Patriotic Millionaires Issue Statement on Proposed Rules to Payday Lending Industry

Patriotic Millionaires Issue Statement on Proposed Rules to Payday Lending Industry

"We don't think it is right for lenders to loan money disregarding a borrower's inability to repay, intending to make profit on the resulting fees and eventual default. The payday lending industry should not have a business model of trapping average Americans in the cycle of debt," said Chair of the Patriotic Millionaires Morris Pearl, former Managing Director at BlackRock Inc., one of the largest investment funds in the world.

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High Executive Pay: 96 - Patriotic Millionaires: 4

High Executive Pay: 96 - Patriotic Millionaires: 4

Stephen made a compelling and provocative argument that many corporate executives were raping their companies with the consent of the voting shareholders. He made a strong case that facilitating this was creating a risk to BlackRock's reputation, just as allowing sexual harassment creates a risk to company's reputations.

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