The Payday Lender Senator: Corker of Tennessee

Thursday, March 11, 2010

Having received thousands of dollars in contributions from the $6.5 billion-a-year payday lending industry, U.S. Senator Bob Corker (R-Tennessee) has worked to keep payday lenders out of new legislation that seeks to crack down on the financial industry.

 
The Senate is considering the creation of a new consumer protection agency that could go after debt collectors and other predatory financial companies, but not businesses that issue short-term, high interest loans to individuals short on cash before their next paycheck. The payday loan industry was a part of the new plan until Corker convinced Senator Christopher Dodd (D-Connecticut), chairman of the Senate Banking Committee, to water down the language affecting companies like Check Into Cash.
 
That business was founded by W. Allan Jones of Tennessee, a longtime friend and financial supporter of Corker. Check Into Cash is the country’s third-largest payday-lending chain. Jones, his relatives and employees have given $31,000 to Corker since 2001.
 
Senator Richard Durbin (D-Illinois) is pushing legislation to cap the annual interest rate for payday loans at 36%. The typical current rate is 421%.
-Noel Brinkerhoff
 
Corker Shaping Payday Loan Rules in Financial Reform Package (by Dave Flessner, Chattanooga Times Free Press)
A Consumer Bill Gives Exemption on Payday Loans (by Sewell Chan, New York Times)
Senator Corker Donor Could Benefit From Payday-Lender Exemption (by Jonathan D. Salant and Phil Mattingly, Bloomberg)
Senators Owned Stock in Bailed-Out Banks (by Noel Brinkerhoff, AllGov)

Comments

Payday loan 8 years ago
it must make you all warm and fuzzy inside to accept clear bribes from w. allan jones, check into cash and the payday lending industry for your loyal support of them. does it ever occur to you that you were put in office to protect your constituents, not line your greedy pockets with contributions of your ostentatious best friend,
Senator Corker Loves Cash 9 years ago
senator bob corker, why would you want to associate with the likes of w. allan jones and check into cash? i thought you were more dignified than that. it is deeply disappointing as a constituent to see how easily you are bought and paid for by w. allan jones, jones management, and check into cash. why would you do this? if you ever had any moral fiber, senator bob corker, now would be a fine time to regain it.
W. Allan Jones Foundation 9 years ago
oh, senator corker. it must make you all warm and fuzzy inside to accept clear bribes from w. allan jones, check into cash and the payday lending industry for your loyal support of them. does it ever occur to you that you were put in office to protect your constituents, not line your greedy pockets with contributions of your ostentatious best friend, w. allan jones at check into cash? does it make you feel better when you go to bed at night knowing that this racist pig you have unwittingly kept in business also runs the w. allan jones foundation? yes, the w. allan jones foundation is famous for making donations and supporting causes, as long as the name w. allan jones is featured more prominently than anything else. and of course the money for the w. allan jones foundation comes from america's working poor. give yourself a pat on the back, senator corker. or better yet, a kick in the as@, which we all know you soundly deserve.
W. Allan Jones Foundation Made Possible off the Backs of the Working Poor and Senator Bob Corker 9 years ago
senator bob corker, you are indeed a specimen of a sub-prime human. you eagerly "get into bed" with check into cash and check into cash founder, the neckless, rotund, twitchy, irrational w. allan jones, all in exchange for a few measly campaign contributions. is it because you are impressed by the w. allan jones foundation? nice job donating a couple of spindly trees, w. allan jones, all made possible off the backs of the working poor of america and very well-publicized at every opportunity. senator bob corker, are you also "in bed" with wachovia bank and bank of america? although these banks decry payday lending at every opportunity, wachovia bank and bank of america lend w. allan jones and check into cash the money that allows them to make payday loans to poor americans in what can only be described as a "back door" deal. pick your friends better, senator bob corker. because right now your behavior is nothing short of disgraceful.
Little Chocolate Man 9 years ago
senator bob corker, shame on you. your job is to protect and legislate for your constituents, not be an eager, paid lapdog and mouthpiece for w. allan jones and check into cash and other seedy payday lenders. and i agree with doughball above. why so cheap? what else are you getting from w. allan jones and check into cash? free use of the yacht? free flights on the private jet? regular visits to w. allan jones' lavish mansion? free meals at the aging bald headed bistro owned by w. allan jones? something doesn't add up, senator bob corker.
Doughball 9 years ago
senator corker, why are your services so cheap? don't you know that w. allan jones, owner of check into cash, is reportedly worth $500 million? you help make w. allan jones rich at a rock-bottom price! good job helping your constituents. next time you decide to sell your soul to check into cash and w. allan jones, don't do it so cheaply. and read this while you're at it: http://www.hometowncleveland.com/?p=2802&cpage=1#comment-263

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