Find out more about Pete Peterson-funded astroturf projects during the Fix the Debt Portal.
‘Advance America’ had been established in 1997 and it is a publicly exchanged company under guidance of this SEC. Advance America may be the system that is largest of non-bank cash advance solutions in the usa. Advance America runs over 2,300 financing facilities in 30 states that are different. The company website states that Advance America offers “a range that is wide of, ” including “payday advances, installment loans, gold-buying, MoneyGram® services, and taxation preparation. ” The web site’s label claims “Loans as much as $25,000 in less than hour. ” 1
Advance America is headquartered in Spartansburg, sc where it had been launched by present Chairman associated with Board, William Webster and previous Chairman of this Board, George D. Johnson.
The newest York stock market states that Advance America’s total income in 2011 ended up being $623.86 million. 2
Ties to Pete Peterson’s “Fix the Debt”
The Campaign to repair your debt could be the incarnation that is latest of a decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash attained advantage programs such as for instance personal protection, Medicare, and Medicaid underneath the guise of repairing the country’s “debt issue. “
This short article is a component for the Center for Media and Democracy’s research of Pete Peterson’s Campaign to “Fix your debt. ” Please check out our sourceWatch that is main page Fix your debt.
About Fix your debt
Governmental Efforts
Advance America formally offered $110,750 to candidates that are federal the 2012 election period. 3 80% of these contributions went along to Republicans.
Placing poor people with debt
In February 2012, Mexican billionaire Salinas Pliego bought Advance America for $780 million. 4 a decade before that, Salinas’s Banco Azteca branches started providing loans to Mexico’s bad, usually at 50 to 60 per cent rates of interest. Forbes reported “Advance America and Banco Azteca share great deal in keeping. Both make use of individuals who don’t typically have lots of cash, and both fee interest that is really high.
An Advance America loan that is in-store of1,000 in Mexico’s border state of Texas, as an example, is sold with “fee” that amounts to just about 20 %. The key is born fourteen days following the loan is released. Business spokesman Jamie Fulmer points out that charges on little loans are usually cheaper than the usual bank cost for a bounced check.
However the issue using this put up, in accordance with Jean Ann Fox, Director of Financial Services at the customer Federation of America, arises whenever lendees have difficulty repaying. 5 Then they get stuck in a period of taking out fully another loan to cover straight straight right back the amount that is original borrowed. The problem can quickly snowball. If lendees continue steadily to simply take more loans away to protect past loans, they’ll feel a squeeze: the root yearly interest is 533 per cent. ” 5
Executive Officers
At the time of February, 2013: 6
J. Patrick O’Shaughnessy, President and Ceo
James A. Ovenden, Executive Vice President and Chief Financial Officer
Kenneth E. Compton, Former President and Chief Executive Officer
Board of Directors
At the time of February, 2013: 7
William M. Webster, IV, Chairman regarding the Board and Director
J. Patrick O’Shaughnessy, President and leader Officer (Principal Executive Officer), and Director
James A. Ovenden, Executive Vice President and Chief Financial Officer (Principal Financial Officer)
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