Banks at Walmart are ‘exploiting the poor’

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by. Alexander C. KaufmanA Wall Street investor told Bloomberg TV Tuesday that Walmart is renting out space to banks that “exploit” the working poor.The investor, Christopher Grisanti, co-founder of Grisanti Capital Management, said many of the independently-operated banks located in the retailer’s stores take advantage of cash-strapped consumers with nowhere else to turn. They allow poor Americans to overdraw their checking accounts and then subsequently charge overdraft fees.“What’s happening in Walmart is you have these independently-owned branches that are exploiting a niche that’s been exploited for the last 100 years… the working poor, frankly, that can’t get credit elsewhere and can’t cash their checks,” he told Bloomberg TV’s Tom Keene.Grisanti was discussing an investigation published Sunday in Wall Street Journal that the five banks with the most Walmart branches all crack the same top 10 list: banks that earn the most off overdraft fees in total. The five banks are Fort Sill National, First Convenience, Academy, Woodforest National and City National Bank and Trust Company. continue reading »last_img read more

African Union pledges support for AEP resolutions

first_imgThe inaugural African Economic Platform came to a close on Tuesday evening in the Mauritian capital, Port Louis, with the African Union Commission chairperson Moussa Faki Mahamat pledging the body’s full support for the resolutions made.The platform put a lot of emphasis on empowerment of the continent’s youth, with the aim of supporting their ideas in order to create more technological advancements to improve systems in Africa.Mahamat who was in Mauritius for the two-day platform, promised he would use his influence to ensure the resolutions reached upon in Port Louis are implemented.During the platform, a select group of youth from across the continent were given a chance to present their innovative ideas before the visiting African leaders.Apsrt from the empowerment of the youth, the platform also put a lot of emphasis of cross-border trade and the removal of any barriers between AU member states, to ensure a smooth flow of goods and products all across Africa.Mauritius’s Prime Minister Pravind Jugnauth expressed his satisfaction with the proceedings of the AEP, saying that it was a big step towards the development of the continent.During the closing ceremony, Jugnauth said he was already looking forward to next year’s platform which will also take place in Mauritius, and will coincide with the island’s 50th independence anniversary.last_img read more