DMI Blog

Mark Winston Griffith

Al Sharpton, Predator

shark.JPGRev. Say it ain't so.

The latest entry in the "et tu?" sweepstakes is the news that Al Sharpton is hawking car title loans on TV in Virginia, a product considered to be so predatory in nature that it's banned in most states, including New York.

This is how the North Carolina-based Center for Responsible Lending described car title loans:

"Like payday loans, car title loans are marketed as small emergency loans, but in reality these loans trap borrowers in a cycle of debt. A typical car title loan has a triple-digit annual interest rate, requires repayment within one month, and is made for much less than the value of the car. Car title loans put at high risk an asset that is essential to the well-being of working families -- their vehicle.

Title lenders have made generous campaign contributions, and industry-friendly laws have passed in some states at breakneck speed. In other states, title lenders have sought to hide the true nature of their products in order to exploit loopholes in existing law..."

In addition to revealing that Al Sharpton is capable of some incredibly bad judgment, his participation in this creepy foray into American pockets proves how insidious and race-based predatory lending is and how integral it has become to economic life in Black and low-income America.

The Washington Post reported that Sharpton said that he didn't consider car title loans predatory because, to paraphrase, they provide a service to people who can't get credit elsewhere, but have available (read "exploitable") assets.

Duh. That's what puts the "prey" in predatory lending, the assumption that if you fit a certain demographic profile, you are ripe for the picking and deserve to be gouged.

Rev., this is shameful. Those who look to you for wisdom and leadership deserve better.

Mark Winston Griffith: Author Bio | Other Posts
Posted at 6:53 AM, Dec 02, 2005 in Banking | Economy | Fiscal Responsibility
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Comments

Well, here we go again trying to find anything to undermine the credibility of those who hae a powerful voice which others may be 'sensitvie' or 'afraid of'. Remember the tactic...and deal with accordingly. Best to you Rev. Al Sharpton. You pray for me and I'll pray for you.
Sounds lie a Mighty Wind that can't ne controlled, so they figured they'd cut you in the pocket book/character area. Well by this time, we should alll be geared up. Remember to separate the important from the urgent, and address the 'wiles...' appropriately. There must be something happening o n another front in order to keep us focused on you. Take care. Hope you will survive. Prayer and fasting may help. Regards to everyone.

Posted by: Rev.Michele P. Ellison | December 2, 2005 04:06 PM

Dear Rev. Ellison:

Newsflash: Al Sharpton's poop, like everyone else's, stinks. Maybe that's the "Mighty Wind" you're referring to.

The only thing more dangerous than our Black community leaders acting against our collective interests is giving them a free pass to do so. Predatory lending is a
real and serious threat to the economic well-being of Black and Latino and low and moderate-income people everywhere. Period.

Everyday billions of dollars in assets and wealth are being stripped from our neighborhoods by some rip off artist trying to make a quick buck. Period.

Clearly, Rev. Sharpton is not the one actually making predatory loans, but he is serving as a spokesperson for what many would consider to be corporate loan sharking. That's pretty indefensible behavior, no matter who you are.

Rev. Sharpton is a brilliant man who is a powerful voice for social justice. But just as he has held other progressive Black leaders, like Jesse Jackson for instance, accountable for their actions, so must Rev. Sharpton be held accountable for his own.

I once interviewed the Reverend about twelve years ago and what impressed me the most about him was his ability to admit that he had made mistakes in his career. I suspect, in time, he'll realize that he made a mistake in this instance, as we all do from time to time, and will apologize for doing so.

Posted by: Mark Winston Griffith | December 5, 2005 10:02 AM

Sharpton's primary motive (not exclusive, mind you, but primary) has always been his own self interest. His recent actions do not indicate a change but rather more of the same. Rev. Ellison: are we safe to assume you have forgotten about Tawanna Brawley? Probably.

Posted by: anon | December 14, 2005 11:48 AM

I couldn't believe it when I first viewed the ad on Virginia television. At first, I thought it was a joke and then reality hit. This was surely a low blow to the entire community. For a public figure that some how seems to capture the attention of the masses and more than likely has "followers" that believe in him this latest advertisement is just a bit much. Some members will be misled and will view this ad as an avenue to ease their "temporary" troubles by using their car title to obtain funds. And the cycle continues... what happens the next time and then the next....This car that is now going to probably be turned over after none payment of the loan. This might be THE only car that one has to even get TO a job and now it's on the edge of being taken. Why would anyone in their right mind encourage members in the community to even think of approaching one of these quick loan establishments - its' a cycle that's hard to break. Misguided advice to members in the community such as this should not be tolerated. I'm hoping that Virginia will also stop these ads from being viewed in this state. Quick cash schemes that prey on folks in need is just bad and adding insult to injury is the endorsement of a "public" figure in the community.
It's time to Stop the madness and stop making stupid endorsements. Rev. Ellison - please look at this one for what it is - it's just a bad move on Al Sharpton's part in this case.

Posted by: Anonymous | December 15, 2005 12:01 PM

And here I was searching for him to take a stand for saving our historical black community that is being eradicated with federal dollars by the good ole boys city council(excuse me, 2 black boys sit on that council too), If you have a person to help us, please refer ASAP!

Posted by: A.H. | December 23, 2005 12:59 PM

A.H.

Do elaborate on which specific thing in the council you're refering to.

Not surprised, just not sure which of their various exploits you are talking about. Is it the arena?

Posted by: ann on | December 23, 2005 02:52 PM

How is it that Al can stoop so low? I thought I was dreaming when I saw the commercial with Al appearing as spokesman for Loan Maxx. It is ridiculous that Al is pushing an agenda which exploits the poor by offering and encouraging them to borrow money at high interest rates and at risk for losing their automobiles. I pray that Virginia will take necessary steps to disallow predatory lending. I hope that Al Sharpton will examine his conscience and decide if can accept the dirty loot he is paid for staring in the Loan Maxx commercial. Where is Rev. Jesse Jackson, why hasn't he gone on Larry King (CNN)Fox or any of the other news forums to comment about Al's conduct in support of Loan Maxx? Does Rev. Al Sharpton encourage his Sunday Morning Church Congregation to borrow money against their car or truck title from Loan Maxx? I know damn well Al has NOT taken a/any loan(s) against his
car(s)or truck(s)from Loan Maxx. Perhaps Al is a major stockholder or co-owner in Loan Maxx?

Posted by: L. H. Rowlett | December 26, 2005 07:35 PM