Visa Exposed As Massive Credit Card Scam

[meegbear]

In coordinated raids Monday at locations in Delaware, South Dakota, and California, federal agents apprehended dozens of executives at Visa Inc., a sham corporation accused of perpetrating the largest credit card scam in U.S. history.

According to indictments filed in U.S. District Court, Visa posed as a reputable lender, working through banks to peddle a variety of convincing-looking credit cards carefully designed to dupe consumers into spending far more money than they had. The criminal group would then impose a succession of escalating fees on unpaid balances, allegedly bilking some $300 billion from victims in the past year alone.

"This is criminal behavior of the most vile sort," Attorney General Eric Holder said in a press conference following the arrests, estimating that one in three Americans have fallen for the scam since its inception in the 1970s. "By masquerading as a legitimate business, this illicit syndicate was able to prey on helpless citizens for decades, charging unfathomable interest rates on the order of 15, 20, even 30 percent or more. It's staggering. Nobody could afford that."

"The actions of the Visa crime ring amount to nothing less than mass extortion," Holder continued. "Anyone who's holding a Visa card has most likely already been ripped off."

Calling the scam's breadth and sophistication "unparalleled," Holder said the ringleaders of the plot carefully portrayed themselves as top-level financial executives, spent untold sums of victims' money on a luxurious high-rise headquarters in San Francisco, and employed scores of graduates from elite business schools—all as a means to perpetuate an elaborate confidence game.

Investigators said Visa often targeted vulnerable individuals, such as those with limited financial resources, students, and even the elderly. The group's typical con involved direct solicitation through letters supposedly written by the CEO himself, which often praised the recipients by name and stated that they had been hand-selected for favored treatment.

"I needed to pay off some medical bills, and this seemed like a good option," said Visa cardholder Eileen Carlson of Phoenix, explaining that her initial skepticism of the offers was worn down by the barrage of official-looking mail she received almost daily from the criminal organization. "But before I knew it, they were demanding at least $900 a month, which I couldn't pay. They knew I didn't have any money to begin with—what did they expect?"

<snip>

http://www.theonion.com/articles/visa-exposed-as-massive-credit-card-scam,21136/

Who knew? :shrug:

[Lone_Star_Dem]

1. I can't decide if I should laugh or cry.

:(

[Bluerthanblue]

2. look closely at the link-

and laugh.

:hi:

[Hydra]

4. The onion tends to have a disturbing amount of truth

In their sarcasm :p

I also find it hard to laugh when they hit the mark so hard.

[Blue_Tires]

9. I read a big interview with the Onion staff back in '08

At the time they were honestly worried about where they would find the goldmine of ideas they had during the Bush W. years...Good to see they haven't lost their touch

[Hydra]

10. John Stewart said the same thing

Basically, that during the Bush Era, things basically wrote themselves(like Cheney shooting a guy in the face). He worried there wouldn't be anything to go off of with a Smart and Progressive President.

...I think he wanted to have nothing to go off of. Too bad he was wrong. Praying the BP oil spill away comes to mind.

[Lone_Star_Dem]

6. Oh, I know.

I'd read the article earlier today. Thus the "laugh" of the "laugh or cry."

It's just too true to be that damn funny. :(

[Bluerthanblue]

7. oh, ok-

gotcha. I thought you'd read it as not satire- that's happened to me more than once.

:hi:

[DirkGently]

3. These low-life thugs have no respect for hard work & personal property. Oh, wait . . .

[uppityperson]

5. The Onion or Reality?

[Rex]

8. Had to stop reading and look to see if it was The Onion.

Sadly, it was.