If video will not play, click the link directly below, but if you do, be sure to come back and read the text below.
“Sure, people should have known better than to trust a magical card that allowed them to buy anything they want without any money whatsoever,” Williams said. “But at Visa we understood that people will believe anything if they want it bad enough. That was the genius of our whole scheme.”
Although this is from The Onion, an American news satire organization, it is almost eerily believable…
If nothing else, the facts are the facts, minus the arrests…
The video is good but it gets in more detail in the print below.
Needed some humor. It’s been a long day.
After this one, I’m going out for dinner and some drinks!
Visa Exposed As Massive Credit Card Scam
SAN FRANCISCO—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?”
You can check out the rest here…