Rolex watches for money. These are things that someone (his family members) could easily sell without a money trace.

Bernie also brags about his jet. $40 million private luxury jet with custom made leather seats. How can someone who has just admitted to fraud brag about his belongings, especially a private jet. It costs about $2000 an hour just to maintain a plane. This is when people whom he has defrauded can’t even get access to $2000 to make a mortgage payment.

He then brags about having $100 million in assets (so he says), some illiquid (so what), in an armor trust fund. This would make it very difficult for victims to go after these assets as the trust fund would shield creditors. Bernie thinks that he is going to be living happily ever after. He does not even think that he is going to trial. This guy should be sent to Guantanamo Bay! He is a terrorist disguised in swanky suits; living among innocent people. The destruction that “Madeoff” has caused will affect lives for years to come. He has been the antagonizing factor in just more than one suicide. He has not only destroyed the financial lives of people he also pushed parents of children over the brink! This man does not even realize the extent that he has destroyed people’s lives. I do not know how I could live with myself in his situation.

Lastly, I think they should lock up “Madeoff” and throw away the key. This guy does not deserve to be sitting in the lap of luxury while his victims suffer. Bernie on the hand does not think that he has done anything wrong. He even has own plan as too how people can paid back. He wants to continue investing money in some other scheme and even have the Internal Revenue Service issue tax refunds for the phantom income that they received. The investors are guilty in that they trusted this individual, many of them with their entire life savings. Madoff should have taught a lot of people (including me) a big lesson. Never put your eggs in one basket!! Lastly, in case anyone has not already come up the same conclusion, yes “Madeoff” should be put in jail.

Labels: Bernad Madeoff, Bernard L. Madeoff, Bernard L. Madoff, dirtbag, jail bird

Capital One Business Platinum Preferred Credit Card

Capital One was founded by Richard Fairbank and Nigel Morris in 1988. Capital One Financial Corp’s primary focus is on credit cards, home loans, auto loans, banking, and savings products. Capital One was one of the first credit card mass marketers starting in the early 1990s. The Capital One Platinum Preferred business credit card is an excellent choice for any consumer.

Capital One is one of the strongest credit card companies on the market today. This credit card has many features that customers can take advantage of. The most enticing feature that the Capital One Platinum Preferred business credit card has to offer is its introductory rate. New cardholders will be happy to take advantage of 0% APR on purchases and balance transfers until 2010. That gives new customers one year without having to pay interest. This credit card is an excellent choice when transferring a balance from one card to another. Transfer your balance from another credit card If you are paying a high interest rate. Someone with a $10,000 balance being charged 18% will save $1800 by transferring their balance to the Capital One Business Platinum Preferred credit card. If you are planning on making a large purchase you will have the opportunity to pay it off in a year.

This credit card also offers an excellent rewards program. You can choose from multiple rewards programs such as gasoline stations, building supplies and hardware, computers and electronics, office supplies and furniture, advertising and shipping. They will even offer you triple rewards on the category of your choice. All other categories earn one point per dollar spent. Business owners can save money using these rewards categories. If you’re company ships products on a daily basis, you can earn triple rewards for using your Capital One Platinum Proffered credit card with most major parcel carriers such as UPS or FedEx. You can also use your Capital One credit card for travel miles as well. There are no limits on the miles you can earn, no expiration either. You get to keep your miles for the life of your account. Furthermore, you get to fly with any airline that you choose with no blackout dates or seat restrictions either.

There is no annual fee either to be a Capital One Platinum Preferred business credit card holder either. There is small $39 over the limit fee should you over charge on your credit card. Furthermore, there is also a late fee charge. This fee is based on your outstanding balance. If you owe less then $100 your late fee will be $15. If you owe between $100 and $249.99 your late fee will be $29. For a balance of $250 or more, you will have to pay a $39 late fee as well. Capital One also offers an excellent cash advance rate. Pay 3% interest on all cash advances using your Capital One Platinum Preferred business credit card. Therefore, should you withdraw $1000 cash for an emergency, you will only have to pay a $30 fee. Other card issuers charge much more on cash advance loans.

The Capital One Platinum Preferred business credit card is meant for those established business owners with excellent credit. Capital One is offering up to $20,000 credit lines for those that qualify. After the introductory period, the APR for balance transfers and purchases will be as low as 14.99%. Interest rates are determined by the applicants credit history and will vary accordingly. In all the Capital One Preferred business credit card is an excellent choice for those looking for a good business rewards credit card. Card users can save money by choosing from the many categories offered by Capital One.

Labels: business credit cards, business rewards credit card, Capital One Business Platinum Preferred Credit Card, credit card, credit cards

Corruption Still Exists in Our Government Agencies

Six top officials from Lexington Kentucky’s Blue Grass Airport lost their city issued credit cards, according to an article released by the Associated press. This was discovered that they had charged $4500 at a Texas strip club. This came after executive director Michael Gobb had charged around $200,000 on travel and other expenses in the past two years. Furthermore, it is also believed that Gobb was one of the strip club attendees as well.

I have never heard of any government jobs that allow you to use your credit card at strip clubs. Never mind the salesman that takes their clients to the clubs to close a big deal, these guys were out to entertain themselves. How did the executive director get away with spending so much money for so long? This does not make sense to me. Then again, many things are not making sense these days. This outing took place in 2003. Why does it take so long for these things to be found out? I guess it must have been easy to get away with such things when the executive director is involved. $4500 spent among 6 guys equates to $750 each person. How many drinks and table dances does this add up to, I wonder? They must have had the VIP room all to themselves all night. It all sounds like a great night with fact that they spend taxpayer dollars.

This does not come as a surprise to me. There are a lot of corrupt individuals out there in all-economic sectors including the government. I recently heard about an incident involving some inspectors working for the FDA. They were in cahoots with a fumigation company who was doing work for the government. In addition, all this was taking place at a US Customs import lot. Certain commodities are supposed to be fumigated before entering the United States. These guys were falsifying documents stating that the goods had been fumigated when in reality nothing had been done. Then they would turn around and charge the importer (who is responsible for paying) and split the money.

The Lexington City employees also must have been in cahoots with each other. There is supposed to be a system of checks and balances within our city or federal government departments. However, it seems that these checks and balances do not always work like they should. A $4500 trip to a strip-club on taxpayer money should be made a crime. These guys should all be made to pay back what they spent plus interest.

Labels: credit card, credit cards, government corruption

Should the SEC be imploded?

Congress established the Securities and Exchange Commission in 1934. The SEC was established as an independent regulatory agency for the purpose of overseeing the stock exchange. The sole purpose of the SEC was to make sure that people on Wall Street conducted business ethically in order to prevent another stock market crash like the one in 1929. The authority to enforce laws was given to the SEC by Congress and allowed them to bring criminal action against companies or individuals that committed fraud. However, the Securities and Exchange Commission has failed to properly oversee Wall Street.

The most recent major oversight that the SEC failed to catch was the Ponzi scheme that the former Chairman of the NASDAQ, Bernard L. Madoff was running. This scheme has supposedly been going on for many years. Some say that fraud conducted by Madoff could even date back to the 1970s. Madoff’s investment fund should have raised red flags immediately. The Madoff fund was reporting a 10% to 12% profit year after year. Madoff’s fund supposedly made money even during the dot com bust that ended the boom years of the 1990s. The SEC conducted 8 investigations in the past and came up with nothing. Investors had suspected that Madoff was running a Ponzi scheme. This information was given the SEC, yet no one acted until it was too late. Madoff was supposedly an advisor the SEC as well. His input was sought after for matters regarding regulatory guidelines being implemented by SEC. The SEC literally let “Madeoff” getaway right under their noses.

The Madoff Ponzi scheme has not been the only major oversight by the Securities and Exchange Commission. How could they let Enron and WorldCom get away with as much as they did? Enron was running a huge scam. The guys at Enron were involved in a number of shenanigans. They were cooking the books, creating shell companies and caused the state of California to experience rolling blackouts only for the purpose of profit. At one time, Enron stock was considered to be blue chip. The CEO Jeff Skilling was a best friend of President George Bush. Where was the SEC while these guys were falsely inflating stock prices? Thousands of people saw the value of their stock plunge from $90 a share too less then $.50. Investors and employees lost millions of dollars due this scam.

It is my opinion, and probably of many others as well, that the Securities and Exchange Commission has been wasting taxpayer dollars for years. These guys are supposed to be the Texas Rangers of the stock market. Unfortunately, they have acted more like the Keystone Cops. Agents that work for the SEC more often than not, go off too work for Wall Street investment firms when their tenure is up with the government. It seems to me that no one in the SEC wants to rattle any feathers at Wall Street. Any zealous agent will end up being blackballed on Wall Street the way things are now. Madoff’s niece even married a former SEC attorney. There is an incestuous relationship between the SEC and Wall Street. They are more concerned with Mark Cuban’s alleged insider trading. They even failed to foresee the financial meltdown that was caused by the mortgage industry. I seriously hope that the Obama Administration dismantles the SEC immediately. Perhaps, the Federal Reserve is more suited to oversee Wall Street. I am not a financial analyst or economist, but I can see when a government entity has completely failed its purpose. Lastly, I am hopeful and confident that we will rise from this financial crisis and emerge a much stronger nation.

Labels: Bernad Madoff, financial crisis, Madeoff, Securities and Exchange Commission

Watch Out for Credit Card Billing Mistakes


In today’s society there are literally thousands of credit card transactions being processed every day. Billing mistakes will commonly happen. If you do not watch your credit/debit card statements closely, chances are you will get the occasional double charge. I recently had an experience at a Valero convenience store where I live in Texas. They ran my debit card, which had been chewed up by my dog, through the machine to make a $20 purchase. Immediately the clerk responded that it did not go through. I asked here to run it again and she came back to say again that it had not gone through. A few days later, I logged onto my online account to check my account balance, and sure enough, the charge was there. The transaction that the clerk had repeatedly denied that it went through was charged on my account. I went back to the same store, and made a comment to the clerk. She claimed that it was impossible, and that I was wrong. She then gave me phone number for me to call to report the problem. I did not argue with the clerk, as I figured there was really nothing that she could do about it. This is just one example of double billing.

Macy’s, a well-established retailer, recently experienced problems with their credit card software that caused them to double bill its customers. This took place during a two hour period right before Christmas 2008 shopping. Fortunately, the retailer was able to spot the error and make corrections on customer’s accounts. However, if it were not for Macy’s discovering their error, many people would have been double charged on their credit cards. Many people would have caught the error and reported the problem, however, just as many would not have seen the problem.

Have you ever given a credit card to a waiter for him or her to charge your meal at a restaurant? I am sure 99% of you who are reading this article will respond yes to that answer. Employees can very easily make a mistake when swiping a credit card. The truth is you have not seen this person actually handle your credit card. A rookie might accidentally run your card more than once thinking that he or she was unsuccessful the first time. However, this individual might not realize that they have already charged your card. A second or third swipe might very well cause that person to unknowingly bill your credit card. Those of you who check your statements on a regular basis will probably spot the double billing. However, those who do not check their credit card bills thoroughly might not see the error. This ends up being a windfall for the restaurant and big loss for you.

The moral of the story here is to check your credit card statements every month. Chances are, at some point in time you will discover a billing discrepancy. Pay-pal, an online payment processing company offers an excellent feature for subscribers of their credit and debit cards. They will send you an email every time that your credit card is used. This would be a great feature that other card issuers should offer their customers.

Once you have detected a billing error or even fraud on your credit or debit card you need to contact customer service. The advantage to having a credit or debit card is that they will immediately give you credit. In my case, I had to fill out a form at the bank that issued me the debit card. They will then go argue the problem with Valero. In the meantime, I have been given credit. Should Valero prove me wrong, the bank will refund them the original charge. I seriously doubt that Valero will be able to contest this. In 2009 I plan to be look over my statements much more thoroughly, especially since I am one of those who does not normally look at billing statements.

Labels: credit card, credit card billing issues, credit cards

What is Credit Card Receivables Factoring?

Factoring is the process by which a business sells its accounts receivables at a discount. Many businesses factor their invoices in order to improve cash flow. Factoring is very different from a bank loan in that the creditworthiness of the receivables supercedes the value of the company. In other words, it is much easier to factor invoices from a company like Wal-Mart, then a small mom and pop company. Credit card factoring is very different. Factoring credit card receivables is like taking a cash advance based on your future sales. Credit card receivable factoring is much like a business cash advance loan. Credit card factoring can help a company in many ways. Furthermore, approval is a matter of meeting simple criteria that many businesses can achieve.

There are many circumstances that require many small business owners to start looking for some sort of loan. Businesses need money to operate on a day to day basis. Payrolls need to be met as well as rent and utilities. There are times that money is not instantly available to meet these needs. Bank loans are not always practical for some business owners. Cash flows are up and down and banks expect a payment no matter what. Credit cards are another good way to obtain a fast loan, but again, credit cards also require regular payments. Credit card factoring is different in that the factor collects funds when they are available. Therefore, if your sales go down, the factor will collect an amount based on a lower sales volume. This makes it easier to operate in economic environments, such as the one we are currently experiencing in 2008. The factor will collect more money when sales volumes go up. This is very fair arrangement for both the borrower and the lender.

It is not very difficult to qualify for credit card receivable factoring. Your approval is based on your credit card processing volumes. Most credit card receivables factoring companies require that your business process a minimum of $2500 per month in Visa and/or Mastercard approvals. Most businesses such as small retailers, restaurants, bars and pub and many Internet based business process at least $2500 per month in credit card transactions. 90% to 95% of small business owners will qualify for approval. Bad credit history is not a problem either. Funds are transferred from one day to the next. Electronic banking makes it very efficient and easy for credit card receivables factors to send money to their customers. Furthermore, there are no restrictions placed on what you can do with your cash advance from the credit card receivable factor. Therefore, if you want to use your funds for something other than a business expense, you are more than welcome. This could be a good way to finance your next vacation or even a new wardrobe.

There are many ways these days for small businesses to access funding for whatever use deemed necessary. Small business owners can apply for a loan at a traditional bank or even apply for a business credit card. However, these more traditional types of loan require regular scheduled payments based on the agreement you made with the lender. Credit card receivable factoring allows any small business the ability to obtain a loan based on future credit card sales. If your small business has maintained at least $2500 a month in credit card charges, than you more than likely qualify. Some credit card receivable factoring companies will even qualify you if you have been business for 3 months. Furthermore, repayment is made as credit card receivables are accrued. Should business not be as robust for any reason, your payments will reflect the business downturn. Once business is back to normal, your loan repayment amount will increase. The same goes when business is going gangbusters. Credit card factoring companies offer any small business an alternative means of seeking financing.

Labels: Business Credit Card, credit card factoring, credit card receivables factoring, credit card receivables factoring companies, credit card receivables factoring company

How to Negotiate Credit Card Companies

1. Save credit card offers sent in the mail.

How many times have you gone to the mailbox and found credit card offers from every issuer you can think of? You can use these offers to your advantage when negotiating interest rates with your credit card company. If another company should offer you a better offer in the mail, show this offer to your current card issuer. This is proof that you are a good customer. Furthermore, this shows that other credit card companies also desire your business. Be sure to have the ability to prove to your current card issuer that other companies are really after your business. This can be easily done with a scanner and/or fax machine. Make copies of the card offer so that you can easily fax proof of the other offers.

2. Always read the fine print.

Be sure you are aware of both major and minor details that are written in fine print. Credit card companies are famous for making enticing offers without giving all the true details. Many times card issuers offering a 0% interest rate are only doing it for a specified amount. This is known as an introductory offer that will usually not last for more than 6 months to a year. Furthermore, the more knowledgeable you are, the better prepared you will be to negotiate.

3. Always try to speak to a supervisor when calling customer service.

Many credit card companies have dedicated call centers that handle the hoards of questions and issues that customers have on a day to day basis. These jobs are usually low paying and have a high turn over. Many times, you will speak with an individual who does not know 100% how to handle customer’s issues. This person, out of ignorance, may tell you that something what you are requesting is not possible. However, we all know that in negotiating anything is possible. A supervisor is more than likely much more knowledgeable and has had experience dealing with different types of issues. Most company policies will require a supervisor to come to the phone when requested. Simply ask the customer service rep to speak with a supervisor. Sometimes they might be able to help you, however, more often then not you will get better results when speaking with a supervisor.

4. Be ready to sell yourself.

Once you have the supervisor on the line, you need to convince that person why you are valued customer. If you are seeking a better interest rate, explain to the supervisor that other credit card companies are offering you a better rate. Also, if you have always made payments on time, be sure to remind them. Furthermore, if you pay your balance every month, be sure to remind them as well. As I mentioned in step 1, be sure and have proof ready to send the supervisor. The more informed you are the better chance you will have of a successful negotiation.

5. Call another card issuer if the one you are talking to you does not make the offer you are looking for.

Always remember that there are other fish in the sea. If one company does not want to negotiate with you then simply hang up and call someone else. If one door closes, another one will open. Talk to multiple companies. Another card issuer might find your requests reasonable and be willing to work with you.


6. Lastly, be ready to transfer your balance to a new card if needed.

Card issuers prefer for you to have a balance with them, then no balance. Cardholders who maintain very low balances do not get charged a lot of interest. This goes against a card issuer’s business model. They make money of off interest charged to you that is based on your balance.

There are many ways to negotiate with any company, including credit card issuers as well. Knowledge is the key to a successful negotiation with anyone. The more informed you are with information, the more ammunition you will have when pleading your case. In addition, always, try to speak with someone that what is going on, such as a supervisor. A rookie customer service rep might not know all the rules that apply to his or her company yet. Lastly, be willing to transfer your balance from one card to another in order to secure a better deal.

Labels: credit card, credit card issuers, credit cards, how to negotiate with credit card companies

I would like to take this opportunity to wish everyone a happy and prosperous 2009. Last year was a very tough year for many Americans, including myself. I wish our new Presidential Administration all of the luck that it needs to get our economy back to where it was. I am confident that Barrack Obama and his new administration will be able to get us back on track. I would also like to say thanks to everyone who has made this website possible. I hope that our readers find the information on this blog useful. Lastly, I would again like to wish everyone peace, health and prosperity in 2009.

Labels: New Years Best Wishes

Stolen Statue with Note Returned to Madoff

A $10,000 bronze statue of two lifeguards was stolen from Bernard Madoff‘s, a.k.a. Bernie Madeoff’s, $10 million Palm Beach mansion. The theft was reported by the housekeeper. The police were called and a report was made, however, no possible suspects. Ironically, some days later, the statue was returned undamaged with a note attached that said: “Bernie the Swindler, Lesson: Return stolen property to rightful owners, Signed by the Educators”. In addition, the statue was left just a few blocks from where it had been stolen. Who would go through all the trouble of steeling the statue and returning it back to its criminal owner? Bernie Madeoff, naturally, must have thousands of enemies. Who are the educators and what are the chances of this man return what he stole?

There is a German movie called “The Edukators”, that is about three anti-capitalists activist living in Berlin. Two of the anti-capitalists would break into homes of wealthy people, move their furniture around, and leave strange notes. These notes would read: “the days of plenty are over” or “you have too much money”. The individual or individuals involved with this heist are obviously trying to send “Madeoff” a message. In order to somewhat atone himself, Madeoff needs to return everything that he has stolen. I believe that victims have sent Madeoff a strong message before the deadline when he is supposed to list all of his assets.

The next dilemma that we need to ponder is weather or not Madoff will honestly disclose his assets. It is now common knowledge that he has a $5 million Manhattan apartment, a yacht or two, a $10 million home in Palm Beach, a $10,000 statue and a list of other things that he will probably never disclose. Madoff is a shrewd thief that covered his tracks. He must have many overseas accounts and assets held in hidden bank accounts. He also supposedly gave several hundred million dollars to family members and friends prior to having turned himself into the SEC. It would not surprise me that he has also made deals with other people to hide money for him. Everyone agrees that $50 billion does not just evaporate into thin air. Madeoff must have millions or billions of dollars hidden all over the world. It will be interesting to find out how much he discloses.

Madoff has caused incredible grief for thousands of unsuspecting victims. He was the epitome of the “smooth operator”. He was able to scam supposed sophisticated investors and even economists. This man’s life has revolved around scamming people for many years. He even went undetected by the supposed Wall Street police otherwise known as the Securities and Exchange Commission. I strongly believe that “Madeoff” will not tell the truth in regards to all his assets. This man has more than likely made deals with other people or foreign bankers to hide his assets off shore. Madoff has lived the highlife for the last thirty years of his life. A jail cell will be a fry cry from his Manhattan $5 million apartment. “Madeoff” deserves to spend the rest of his life in jail. How long he goes will be determined by our judicial system. It will take years to unravel the financial turmoil that this individual has created. Only time will tell if “Madeoff” discloses all his money. In all, “Madeoff” will be known for ever more known as “the grinch” who stole a lot more than just Christmas.

Labels: Bernad Madeoff, Bernad Madoff, Bernard L. Madeoff, Bernard L. Madoff, Bernie Madoff