Friday, November 26, 2004
Capital is at Hazard
Now this is interesting:
I'm not sure what grounds she has to sue American Express, because I'm not sure what damages she'll be able to show.
But I also can't say that American Express doesn't share some culpability.
Once upon a time, I worked several years as a behavioral health technician (read: psych ward guy). One of the most common ailments was bipolarism, or manic-depression. And it wasn't at all unusual for people coming in off manic phases to report that they had racked up tens of thousands of dollars in debt during their manic phase.
Yes, their mental illness was real. They weren't making cheap excuses. Judgement in the manic phase is legitimately clouded. Now, I never saw anything like the scale reported here, and it appears that this lady may just have been a common con artist who got caught.
But the fact that a certain percentage of American Express cardholders are going to be mentally ill, and run up debts they can't afford simply has to be one of the calculations they make when conducting their risk management procedures. American Express has a long and dubious history of extending credit on college campuses, and mistakenly marketing cards to toddlers and pets.
In this case, someone made a decision to extend a credit card to this woman designed for customers who charge six figures a year.
Did they do any due diligence on this woman? Is there anything in her background that would suggest that such a card, with no credit limit, is appropriate?
I doubt it.
American Express made a series of reckless and stupid loans to this woman, and got what was coming to them.
I hope they learned their lesson.
Splash, out
Jason
(via Drudge)
It's not my fault. I'm mentally ill. That's the argument a woman is using to sue American Express for two (M) million dollars after she ran up nearly one (M) million dollar in charges and couldn't pay the bill.
Prosecutors say the woman - 40-year-old Antoinette Millard - posed as a Saudi princess to steal hundreds of thousands of dollars worth of merchandise. She is now suing America Express saying she was mentally incompetent when she opened her account and the company should have known it.
I'm not sure what grounds she has to sue American Express, because I'm not sure what damages she'll be able to show.
But I also can't say that American Express doesn't share some culpability.
Once upon a time, I worked several years as a behavioral health technician (read: psych ward guy). One of the most common ailments was bipolarism, or manic-depression. And it wasn't at all unusual for people coming in off manic phases to report that they had racked up tens of thousands of dollars in debt during their manic phase.
Yes, their mental illness was real. They weren't making cheap excuses. Judgement in the manic phase is legitimately clouded. Now, I never saw anything like the scale reported here, and it appears that this lady may just have been a common con artist who got caught.
But the fact that a certain percentage of American Express cardholders are going to be mentally ill, and run up debts they can't afford simply has to be one of the calculations they make when conducting their risk management procedures. American Express has a long and dubious history of extending credit on college campuses, and mistakenly marketing cards to toddlers and pets.
In this case, someone made a decision to extend a credit card to this woman designed for customers who charge six figures a year.
Did they do any due diligence on this woman? Is there anything in her background that would suggest that such a card, with no credit limit, is appropriate?
I doubt it.
American Express made a series of reckless and stupid loans to this woman, and got what was coming to them.
I hope they learned their lesson.
Splash, out
Jason
(via Drudge)
Comments:
And then it gets REALLY bizarre!
http://www.waxmanmedia.com/cgi-local/news.cgi?transcripts&09329113229
- Scott
http://www.waxmanmedia.com/cgi-local/news.cgi?transcripts&09329113229
- Scott
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CaliforniaLoanRate.com will work with you to develop a plan that best serves your particular needs. We will then negotiate with your lender to incorporate any changes that are needed to make the plan acceptable both to you and to your lender. Keeping you in your home is advantageous to the lender. Our job is to help them appreciate that advantage.
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TYPICAL RESTRUCTURING PLANS
Restructuring plans may include:
Adding delinquent payments and any foreclosure fees to the back end of the loan. This may include a permanent reduction in your interest rate.
Forbearance plans may be used to temporarily halt the foreclosure process for up to four years while you make payments to become current with the lender.
GOALS OF NEGOTIATION WITH YOUR LENDER
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