Schwarzenegger helps banks profit from illegal activity ("Bank on California")
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In brief, Arnold Schwarzenegger and the state of California are actively helping banks profit from money that was earned illegally.
This scheme was previous promoted by Schwarzenegger and Bill Clinton in a dishonest Wall Street Journal guest editorial that didn't mention that one of the major beneficiaries (in addition to the banks) would be illegal aliens. Note that Gavin Newsom and Tom Ammiano promoted a similar pilot program in San Francisco, which I predicted would spread to other cities. It was later considered for the East Bay, and now it's gone statewide. And, once illegal aliens become customers of corrupt banks, those banks are going to fight attempts to deport a profit center; see Western Union's past activities for a preview.
The program's front page says:
Many forms of ID are accepted, including passports, California IDs, Mexican Matricula cards, and more.Their PDF states:
In addition, participating banks and credit unions accept the Mexican Matricula and the Guatemalan Consular identification cards. Some may also accept other Consular ID cards.And, there's no mention that this will be open to illegal aliens on their press release (link):
With the support of former President Bill Clinton and joined by elected officials from across California, Governor Arnold Schwarzenegger today launched Bank on California, making California the first state in the nation to launch a program designed to help Californians without checking or savings accounts open starter accounts. With the goal of opening 100,000 bank accounts over the next two years, the Governor has partnered with city mayors, community groups, Bank of America and other financial institutions, the FDIC, and federal and state regulatory agencies to put this innovative plan into action - bringing California's unbanked the opportunity to gain access to lower-cost sources of credit and financial services, establish savings, build credit history and invest for the future...UPDATE: From their press release (link):
Spearheaded by Governor Schwarzenegger and funded by non-profits and coalition organizations, Bank on California is a collaborative voluntary program based on the partnership of city mayors, community groups, financial institutions and state and federal bank regulatory agencies. The cities of San Francisco, Los Angeles, San Jose, Fresno and Oakland are the first wave of California cities joining Bank on California today - with other cities to follow. At the press conference, Sacramento Mayor Kevin Johnson announced Sacramento will be the next city to begin structuring the program. The Governor also announced that more than 32 financial institutions, 75 community organizations and 450 coalition members have joined Bank on California - and that Bank of America will offer the starter accounts in all of its California branches...
...state and federal bank regulatory agencies will assure financial institutions are in compliance with banking laws, encourage institutions to meet their obligations under the Community Reinvestment Act (CRA) and highlight the fact that institutions will receive positive consideration under CRA for offering low-cost bank products and services...
At an event today in California, The Pew Charitable Trusts' Safe Banking Opportunities Project joined Governor Arnold Schwarzenegger, California mayors and banking officials in announcing a new statewide program to bring more of the state’s residents into the financial mainstream. The state's "Bank On" initiative aims to connect the "unbanked" - households without bank accounts - to appropriate, more affordable accounts that help lower their financial transaction costs and put them on the path to building savings and assets.Now is the time to make sure that they can't take this to other states.
..."Pew is honored to work with Governor Schwarzenegger and mayors from across the state to bring working Californians without bank accounts into the financial mainstream," said Rebecca W. Rimel, president and CEO of The Pew Charitable Trusts. "Bank On California will help many families save money by accessing basic financial services with lower fees others may take for granted. This is the largest effort of its kind and is an excellent model for states across the country."
And, if anyone would like to look into any links the directors of the Pew Trusts have to banks, leave a comment.
It'd be great if someone could find some way to start a lawsuit over this program.