NEVER UNDERESTIMATE THE GREED OF WEALTHIEST CLASS!!
There are many men and women, who, as they become increasingly wealthy, seem to lose all sense of honor, decency and shame. They become so acquisitive that they also sacrifice their humanity, jettisoning friendships and close relationships of many years that they once held dear, in order to acquire more wealth. Their rapaciousness causes them to lose their sense of balance, of right and wrong, and to them wealth makes right, not right makes right.
Martha Stewart might well be used as an example; she got into difficulty that began as an act where she might have saved herself $50,000. That was about 1/10 of 1% of her fortune. Soon, due to the drop in the value of the stock in her company, that small loss was in the millions, in fact, about 50% of her total worth. But, her stock-holders suffered the same percentage of losses because of her greed and untold hardships for many who simply could not afford the losses. Her moral compass no longer pointed to "true North." The mistake she made was small, but the consequences very large.
The reports of her demands upon and nastiness to subordinates became classics in the coverage of her problems. Leona Helmsley was another, her greed so overcame every sense of decency and humanity to others, that she sounded more like the Evil Witch in the Hansel and Gretel story than a human being.
Greed? Look at Bernard Ebbers, Dennis Kowalski, Kenneth Lay...and the list goes on and on and on.
Greed? Just chalk up every bank associated with the Credit Card industry, Citibank, MBNA, Bank of America, Wells Fargo, Bank One, and their greedy partners in rapaciousness, Visa, MasterCard and Discover, among others.
HOW TO JOIN OUR CLASS ACTION SUIT!
Our Demand: Terminate of Air Miles. Stop Using Bribery to defraud business owners of their profits!
Statement:
We believe that Air Miles, and the use of bribery as advocated and used by certain members of the Credit/Charge Card Cartel to steal Retailers’ profits, should be terminated immediately. (July 30, 2002)
Retailers must be Reimbursed for Losses (Bank Charges) over the past ten years due to Air Miles:
Bank service fees connected with credit cards have increased thousands of dollars annually for many Retailers. Large Retailers are paying out tens to hundreds of thousands of dollars more annually, and the culprits are either Air Miles or Refunds by Charge and Credit Card companies. Merchants should be reimbursed for all losses suffered through the fraud known as Air Miles, based upon their yearly percentage of increases in sales on plastic between 1992 and 2002, plus interest and punitive damages.
It's time for US to recover OUR losses from this crooked scheme!(Class Action Suit).
Consumers should be Compensated (Bought Out) at 3 Cents per Mile:
The tremendous accumulation of Air MileSe (reportedly 7 1/2 trillion miles) by Consumers, indicates that likely most of it is not redeemable by U.S. Airlines. Consumers should be compensated at the rate of three (3) cents a mile for their credits. (i.e. 250,000 miles at 3 cents per mile = $7,500 cash payout.) This is roughly the amount of money “stolen” from the business owners, and offered to their clients as Air Miles; it rightfully (or wrongfully) should be paid to the Consumers. These payments can be applied to balances on some cards, which would help the Cardholders considerably.
Local Banks Should Support Local Merchants in Defeating Air Miles:
Local bank officers in agreement with this position should publicly acknowledge the injustice of the use of bribery through the use of Air Miles, rebates, refunds, and other perks, as a responsible step and in support of their local business owners. While the Visa/MasterCard/American Ex-Cess contract forbids us to discount in order to discourage use of a charge or credit card, they, in effect, are discounting our merchandise. Not only that, but they are using our money to do it.
"Air Miles" rewards the users of Credit Cards with a "discount", which penalizes the customer who pays with cash or check.
This is adverse to the interests of the Retailers and forces them to accept conditions which are contrary to their best interests and welfare.
The the customer using plastic to make his payment receives "Air Miles" as a reward, and it is in effect a discount. Therefore he pays a lower price than the one who pays with Cash or Check.
If a customer pays a thousand dollar invoice with cash or check, the Retailer receives his price in full. If that customer used an American Express card, he only receives $960. If that customer uses Visa, MasterCard or Discover, then he receives $980. In one instance the Retailer loses $40 and in the other $20.
Therefore, because of the chicannery of the Visa & MasterCard banking interests, as well as American Express, Retailers are locked into an Agreement that forces them to reward customers who use costly plastic, thereby forcing them to treat their cash customers disadvantageously.
It makes the cash customer "a fool" for being honest and paying his bill in full.
It rewards the "chiseler" who uses his plastic cards on every purchase in order to gain free "Air Miles".
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Retailers Demand Right to Add M.D.R. Costs to Sales Ticket:
Due to the burdensome costs of Charge and Credit cards, rather than increase prices (inflationary), retailers must have right to add M.D.R. costs to the price. This will show the buyer the actual costs of credit cards, discourage overuse, reduce cardholder debt, and bring a spirit of fairness back into the relationship between Visa, MasterCard, etc., and those businesses honoring their cards.
AIR MILES IS THE SECOND LARGEST CURRENCY IN THE WORLD. SHOULDN'T THE BANKS ISSUING THESE CREDITS BE CARRYING THEM ON THEIR BOOKS AS A DEBT? DON'T THEY BELONG IN THE DEBIT COLUMN?
The only way to restore fairness to the equation or relationship between buyer and seller is for Retailers to begin adding the costs of "Air Miles" to the full price, including tax, of the merchandise.
Visa, MasterCard, American Ex-Cess, etc., have destroyed the integrity of the relationship between and their industry and the Retail businesses who have made them the success they are today, through a deceitful program brought about by their gargantuan GREED.
Air Miles Should be Taxed:
We also believe that Air Miles should be subjected to full taxation, both State and Federal. There is no reason that it should be exempted. Credit Card companies should deduct withholding taxes and report each time that Cardholders redeem Air Miles. Many cardholders collect thousands of dollars in annual benefits, while not paying taxes on them. It is not only at the expense of Retail Business Owners, but the Government's as well. (I.R.S. adds the M.D.R. costs, therefore ALL Acceptors should have the right to add the bank charges.)
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Bank Officers Utilizing Fraud Against Businesses Should be Terminated:
CEO’s of banking institutions (i.e. Citibank, MBNA, American Express, etc.) sponsoring this chicanery (air mileage, discounts, etc.) should be terminated by their Board of Directors, because it demonstrates poor judgment. It exposes the corporations to suits for recovery of losses, as well as punitive damages. It also raises questions about their character…when they choose to use a program that defrauds the business owners. Without these cooperating businesses, credit cards would be useless, yet they use underhanded tactics to rape them of profits!
Retailers to be Consulted or Advised Well in Advance of any Future Changes to Agreements:
Air Miles was imposed upon the Retailers without any warning or consultation with representatives of the business owners who Honor these Charge and Credit Cards. There should not be any unilateral action by the Banking industry which so severely affects the Retailers bottom line.
My Name on that Class Action Suit!
For ten years I have been fighting this injustice. For ten years I have talked about it, only to be challenged at every turn, with every single one of my friends insisting on playing "Devil's Advocate". When these Class Action suits are filed, I'd appreciate seeing my name right up front, ahead of WalMart, K-Mart, Sears, and anyone else who joins in this effort. I want the satisfaction of seeing these pirates face the attorneys, face the music, and eventually get their come-uppance for this fraud agains the Retailers who "Honored" their cards. They, on the other hand, do not know the meaning of the word, "Honor". The Charge Card/Credit Card Axis of Evil is about to do down in flames. Hallelujah! (Hmmm, Evil is only one letter off from D-evil.)
PRINT THIS OUT. SHOW IT TO YOUR LAWYER. SEND WEBSITE INFO TO THEM.
COLLEGE STUDENTS. TAKE THIS TO CLASS TO DISCUSS THE SUBJECT.
Copyright H. E. Morseburg...2002
P.O. Box 320 Solvang, CA 93464
(805) 688-2252
www.howardsviews.com
The time has come...
The only way to resolve the problem with the Credit Card Cartel is a series of
Class Action Suits.
It will be the biggest group of suits ever filed, and the goal will be in the billions.
The Losses from this Fraud are in the $$$$ hundreds of billions now, and with punitive damages, the awards could literally take a few of the offending banks right down the TUBE.
NEVER UNDERESTIMATE THE GREED OF WEALTHY MEN!
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Hallejujah! MasterCard settled for a nice figure on that Debit Card suit, $1 BILLION DOLLARS. ONE BILLION. ONE BILLION.
VISA had stated that they would not settle, but lo and behold, these punks settled for $2 BILLION DOLLARS. TWO BILLION. TWO BILLION. Read that over again and again, and ask if it is worth suing them on my complaint????
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