the washington post has reported that private equity firm warburg pincus has entered the business of mailing checks to desperately poor people then hitting them with interest rates equal to or higher than those of payday lenders the story raised some eyebrows here in washington because former obama treasury secretary timothy geitner who i know from experience was not the foremost champion of holding wall street accountable for the two thousand and eight debacle is now president and managing director at warburg pincus the company owns and manages mariner finance which mails checks with fine print hiding interest rates as high as get this three hundred five percent that's reportedly legal in at least one us state that's mississippi by the way the predatory so-called consumer installment loan sector is growing and part due to attempts to evade new restrictions on payday lenders according to the national consumer law center or n c l c two thousand and fifteen report the n c l c said five states have no limits on rates for these lows loans while another six states merely say that rates ca

warburg pincus actually does this control an eleven point two billion dollar private equity fund that manages baron or finance all under the leadership of firm president timothy geithner obama's former treasury secretary timothy geitner. the guy who bailed out the banks a decade ago when the housing bubble burst but you don't want to get it. when you need someone. the poor over twice you know someone with experience that you're became president of warburg pincus and twenty thirteen just after they bought mirror finance for two hundred thirty four million dollars back then there were only fifty seven mariner finance branches in seven states today it now operates more than four hundred fifty branches in twenty two states so while only white and less we fight against a capitalist system that exploits the poor while inflating the rich. then maybe one day in stead of a person they are still our credit score will be the same number as this atari game system. reporting from outside america finance that only may kill that. there are your headlines from the future in one week you'll read that

the washington post has reported that private equity firm warburg pincus has entered the business of mailing checks to desperately poor people then hitting them with interest rates equal to or higher than those of payday lenders the story raised some eyebrows here in washington because former obama treasury secretary timothy geitner who i know from experience was not the foremost champion of holding wall street accountable for the two thousand and eight debacle is now president and managing director at warburg pincus the company owns and manages mariner finance which mails checks with fine print hiding interest rates as high as get this three hundred five percent that's reportedly legal in at least one us state that's mississippi by the way the predatory so-called consumer installment loan sector is growing in part due to attempts to evade new restrictions on payday lenders according to the national consumer law center or n c l c two thousand and fifteen report the n c l c said five states have no limits on rates for these lows loans while another six states merely say that rates can

kill to beat them to to subjugate them to imprison them but other than that this sounds like warburg pincus as a good money maker well the fact is you know many activists who used to be an occupy wall street movement are now looking for a universal basic income they think that the government should give everybody in the united states one thousand dollars a month or something like that so here's a guy who was at the front line he was at the new york fed during the time of the occupy wall street he saw occupy wall street therefore would have been only two blocks away he would have seen what their complaints were he would have seen what the issues are so hearing knows that ok they're looking for a universal basic income so are introducing a policy of universal basic debt so here every american is going to have a thousand dollar check from me and they're never going to escape that because no matter what they're not going to go to prison they're going to stay out of prison because they're going to keep on servicing that debt to me and that's that's their life of internal purgatory hell of debt b

twitter and all these companies that sell their information and data analytics to the likes of warburg pincus of course they know exactly when you need that money and they know exactly when you're vulnerable maybe a child has been ill maybe you have you know medical expenses maybe you have an elderly parent in the assisted living and you have a need for money and desperate for cash and they send you a check in the mail and you just open your you know it's not like sweepstakes that use the ed mcmahon used to do it's like here we have a check for you and of course people are desperate they cashed a five thousand and ten thousand dollars check and lo and behold they instantly this is part of what r.b.s. did with georgi is say they randomly seize they ask for you to pay the principle back ok you cash the check now pay the principle back you know weeks later right so in an age when we're talking about universal basic income by giving people money strings those strings attached as a way to accommodate for the fact that their economy's been gutted by the likes of tim geithner and the friends whose f

would warburg pincus actually does this control an eleven point two billion dollar private equity fund that manages baron or finance all under the leadership of the firm president. obama's former treasury secretary timothy geitner. the guy who bailed out the banks a decade ago when the housing bubble burst but you don't want to get it. when you need someone to the poor over twice you need someone with experience. geithner became president of warburg pincus in two thousand and thirteen just after they bought mariner finance for two hundred thirty four million dollars back then there were only fifty seven mariner finance branches in seven states to. hey it now operates more than four hundred fifty branches in twenty two states while only white and less we fight against a capitalist system that exploits the poor while inflating the rich. then maybe one day and that of a person who are still our credit score will be the same number is this atari game system. reporting from outside america finance natalie mcgill that. your headline from the future in one week you'll read the scott pruitt ke

washington post the newspaper reports that mariner finance which is owned and managed by new york firm warburg pincus offers poor americans high interest loans by sending them texts in the mail customers who can't repay the loans have sued for the money they owe plus interest processing fees and legal fees sometimes within months of the checks being cast.