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Bragging Rights
Definition: Having accomplished something that few people have. 1. Professional Student. $0.0 Student Debt. 1971 to 1979. University of Wisconsin Superior then University of Wisconsin Madison. Would you believe it when I told you that my first semester of college was $198? My Major was Aeronautical Engineering. I took up space. It's a dumb joke I tell people. December 1979 I was on the beach in Fort Lauderdale Florida and the women were running around half naked. I thought I'd died and went to heaven. So I stayed. That's the story I tell everybody but what happened I decided to take a break and got a job as an electrician's helper through a Florida state-sponsored pre-apprenticeship program. I enjoyed it so much that I went through the apprenticeship program and got my Florida Journeyman Electricians license. 2. Sued Six of the United States' largest banks in Federal court.
Jamie Diamond should send me a letter of thanks for saving millions of dollars for banks. Maybe even a Un-Finder fee. My original argument was that banks had a "Fiduciary" to their depositors. As a Real Estate Broker, Realtor have a Principal, Fiduciary Responsibility, and a Code of Ethics. To my surprise, there is no responsibility between a bank and its customers. Translating, the bank does what's in their best interest not their customers. It can be Immoral, Unethical, Dishonest, or Unprincipled but if it's not illegal banks will screw you. The lawsuit was about overdraft fees and how banks use them to Generate Profit. Working on my last draft, (16 Total) I realized that the banks were using two computer systems. One for the public which was only updated once a day and on weekends two days at midnight, then the bank's internal system re-sequenced transactions to post them from highest to lowest dollar amount. The internal computers were only accessible to bank employees and were updated in real-time. At this point, I realized I would only receive a few hundred dollars in compensation. Then the idea of Treble Damages (3X) popped into my head. Seconds later Ambulance Chasers and Class Action Lawsuit came to mind. I could care less about big banks but I was concerned about the smaller banks and the effect on their bottom line. That's when I decided to end the lawsuit. Smaller banks don’t have the capital reserves or other lines of business to fall back on that larger banks have. Are you wondering how asking for a refund of my overdraft fees could make a difference? Using the fact of two computer systems and the Federal Deposit Insurance Corporation Study of Bank Overdraft Programs of November 2008 (FDIC) I could prove a "Conspiracy to Defraud" and ask for Treble Damages (3X), setting a precedent for others to sue. Now you do the math if millions are sued plus Lawyer's fees? I called or e-mailed 30 to 40 lawyers or law firms over 6 months and never found representation. What did I learn? 1. It can be Immoral, Unethical, Dishonest, or Unprincipled but if it's not illegal big business will screw you. We need to change the system from Caveat Emptor to Caveat Vendor. 3. I could sense fear in some lawyers when I asked them about going up against Big Banks. 4. Any Law firm that had a banking background was under retainer. I have to apologize for sounding Negative, most Lawyers were sympathetic but could not help because my lawsuit was not in the realm of their expertise and told me "Good Luck" not a condescending "Good Luck."
OPINION AND ORDER granting 16 Motion to Dismiss with prejudice. All pending motions are denied as moot. This case is CLOSED. Signed by Judge Kenneth A. Marra on 6/9/2010 Conclusion: As a State Senator, I will pursue legislation that is consumer-orientated and Business-Friendly. |