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Thread: Bank Of America Credit Cards To Illegal Immigrants

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    Default Bank Of America Credit Cards To Illegal Immigrants

    Bank Of America Credit Cards To Illegal Immigrants
    February 13, 2007 (San Francisco Business Times)

    Bank of America found itself at the center of the nation's immigration controversy following a report on the front page of Tuesday's Wall Street Journal that it's offering credit cards to illegal immigrants in Los Angeles.

    In the wake of the media firestorm, the nation's second-largest bank told the Los Angeles Times that it complies fully with all banking and antiterrorism laws governing customer identification, which permit the use of individual taxpayer identification numbers, or ITINs, issued by the Internal Revenue Service.

    AntiSpin: A clear sign of the top of any bubble? Manufacturers of the financial product which has become the center of the asset bubble de jour run out of new customers. At the top of the stock market bubble, this spawned the most extreme niching of markets, resulting in mutual funds specifically designed to meet the needs of women between the ages of 45 and 55 who live in warm climates, have kids, eat spinach, and have a name that rhymes with "spontaneous." Debt bubbles are a special case because continued sale of the product doesn't require an endless search for fresh suckers with money to spend. The challenge is to find people not to take money from but to give it to–people who, being hopeful, are willing to convince themselves that they may some day pay it back, even if they lack income, or, in the case of the latest desperate effort to paint the last debt free corner of the economy red, citizenship. Paid back with interest is nice, but the promise of any kind of eventual repayment will do at this point. Anything to keep the asset side of banks' balance sheets growing to fullfull the endless demand for purchases of credit securities.

    The idea of giving terrorists the means to charge explosives on their new Visa card has a few Dept. of Homeland Security authorities' shorts in a knot. Always willing to lend a helping hand to the lending industry, we have a solution for Bank of America.

    There are no fewer than 73 million dogs in the USA, according to the humane society. Why not get each of them a credit card? How about three? Think of it. Over 200 million charge cards wracking up balances of billions on milk bones and squeeky toys. Don't think their owners will do it? Of course they will! If owners will set up trust funds for their pets, they will absolutely fill out a simple credit card application form for Fido. All he has to do is sign it. Make the offer temping: a 4% interest rate guarantee for six months, transfers from other cards, and a squirrel to chase. They'll bite.
    Last edited by EJ; 02-13-07 at 11:34 PM.

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