Report: 3 payday lending execs exceeded gift limit
MADISON, Wis. (AP) — A new report says three payday lending executives gave more than the $10,000 allowed under state law to Wisconsin politicians in 2008.
The donations were spread out among Democratic and Republican lawmakers and come as the industry is trying to defeat a bill that would cap interest rates at 36 percent.
The Wisconsin Democracy Campaign identified the donors who exceeded limits as Daniel and Robert Wolfberg, co-owners of PLS Financial Services in Glencoe, Ill., and Kevin Dabney of Waukesha, president of the Speedy Loan payday lending chain. Exceeding the limits could bring a fine from regulators.
Payday lending supporters and their lobbyists have worked overtime in the Capitol this year to defeat the 36 percent rate cap, which they say would kill their industry.
Oct 15, 2009 at 6:53 p.m.
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Bottom feeders.
Oct 15, 2009 at 2:50 p.m.
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I believe even Prez Goerge W. Bush signed legislation to protect military personnel from the predatory practices of these pay-day loan joints. As I remember from my military days, they like to gaggle around the entrances to military bases.
I guess the rest of us rabble our on our own. Non-the-less, even George Bush saw a problem with this pay-day loan culture? That has got to be a sign from what ever god you bring with you.
Bob Keith
- humble and obedient citizen -
Oct 15, 2009 at 2:28 p.m.
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keithrg13 you hit it right on the head...Rep Sheridan does favor this legislation--politically and personally from what I hear in Madison...How does that Tammy Wynette song go??
D...I...V...O..R..C...E
Oct 15, 2009 at 2:01 p.m.
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I sounds like our very own State Rep Assembly Speaker Mike Sheridan is a big advocate for these pay-day loan shops. It might explain one reason so many of these joints have popped up in Janesville. In regards to a bill put forward by fellow Democrat Rep Gordon Hintz, of Oshkosh, Sheridan was provoked into commenting that a 36 percent interest rate cap on these outfits is going “too far.” Too far? Currently the sky’s-the-limit with these loan shark clearing houses. The current rates not withstanding (what can it actually be – 700 percent?) if we as citizens loaned a neighbor some cash at even the suggested new 36 percent we might risk prison as a loan shark.
Of course I fear I risk my literary neck by criticizing Sheridan – something that is just not done to the sitting holder of a no-challenger, pacified constituency, economic ravaged, assembly district.
Bob Keith – humble and obedient citizen -
Oct 15, 2009 at 1:03 p.m.
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Why is any one surprised by this? No wonder there has been no legislation to regulate what is in actuality legalized loan sharks.
Oct 15, 2009 at 10:49 a.m.
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Lawmakers should realize what your opinions are by VOTING THEM OUT! It's really pretty simple. It would be interesting to witness in the next few generations whether apathy will win out completely by destroying what little we have left of our democracy. But it would be MORE interesting to to see what our founding fathers thoughts are concerning the present state of affairs. Is anyone else as embarrassed as I?
Oct 15, 2009 at 10:17 a.m.
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Fine example of graft and greed. These people prey on the poor and the desperate. They flood people's mailboxes with offers too good to be true. I will make it my goal to find out who these lawmakers are and let my low opinion of them be known.
Oct 15, 2009 at 9:57 a.m.
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If there ever was an industry that needs to be killed, it's this one!
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