by KYWs Steve Tawa
A coalition headed by a local minister is critical of mayoral candidate Tom Knox's past business practices. It says it's not against Knox -- but nor is it endorsing him -- or any other candidate.
The Reverend William Shine of the 'Economic Justice Coalition for Truth' says Knox, in part, is able to fund his mayoral campaign from proceeds of questionable business practices:
“Funding his campaign off the backs of the poor, and those least able to afford it.”
Reverend Shine, former head of the Black Clergy of Greater Philadelphia, refers to the self-made millionaire's tenure running crusader bank in 1999 and 2000, during which people got high interest so-called 'pay-day loans' -- short term loans -- generally in the $100-$250 range:.
“Credit heroin is the terminology used in the street for payday lending.”
Terms of those short term loans amounted to annual interest rates of more than 400-percent. Federal regulators stepped in, and Crusader Bank pulled out of that type of lending after 18-months.
Knox later was quoted as saying he 'thought at the time it was a service to the community,' but acknowledged 'it was not one of his best business decisions.'
Knox's campaign says he was 'too busy' filming another political commercial to respond to the coalition.
E-Mail Story
Print Story
