Comments on: Sleazy Credit: Providian Financial subprime ethics http://www.inforefuge.com/sleazy-credit Info Refuge Wed, 31 Aug 2011 12:49:28 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: V http://www.inforefuge.com/sleazy-credit/comment-page-1#comment-118 V Tue, 05 May 2009 00:28:06 +0000 http://www.inforefuge.com/?p=116#comment-118 I WORKED FOR PROVIDIAN FOR MANY YEARS. INITIALLY, THERE WAS INTEGRITY. WE WORKED HARD TO EDUCATE OUR CUSTOMERS ABOUT CREDIT. BUT BECAUSE PROVIDIAN SERVED THE LOWEST & LEAST EXPERIENCED CREDITORS, IT WAS EASY FOR THE COMPANT TO TAKE ADVANTAGE OF THEM AND GREED TOOK OVER IN THE LATE '90's. SOME ACCOUNTS HAD $89 ANNUAL FEE FOR $100 CREDIT LINE WITH 31% APR. BUT THE EMPLOYEES WERE VICTIMS TOO. SHAILESH AND HIS TWO BUDDIES FROZE OUR PENSION ACCOUNTS IN AUG 2001 AT $142/SHARE. WHEN THE FREEZE WAS OVER IN OCT 2001, WE WERE FORCED TO SELL THE SHARES AT A VALUE OF $0.68 EACH . MOST OF THE US FACILITIES WERE SHUT DOWN IN OCT 2002 AND THE WORK WAS SENT OVERSEAS - PANAMA, INDIA, ETC. AS CEO, SHAILESH BLAMED THE 911 TRAGEDY - VERY CONVENIENT! - BUT I UNDERSTAND HE USED THE MONEY TO SET UP A BUSINESS SCHOOL OF MANAGEMENT IN INDIA. ONE OF HIS COHORTS BOUGHT A CARRIBEAN ISLAND. WE HAVE NO RETIREMENT & NO RECOURSE. WE WERE THE ENRON OF THE FINANCIAL SERVICES INDUSTRY. I WORKED FOR PROVIDIAN FOR MANY YEARS. INITIALLY, THERE WAS INTEGRITY. WE WORKED HARD TO EDUCATE OUR CUSTOMERS ABOUT CREDIT. BUT BECAUSE PROVIDIAN SERVED THE LOWEST & LEAST EXPERIENCED CREDITORS, IT WAS EASY FOR THE COMPANT TO TAKE ADVANTAGE OF THEM AND GREED TOOK OVER IN THE LATE ’90′s. SOME ACCOUNTS HAD $89 ANNUAL FEE FOR $100 CREDIT LINE WITH 31% APR. BUT THE EMPLOYEES WERE VICTIMS TOO. SHAILESH AND HIS TWO BUDDIES FROZE OUR PENSION ACCOUNTS IN AUG 2001 AT $142/SHARE. WHEN THE FREEZE WAS OVER IN OCT 2001, WE WERE FORCED TO SELL THE SHARES AT A VALUE OF $0.68 EACH . MOST OF THE US FACILITIES WERE SHUT DOWN IN OCT 2002 AND THE WORK WAS SENT OVERSEAS – PANAMA, INDIA, ETC. AS CEO, SHAILESH BLAMED THE 911 TRAGEDY – VERY CONVENIENT! – BUT I UNDERSTAND HE USED THE MONEY TO SET UP A BUSINESS SCHOOL OF MANAGEMENT IN INDIA. ONE OF HIS COHORTS BOUGHT A CARRIBEAN ISLAND. WE HAVE NO RETIREMENT & NO RECOURSE. WE WERE THE ENRON OF THE FINANCIAL SERVICES INDUSTRY.

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